Majors

Saks Fifth Avenue Owner to Acquire Neiman Marcus

MajorsJul 05, 2024

Saks Fifth Avenue Owner to Acquire Neiman Marcus

The deal is valued at $2.65 billion.

Neiman Marcus Fort Worth Texas
HBC, the parent company of Saks Fifth Avenue, is set to acquire Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman. Seen here is a Neiman Marcus store in Fort Worth, Texas.
New York—HBC, the parent company of Saks Fifth Avenue, has entered into an agreement to acquire Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman.

The deal is valued at $2.65 billion, according to the company’s statement on Thursday.

When the transaction is complete, Toronto-based HBC will form Saks Global, a company that will include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman.

The stores will continue to operate under their respective brands.

HBC came in at No. 15 on National Jeweler’s “$100 Million Supersellers List,” with $524 million in watch and jewelry sales in 2023.

Dallas-based Neiman Marcus Group came in at No. 17 with $486 million in watch and jewelry sales in 2023. 

Saks Fifth Avenue has 39 stores while Neiman Marcus Group operates 36 Neiman Marcus stores, 5 Neiman Marcus Last Call locations, and one Bergdorf Goodman store.

“We're thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman,” said Richard Baker, HBC executive chairman and CEO.

Baker will also serve as executive chairman of Saks Global.

“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.”

 Related stories will be right here … 

Geoffroy van Raemdonck, CEO of Neiman Marcus Group, said the move is a “proactive choice in an evolving retail landscape that will create value for our customers and brand partners.”

“Saks Fifth Avenue shares our passion for connecting customers with the world’s best luxury fashion. With our complementary capabilities and a new long-term capital structure, the combined group will position our iconic Neiman Marcus and Bergdorf Goodman brands for continued success,” said van Raemdonck.

Current Saks.com CEO Marc Metrick will become CEO of Saks Global.

“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,” said Metrick.

He lauded the work that Neiman Marcus Group’s team has done to evolve the company.

“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,” he said.

Notably, Amazon will be an investor, said HBC, working with Saks Global "to innovate on behalf of customers and brands partners following the close of the transaction."

Saks Global will also include HBC’s U.S. real estate assets and Neiman Marcus Group’s real estate assets, which amounts to a portfolio valued at $7 billion.

Ian Putnam, currently president and CEO of HBC Properties and Investments, will become CEO of Saks Global Properties and Investments.

In a press release about the move, HBC outlined the strategy behind Saks Global.

Its priorities include advancing the luxury shopping experience, serving customers through personalized interactions, supporting established and emerging brands, and creating value and career development for employees.

HBC also owns Canadian retailer Hudson’s Bay, including its network of stores, TheBay.Com, and a C$2 billion ($1.47 billion) real estate portfolio.

HBC’s Canadian business will be a standalone entity separate from Saks Global.

Two notable retailers may also soon find new owners.

Macy’s has been in talks about a potential buyout while Nordstrom is reportedly looking to go private.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

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