Shopping News
Texas-based Neiman Marcus gets bought by Saks Fifth Avenue parent company
Neiman Marcus downtown Dallas
A legendary Texas retailer, based in Dallas, is changing hands: Neiman Marcus Group, which includes fashion retailers Neiman Marcus and Bergdorf Goodman, has sold to Saks Fifth Avenue parent company HBC to create a luxury retail and real estate company in a $2.65 billion deal.
The new company would be called Saks Global and include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman, which will still operate with their current brand names. Amazon is also pitching in on the deal as an investor.
"This announcement is a testament to our team's unwavering commitment to building rewarding customer relationships, driven by our differentiated business model. We believe this is a proactive choice in an evolving retail landscape that will create value for our customers and brand partners,” Geoffroy van Raemdonck, CEO of Neiman Marcus Group, said in a statement.
Saks Global will also include HBC’s U.S. real estate assets and Neiman Marcus Group’s real estate assets, creating a $7 billion portfolio of retail real estate assets in luxury shopping destinations.
Originally opened in 1907 by Herbert Marcus, Sr., Carrie Marcus Neiman and A.L. Neiman, Neiman Marcus was a community custom clothing store with men's and women's clothing options in downtown Dallas before transitioning to the luxury fashion retailer it is today.
Following the merger, Saks Global plans to invest in luxury shopping and the online fulfillment process, incorporate AI into the customer experience, support emerging designers, and offer value and career development opportunities to employees.
Current Saks.com CEO Marc Metrick will become CEO of Saks Global, leading Saks Global’s retail and consumer businesses. Ian Putnam, currently President and CEO of HBC Properties and Investments, will become CEO of Saks Global Properties and Investments, which will manage and enhance the company’s asset portfolio.
“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,” Metrick said in a statement. “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.”
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