MajorsDec 24, 2024
Nordstrom Family, Partner to Take Retailer Private in $6B DealMajorsDec 30, 2024
Saks Global Finalizes Acquisition of Neiman Marcus
The retailer’s portfolio now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks Off 5th.
Saks Global has acquired Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman. Seen here is a Neiman Marcus store in Fort Worth, Texas.
New York—Saks Global has completed its acquisition of Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman.
With the deal valued at $2.7 billion finalized, Saks Global’s portfolio now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks Off 5th.
Following news of the acquisition in July, Toronto-based HBC, the owner of Saks Fifth Avenue, formed Saks Global, an entity that included Saks Fifth Avenue and Saks Off 5th, and now also includes Neiman Marcus and Bergdorf Goodman.
Each retailer will continue to serve customers under their respective brands.
“This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry. By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential,” said Richard Baker, executive chairman of Saks Global.
Marc Metrick, the former Saks.com CEO, will serve as CEO of Saks Global Operating Group.
Ian Putnam, the former president and CEO of HBC Properties and Investments, will be CEO of Saks Global Properties and Investments.
Both executives will report to Baker.
Related stories will be right here …
With the deal valued at $2.7 billion finalized, Saks Global’s portfolio now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks Off 5th.
Following news of the acquisition in July, Toronto-based HBC, the owner of Saks Fifth Avenue, formed Saks Global, an entity that included Saks Fifth Avenue and Saks Off 5th, and now also includes Neiman Marcus and Bergdorf Goodman.
Each retailer will continue to serve customers under their respective brands.
“This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry. By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential,” said Richard Baker, executive chairman of Saks Global.
Marc Metrick, the former Saks.com CEO, will serve as CEO of Saks Global Operating Group.
Ian Putnam, the former president and CEO of HBC Properties and Investments, will be CEO of Saks Global Properties and Investments.
Both executives will report to Baker.
Saks Global has also announced some newly created roles and appointments.
The company has also established the role of president and chief commercial officer, which will be held by Emily Essner, who was promoted from her former role as chief marketing officer at Saks.
“This role will break the mold for how we bring the luxury shopping experience to life. Emily is the ideal person to lead this critical new function and advance our strategy to meet customers’ increasing demand for individualized experiences,” said Metrick.
Tracy Margolies, who previously served as chief merchandising officer for Saks, has been appointed to president of Bergdorf Goodman.
“Tracy’s deep expertise and track record of leading results-driven strategies will propel Bergdorf Goodman into the future while honoring its unique legacy,” said Metrick.
Saks Global created another new role as it looks to support its transformation strategy.
The company appointed Bill Bine, the former chief supply chain officer for Neiman Marcus Group, to the role of chief transformation officer.
“A highly strategic, results-oriented executive, Bill’s significant experience leading large-scale business transformation and operations in retail will be instrumental to our integration journey,” said Metrick.
The deal was financed through a combination of equity contributions from new investors, including Amazon, Authentic Brands Group, Salesforce, M. Klein & Company, and G-III Apparel Group, as well as the issuance of $2.2 billion of senior secured notes and an asset-based lending revolving credit facility.
Editors' Picks
Sponsored by
More on Majors
The Latest
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
Policies & IssuesJan 14, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
Weekly QuizJan 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. JewelsOfficers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the MoonThe “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
SourcingJan 09, 2025
Reena Ahluwalia Unveils New Works in ‘Diamond Trails’ AnthologyThe artist collaborated with industry creatives on the project, which features five fictional stories and five corresponding paintings.
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity BallNine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy WatchMiss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds“Promise by Effy” includes fashion jewelry and engagement rings.
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 YearsThe Texas-based jeweler is closing all three locations.
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern ElementsZendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.
ColumnistsJan 07, 2025
The Smart Lab: The Hottest Digital Marketing Trends For 2025Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.
TrendsJan 07, 2025
Amanda’s Style File: January Is for GarnetGarnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.
SourcingJan 07, 2025
Columbia Gem House To Debut Lightning Ridge Opal CollectionThe wholesaler is partnering with Australian brand Cheal Opal on a new offering of calibrated stones.
