Saks Global Completes $2.7 Billion Acquisition of Neiman Marcus
January 10, 2025
On December 23, Saks Global finalized its $2.7 billion acquisition of Neiman Marcus, merging two iconic luxury retailers. This deal brings Neiman Marcus, Saks Fifth Avenue, Saks Off 5th, and Bergdorf Goodman under the same corporate umbrella, creating a powerful multi-brand portfolio in the luxury fashion industry.
A Landmark Deal in Luxury Retail
The acquisition positions Neiman Marcus, a Dallas-based company, under the control of New York-based Saks Global. Richard Baker, executive chairman of Saks Global, called the merger a transformative moment for the industry. He emphasized that the deal will redefine luxury shopping through innovation, prime real estate, and enhanced customer experiences.
Leadership Changes at Neiman Marcus
As part of the transition, Neiman Marcus CEO Geoffroy van Raemdonck will step down, along with several leadership team members. Some executives will remain temporarily to assist with the transition. Marc Metrick will take over as CEO of Saks Global Operating, while Ian Putnam will serve as CEO of Saks Global.
Neiman Marcus and Saks: A Strong Retail Presence
Founded in 1907, Neiman Marcus operates 36 department stores, including locations at Coral Gables, Bal Harbour Shops, and Boca Raton. Saks Fifth Avenue runs 39 locations, with stores in Miami’s Brickell City Centre and Bal Harbour Shops, along with 95 Saks Off 5th discount outlets.
Financial Backing and Strategic Partnerships
The deal, initially announced in the summer, was funded with $2 billion raised by HBC. Additionally, Amazon and Salesforce hold minority stakes in the newly merged company. Investment firms BofA Securities, Citigroup, and Deloitte advised on the acquisition, while Willkie Farr & Gallagher LLP provided legal counsel.
The Future of Luxury Shopping
With Neiman Marcus joining Saks Global, the company aims to innovate luxury retail and deliver a seamless, multi-brand shopping experience. The merger is expected to strengthen the customer experience, store offerings, and online retail strategies.
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