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Revolutionizing Luxury Experiences through the “Power of One” People Strategy Inspires Transformation and Sustainable Growth
Today, we released our first People Report and with it – our second annual ESG Report, detailing progress on our 2025 goals. I’m proud to be the Chief People, ESG and Belonging Officer at NMG, where we believe creating impact is a critical aspect of our transformation and growth. The reports detail how we harness the Power of One to drive progress and revolutionize positive change in the industry through our relationships with our associates, customers, brand partners and communities.
At NMG, our purpose is to Make Life Extraordinary. Guided by our values, we are creating impact through three pillars of a comprehensive ESG strategy: advancing sustainable products and services, cultivating a culture of Belonging and leading with love in our communities. Our belief in the Power of One is centered around the core concept that our individual talents form a collective strength. Our People Report expands on how we create an environment that inspires everyone to do their best work. Full stop.
See related article: Neiman Marcus Group Celebrates Earth Month with In-Store Activations and Speaking Events Reinforcing its 2025 ESG Goals
The NMG|Way culture we’re building through our 10,000+ talented associates is leading to measurable results.
Highlights include:
- Affirming equitable pay practices with female associates earning over 98% of their male counterparts and non-white associates earning over 99% of white associates
- Increasing racial and ethnic diversity in leadership roles Vice President level+ to 19.8% in FY22
- Achieving a 34% increase in employee net promoter score (eNPS)
- Reducing Scope 1 and 2 emissions by 31% from a 2019 baseline in CY21 and releasing the results of our first Scope 3 emissions screening
- Reaching our goal to become fur-free in line with our Animal Welfare Policy
- Partnering with customers to raise over $1.5M for charity through the Heart of Neiman Marcus Foundation since FY20
Throughout my career, I’ve seen firsthand how People are at the heart of our ability to drive progress. When we set out to create a revolutionary people strategy, we listened to the voice of our people. The clear message was that associates want four things: flexibility, career development, total rewards and an impact-oriented culture that enables them to contribute to the company’s progress on Belonging, sustainability and philanthropy.
To support flexibility, we launched our unique Way of Working (NMG|WOW) in 2020, directly influenced by associate feedback. The strategy empowers teams to work wherever, whenever and however to achieve their best results. This led to an increase in our eNPS and an improvement in our retention and time-to-hire metrics. Today our teams will come together in our new NMG Dallas Hub to mark the official opening of the new space, which serves as a magnet – not a mandate – igniting collaboration across our remote-first hybrid teams.
Our journey to Revolutionize Luxury Experiences is supported by comprehensive strategies grounded in our values and NMG|Way culture. Our conscious actions and strategic investments reflect a shared commitment across our company to create impact and demonstrate our continued success as a retailer, employer and partner of choice. We take this position seriously and understand our potential to make a difference at scale.
Our CEO Geoffroy van Raemdonck passionately values our collective impact. As he always says, “We have the unique potential to impact crucial social and environmental issues through our valued relationships with two very influential groups—the world’s most desired brands and the luxury customer. We know that investing in our people and in a culture that inspires positive change is a vector of growth for our business.”
Transforming the Power of One through our People
We’re focused on being an employer of choice by listening to our People. We cultivate a culture of Belonging where each associate is accepted, valued and empowered to achieve their personal best. Based on associate priorities, we implemented policies that enhance career development, work flexibility and a focus on ESG (among others).
- Recognized by Forbes, Newsweek, the Human Rights Campaign, Prospanica and the National Diversity Council as a Best Place To Work for women, people of color and the LGBTQ+ community
- Affirmed equitable pay practices with female associates earning over 98% of their male counterparts and non-white associates earning over 99% of white associates
- Increased racial and ethnic diversity in leadership roles Vice President level+ from 18.2% to 19.8% in FY22
- Expanded paid parental and family leave and increased adoption reimbursement
Living for our Believers
We are a relationship business. We’re becoming the integrated luxury retailer of choice for the most conscious consumer and forward-thinking brands. We work closely with external partners to identify goals that achieve long-term success and provide the resources and tools needed to create impact across our industry. This past year, we also expanded in-house services and solidified our status as a first mover and consistent investor in circular economy initiatives.
- Launched Fashioned For Change and Conscious Curation edits at Neiman Marcus and Bergdorf Goodman to highlight products certified to third-party social and environmental standards, attributing 5.12% of sales to these products in FY22
- Built key partnerships and offered new in-house services, including alterations and repair & restoration, which helped extend the useful life of 760,414 luxury items
- Hired first-ever ESG merchandising role to help partners strengthen their social and environmental performance
- Sponsored top brand partners and non-retail vendors to join Guidehouse’s Supplier Leadership on Climate Transition (SLOCT) program, empowering them to join NMG’s growing number of suppliers that align with SBTi commitments in FY22
Leading with Love in our Communities
We’re continuing to make a positive impact in the communities where we do business through point-of-sale fundraising, volunteerism and disaster relief.
- Expanded point-of-sale fundraising campaigns throughout the year and raised $1.5M+ for charity since FY20
- Invested in the next generation of industry talent by launching a co-branded scholarship with Fashion Scholarship Fund
- Surpassed $2M in donations to disaster preparedness and relief organizations and our Employee Hardship Assistance Fund
- Increased associate volunteerism by 109% by promoting NMG’s industry-leading philanthropic benefits and programming for a highly engaged, highly empowered workforce
Our Reports
View the new Power of One People Report here and learn more about the progress we’re making toward our 2025 ESG goals here. For the first time, we made our reporting more accessible by providing audio-visual clips throughout.
We are working harder than ever to make a positive impact in the luxury industry. As we continue our journey to Make Life Extraordinary, we remain committed to transparency and accountability. I invite you to follow along and stay connected with us.
Source: PRNewswire