Saks Parent to Buy Neiman Marcus
Posted on July 6, 2024
A mega luxury retailer merge is taking place. HBC, the parent company of Saks Fifth Avenue, is buying the Neiman Marcus Group in a $2.65 billion deal. The combined companies will become Saks Global. Amazon will take a minority stake in Saks Global as part of the deal.
Richard Baker, HBC Executive Chairman and CEO, says in a statement, "We're thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. 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."
HBC also owns Hudson's Bay. The Neiman Marcus Group also the Bergdorf Goodman luxury department stores.
Current Saks.com CEO Marc Metrick will become CEO of Saks Global. Metrick says, "Saks has remained steadfast in our commitment to be at the forefront of luxury fashion, meeting customers not just where they are, but where they are going. We have respect and admiration for NMG and the contributions its teams have made in the company's evolution. 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."
Neiman Marcus is based in Dallas, Texas and a story in the Dallas News says the merger is creating "high anxiety" in the Dallas fashion world.
WFAA says there are no current plans to close any stores as a result of the deal.