Saks Fifth Avenue’s parent company HBC is set to acquire Neiman Marcus Group in a staggering $2.65 billion acquisition.
As reported by CNBC, the huge deal will combine the retailers under Saks Global, which will be established to manage the luxury retail brands under one roof. When the transaction has closed, Saks Global promises to invest further into shopping experiences at all Saks Fifth Avenue, Saks Off Fifth, Neiman Marcus, and Bergdorf Goodman stores, which will continue to operate under their respective brand names.
“We’re thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman,” said HBC executive chairman and CEO, Richard Baker. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees. This is an exciting time in luxury retail, with technological advancements creating new opportunities to redefine the customer experience, and we look forward to unlocking significant value for our customers, brand partners and employees.”
Saks CEO Marc Metrick will become CEO of Saks Global following the completion of the acquisition. “We have respect and admiration for NMG and the contributions its teams have made in the company’s evolution,” Metrick added. “Together, with our ongoing focus on innovation, we are primed to drive growth for our brand partners and create career development opportunities for the incredible talent across Saks Global.”
In addition to the retail brands, Saks Global will include all of HBC’s U.S. real estate assets.
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