HBC to acquire Neiman Marcus Group for $2.65 billion, forming Saks Global

From CNBC: 2024-07-04 16:19:06

Saks Fifth Avenue parent company HBC announced plans to acquire Neiman Marcus Group in a $2.65 billion deal, forming Saks Global. The new entity will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus department stores, and Bergdorf Goodman. Executives highlight technology as a focal point to enhance the luxury retail experience.

Saks.com CEO Marc Metrick will lead Saks Global, with Ian Putnam overseeing property and investments. HBC CEO Richard Baker will serve as executive chairman. Neiman Marcus CEO Geoffroy van Raemdonck praised the partnership as a strategic move in a changing retail landscape amid challenges for traditional brick-and-mortar stores.

The acquisition marks a significant development in luxury retail during a challenging time for the industry. The deal comes as traditional department stores face difficulties attracting younger consumers amidst shifting consumer preferences and increased focus on experiences over retail purchases.



Read more at CNBC: Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group