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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.
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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.
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