MajorsJun 13, 2024
HSN, QVC Parent Company Faces Delisting MajorsJul 05, 2024
Saks Fifth Avenue Owner to Acquire Neiman Marcus
The deal is valued at $2.65 billion.
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 …
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.”
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.
MajorsApr 11, 2024
Macy’s Opens Books for Possible Buyout
MajorsMar 26, 2024
Nordstrom May Go Private, Says ReportMore on Majors
The Latest
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
SourcingDec 02, 2025
Petra Diamonds Elevates Interim CEOs to Permanent StatusVivek Gadodia and Juan Kemp, who’ve been serving as interim co-CEOs since February, will continue to lead the diamond mining company.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
SourcingDec 02, 2025
Brendan Laurs Honored With 2025 Bonanno AwardLaurs is the editor-in-chief of Gem-A’s The Journal of Gemmology and an expert on the formation of colored gemstone deposits.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
