Saks Global Completes $2.7 Billion Acquisition of Neiman Marcus, Strengthening Luxury Retail Portfolio

On December 23, Saks Global finalized its $2.7 billion acquisition of Neiman Marcus, merging two iconic names in luxury retail and positioning the renowned Dallas-based company under the control of the New York-based chain. Neiman Marcus joins a portfolio that includes Saks Fifth Avenue and Saks Off 5th alongside Bergdorf Goodman, a Neiman Marcus subsidiary.

In a statement, Richard Baker, executive chairman of Saks Global, called the deal a transformative moment for both the company and the luxury retail industry. He emphasized the creation of a unique multi-brand luxury portfolio, enhanced by innovation and prime real estate, with plans to redefine the luxury shopping experience.

As part of the leadership changes, Neiman Marcus CEO Geoffroy van Raemdonck will be stepping down along with other leadership team members. However, some will remain to assist with the transition. Van Raemdonck, who has served as CEO since 2018, will be succeeded by Marc Metrick, who will become CEO of Saks Global Operating. Ian Putnam will serve as CEO of Saks Global.

Neiman Marcus, founded in 1907 in Dallas, boasts 36 department stores, including locations in Coral Gables, Bal Harbour Shops, and Boca Raton. Saks Fifth Avenue operates 39 locations, with stores in prime areas such as Bal Harbour Shops Miami’s Brickell City Centre and 95 Saks Off 5th discount stores.

The deal was initially announced in the summer, and HBC raised $2 billion to fund it. Amazon and Salesforce both hold minority stakes in the newly merged company. Leading investment banks and consulting firms, including BofA Securities, Citigroup, and Deloitte, advised on the deal, with legal counsel provided by Willkie Farr & Gallagher LLP.