EXHIBIT 10.3


                  THE NEIMAN MARCUS GROUP, INC.
              KEY EXECUTIVE STOCK PURCHASE LOAN PLAN
             (As amended through September 19, 1994)


     1.  Purpose.  The purpose of the Key Executive Stock
Purchase Loan Plan (the "Plan") is to obtain for The Neiman
Marcus Group, Inc. (referred to herein as "NMG" and, together
with its subsidiaries, as the "Company") the benefits of the
additional incentive inherent in the ownership of its securities
by selected key executives who are important to the success and
growth of the business of the Company and to help the Company
obtain and retain the services of such employees.

     2.  Administration.  The Plan shall be administered by a
Committee established by the Board of Directors of NMG,
consisting of at least three directors.  The Committee shall have
authority, not inconsistent with the Plan, (a) to determine which
of the key executives of the Company shall be eligible to receive
stock purchase loans ("Loan Participants"), (b) to determine the
time or times when stock purchase loans shall be made and the
amount of each stock purchase loan, (c) to prescribe the forms of
the instruments evidencing stock purchase loans granted under the
Plan and of any other instruments required under the Plan, (d) to
adopt, amend and rescind rules and regulations for the
administration of the Plan and for its own acts and proceedings,
and (e) to decide all questions and settle all controversies and
disputes which may arise in connection with the Plan.  All
decisions, determinations and interpretations of the Committee
shall be binding on all parties concerned.

     3.  Participants.  The participants in the Plan shall be
such key executives of the Company, whether or not also officers
or directors, as may be selected from time to time by the
Committee in its discretion.  Directors who are not employees
shall not be eligible.  No stock purchase loan may be made to a
person who is a member of the Committee at the time of grant.

     4.  Use of Loans; Collateral.  Loans made pursuant to the
Plan shall be used by the Loan Participant solely in connection
with the purchase of capital stock of NMG (through exercise of
stock options, open market purchases or private transactions)
during those periods authorized by the Committee and in
accordance with the rules and regulations established by the
Committee for the purchase of stock.  All such purchases and all
resales of capital stock of NMG shall be subject to any
applicable requirements of federal and state securities laws. To
the extent permitted by law, the Committee may, as a condition to
granting a loan hereunder, require that the Loan Participant
collateralize the loan by pledging to NMG the securities
purchased with the proceeds of the loan and such other collateral
as may from time to time be required by Regulation G, as issued
by the Board of Governors of the Federal Reserve Board; any such
pledge shall be documented by the execution and delivery of a
Pledge Agreement in such form and containing such provisions, not
inconsistent herewith, as the Committee shall determine.  The
Committee may, in its sole discretion, determine to what extent,
if any, withdrawal of collateral may be made by a Loan
Participant.

     5.  Amount of Loan; Limitations.  The amount of any stock
purchase loan granted under the Plan shall not exceed the sum of
(a) the price of the securities purchased with the proceeds of
the loan, (b) brokerage fees and other similar expenses incurred
in connection with such purchase, and (c) in the case of an
exercise of a "non-qualified" stock option (i.e., any stock
option the exercise of which results in taxable income to the
optionee on the date of exercise), that percentage of the
difference between the aggregate fair market value of the
securities purchased on the date of exercise and the aggregate
option exercise price which equals the highest marginal federal
income tax rate prevailing on the date of exercise.  A Loan
Participant may elect to borrow less than the foregoing sum, in
the Loan Participant's sole discretion.  A Loan Participant shall
be eligible for more than one stock purchase loan.

     The Committee shall, subject to the limitations set forth in
the following paragraph, determine the aggregate amount of loans
which may be made to any Loan Participant.

     Th aggregate unpaid principal amount of all stock purchase
loans outstanding under the Plan shall not, without the approval
of the Board of Directors of NMG, exceed $3 million at any time.

     6.  Note.  Each loan made hereunder shall be evidenced by a
Promissory Note, in such form and containing such provisions, not
inconsistent herewith, as the Committee shall determine.

     7.  Interest.  Any Note issued hereunder shall bear interest
at a rate to be determined by the Committee.

     8.  Term of Loan.  The unpaid principal amount of any loan
(and any unpaid interest thereon) shall become due and payable
seven months after a Loan Participant shall cease to be an
employee of the Company. 

     9.   Payment of Principal in Cash.  The unpaid principal of
a loan of a Loan Participant who ceases to be an employee of the
Company within four years after the date of the loan for any
reason other than (a) involuntary discharge, (b) death or (c)
retirement or disability under the circumstances specified in
Section 10(b)(iii) shall be repayable only in cash or in shares
of NMG whose fair market value (measured as of the close of
business on the day prior to repayment) is equal to the
outstanding principal balance of the loan, or in a combination of
both.

     10.  Option to Pay Principal in Shares.  The unpaid
principal balance of a loan of a Loan Participant who ceases to
be an employee of the Company (a) more than four years after the
date of the loan or (b) at any time during such four-year period
by reason of (i) involuntary discharge, (ii) death or (iii)
retirement or disability under circumstances entitling the Loan
Participant to benefits under a retirement plan or disability
insurance plan for employees of the Company, shall be repayable
at the option of the Loan Participant either in cash or in that
number of shares of securities represented by the outstanding
principal balance of the loan, or in a combination of both.  The
phrase "that number of shares of securities represented by the
outstanding principal balance of the loan" under the Plan shall
mean the number of shares of securities purchased with a loan
under the Plan at the time the loan is granted, adjusted to
reflect the "anti-dilution" provisions of Section 13 and
repayments, if any, previously made by the Loan Participant.

     11.  Leave of Absence.  Whether a leave of absence shall
constitute termination of employment for the purpose of any loan
granted hereunder shall be determined in each case by the
Committee in its sole discretion.  A Loan Participant who fails
to return to the employ of the Company within 30 days after the
expiration of a leave of absence which was not a termination of
employment in the Committee's judgment shall be deemed, for
purposes of the Plan, to have ceased to be an employee upon the
expiration of such 30 day period.

     12.  Prepayment.  Notwithstanding any other provision of the
Plan, a Loan Participant who has received a loan shall have the
option to repay in cash or in shares of NMG whose fair market
value (measured as of the close of business on the day prior to
repayment) is equal to the outstanding principal balance of the
loan, or in a combination of both, all or any portion of the
outstanding balance of the loan at any time before the loan
becomes due and payable.

     13.  Changes in Stock.  In the event of a stock dividend,
split-up or combination of shares, recapitalization or merger in
which NMG is the surviving corporation, or other similar capital
change or changes, the resulting number and kind of shares of
stock or securities of NMG attributable to "that number of shares
of securities represented by the outstanding principal balance of
the loan" (as such phrase is used in Section l0) under the Plan
shall be appropriately adjusted by the Board of Directors of NMG,
whose determination shall be binding on all persons.  In the
event of a consolidation or a merger in which NMG is not the
surviving corporation, or in the event of a complete liquidation
of NMG, the Board of Directors of NMG may make such adjustments
and take such action as it deems appropriate to reflect or
anticipate such merger, consolidation or liquidation.

     14.  Employment Rights.  The adoption of the Plan does not
confer upon any employee of the Company any right to continued
employment with the Company nor does it interfere in any way with
the right of the Company to terminate the employment of any of
its employees at any time.

     15.  Transferability.  The rights of a Loan Participant
under the Plan shall not be transferable except by will or the
laws of descent and distribution.

     16.  Amendment, Modification and Termination of the Plan.
The Board of Directors of NMG may at any time terminate and may
at any time and from time to time, and in any respect, amend or
modify, the Plan; provided, however, that no such action of the
Board of Directors of NMG shall in any manner affect any loan
theretofore granted under the Plan without the consent of the
Loan Participant.

     17.  Effective Date.  The Plan shall become effective on
August 28, 1987.