Neiman Marcus CEO blasted by employees over ‘snobbish’ pivot to wealthy clients

Neiman Marcus’ chief executive is facing an employee backlash after he said the luxury chain plans to focus more exclusively on its wealthiest clients — a “snobbish” pivot that some sales staffers fear will alienate shoppers.

In an interview with Fortune last week, CEO Geoffroy van Raemdonck noted that a tiny, 2% sliver of the company’s customer base accounts for a whopping 40% of its business. Accordingly, Neiman plans to work harder courting those well-heeled shoppers — and spend less time on the rest, he said.

“Many customers shop at Neiman Marcus 25 times a year and spend $27,000,” van Raemdonck said. “I see much more risk in having a one-time transaction where I don’t know if you will ever come back.” Read more at New York Post.