Luxury Retail Merger: Saks Fifth Avenue Parent HBC to Acquire Neiman Marcus Group in $2.65 Billion Deal

Saks Fifth Avenue parent HBC announced on Thursday its plans to acquire Neiman Marcus Group in a $2.65 billion deal, merging two iconic luxury retailers. The combined entity, to be known as Saks Global, will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' department store chain, and Bergdorf Goodman. HBC CEO Richard Baker expressed excitement about the merger, highlighting the potential benefits for customers, partners, and employees. The move comes at a time of technological advancements in luxury retail, with a focus on enhancing the customer experience.

Marc Metrick, CEO of Saks.com, will lead the Saks Global business, while Ian Putnam will oversee the property and investments division. Neiman Marcus Group CEO Geoffroy van Raemdonck described the partnership as a proactive response to the evolving retail landscape. The deal marks a significant development in the luxury retail sector amidst challenges faced by traditional brick-and-mortar stores in the digital age. Stay tuned for more updates on this evolving story.