Neiman Marcus to delay IPO

Department store group Neiman Marcus is delaying its public listing until next year citing a volatile market.

The US-based luxury retailer had been considering floating before the 2015 US holiday shopping season had ended, however after recent market losses and poor trading of other luxury retailers forced the company to put its listing on hold. Tiffany & Co. and Nordstrom Inc. shares are both down more than 12 percent in the past three months.

Neiman Marcus, which also operates under the Bergdorf Goodman and MyTheresa brands, was acquired by private equity firm Ares Management LP and Canada Pension Plan Investment Board nearly two years ago for 6 billion dollars..

The US IPO market has struggled this year after performing strongly in 2014, due in part to weakness in the wider stock market since August.

Luxury retail stocks have also been badly affected by the recent market correction, making a possible IPO before the crucial US holiday shopping season even more risky. Among the concerns are that wealthy foreign buyers face effectively higher prices because of the strong US dollar.