Dish-Houston

Well, it is owned by the same company that owns 99 Cents Only Stores. A Los Angeles private equity firm and Canada’s largest public pension fund announced this week that they are buying Dallas-based Neiman Marcus Group for $6 billion.

The Canada Pension Plan Investment Board and Ares Management LLC now have both extremes of household incomes covered: In 2011, they paid $1.55 billion to buy 99 Cents Only Stores.

The two entities will hold an equal interest in the retailer, and Neiman Marcus management, led by CEO Karen Katz, will retain a minority stake. The sale is expected to go through in the fourth quarter.

Neiman Marcus hasn’t been owned by the founding family since the late 1980s.

Founded in Dallas in 1907, the company operates 41 Neiman Marcus stores, two Bergdorf Goodman locations, 36 Last Call stores and six Cusp stores. Its upscale online retailing division operates under the Neiman Marcus, Bergdorf Goodman, Last Call and Horchow brands.

Except for the novelty of knowing that about 18 million retirees north of the border own a piece of the venerable luxury chain, customers shouldn’t see any changes, the company said.

“If there had not been press coverage of this, the customer would never know anything had changed,” Neiman Marcus vice president Ginger Reeder said.

Fort Worth-based TPG and New York-based Warburg Pincus have owned Neiman Marcus since 2005 as part of a $5.1 billion leveraged buyout. They were entertaining private buyers while the company was proceeding with plans for an initial public offering of stock.

Bloomberg News estimates that the two buyout firms have reaped a 150 percent profit on their combined $1.2 billion initial investment in Neiman Marcus. The firms are expected to receive about $2.75 billion in the sale on top of $400 million they got last year in the form of a one-time dividend.

Part of the purchase price will be used at closing to repay about $2.7 billion in debt. But that doesn’t mean the company will be debt-free.

Between now and closing, a new capital structure with new debt will be ironed out, Neiman Marcus chief operating officer Jim Skinner said. “There’s still a lot of work to do.”

Even if the company had issued stock to the public, those funds would have gone to TPG and Warburg Pincus, and the retail company would have still had $2.7 billion in debt.

There are no plans yet to open a Canadian Neiman Marcus store. Canadians have been able to shop at Neiman Marcus online for several years.

Gracious! Such a busy evening it seemed we ran a marathon in heals and a dress last night!

Hitting up all of the private parties of the big fashion houses to preview the new fall '11 lines before the big fashion show on the ice rink was a fete to say the least! But we got it done and here are the highlights for you!

We started at the Elaine Turner Flagship store in Rice Village Promptly at 6 pm where we were delighted to discover she's tipping her toes into leather goods other than her gorgeous purses and shoes.

These mini gloves have an ENORMOUS bow on them and the butter leather fits...well you can finish that line. We highly suggest the DISH pink for only $60!

Next, off to the Galleria where the hot fashion houses were showing off their new lines for Fall as well... If you know anything about DISH you know that Ralph Lauren is our fashion god and can do no wrong...well he captivated us yet again with the fem-tux du jour and the slinky black silk drape dress with open back. What classic drama!

We also previewed Farragamo where we fell out over the soles of their shoes! It's gorgeous black and white houndstooth pattern has those red bottoms having to learn something new! Plus their deep maroon almost black rain boots with a 3 inch heal had DISH ready to trade in our Ralph Lauren riding boot style rain boots! GORGEOUS!

Carolina Herrera had sweet silks and military cashmere trenches, classic, beautiful but nothing really new to add to the runways.

Fendi had delish cashmere, daring leather pieces, big flowing ruffles and the most amazing navy blue fur we've ever seen!!! The shoes left a lot to be desired. Seemed they were trying too hard to be edgy/colour-blocky. It was easy to see where the inspiration came from but it didn't translate well at all.

Prada had pretty clothes but their real kicker is their knee high boots with the coloured mary jane design on the foot. They're cute but a bit too fashion forward for conservative Houston.

Jimmy Choo, however, pulled this year's boot look off perfectly with two over the knee pair with a featured zipper up the back of the boot that was so sexy DISH almost fell out of our front row seat!

The real shiney bright start for DISH this season was Max Mara! Everything that hit that runway was breath-taking! Bright colours, deep designs with delish cashmere tights, backless drama and fun fur!

You will see DISH in a lot of MM this year no doubt!

Hands...or gloves...down the most fun part of the night was the dancing flash mob that ran onto the runway at the end of the show! Some of the audience and some models participated and it was HYSTERICAL!