“We believe this is a proactive choice in an evolving retail landscape that will create value for our customers and brand partners.”
Geoffroy van Raemdonck
CEO
Neiman Marcus Group
.…on the $2.65 billion acquisition of Neiman Marcus by Saks Fifth Avenue parent HBC.
Last week’s earthquake luxury retail news caused ripples from Dallas to New York and beyond. Saks Fifth Avenue parent company HBC is acquiring Neiman Marcus Group for $2.65 billion, establishing a new “technology-powered” luxury retail company called Saks Global. And Amazon is a key partner in the deal—along with being an investor, it will work with Saks Global “to innovate on behalf of customers and brands partners following the close of the transaction,” the companies said.
“This announcement is a testament to our team’s unwavering commitment to building rewarding customer relationships, driven by our differentiated business model,” Neiman Marcus Group CEO Geoffrey van Raemdonck added in a statement. “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.”
Saks Global’s retail and real estate assets will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, each of which will continue operations under their respective brands. Current Saks.com CEO Marc Metrick will become CEO at Saks Global.
The blockbuster merger aims to advance all the brands with a strong tech focus. Saks Global “will bolster its technology-driven approach to personalization, leveraging first-party data and AI to create individualized online shopping experiences and empower sales associates to better serve customers,” the companies said in a statement.
In addition, the combined company plans to “build on” each retail brand’s history of innovation. Saks Global “will drive further advancements in online functionality and fulfillment processes while providing greater access to merchandise,” the companies said.
“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,” Metrick said in a statement. “We have respect and admiration for NMG and the contributions its teams have made in the company’s evolution. Together, with our ongoing focus on innovation, we’re primed to drive growth for our brand partners and create career development opportunities for the incredible talent across Saks Global.”
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R E A D N E X T
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