Saks Global Finalizes $2.7 Billion Neiman Marcus Acquisition

Saks Global, a leader in luxury retail and real estate, has completed its $2.7 billion acquisition of Neiman Marcus Group (NMG), a move that reshapes the high-end retail landscape. This transaction brings Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH into a single portfolio, while allowing each brand to continue operating independently, preserving their unique identities and customer experiences.

Richard Baker, executive chairman of Saks Global, described the acquisition as a landmark moment for the luxury industry. “By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential,” Baker said in a statement.

The company has also announced significant leadership changes to drive its newly expanded operations. Marc Metrick will serve as CEO of the Saks Global operating group, overseeing the retail operations, while Ian Putnam will lead the company’s properties and investments as CEO. Both executives will report directly to Baker, emphasizing the company’s strategic focus on growth and innovation.

To further support its luxury growth strategy, Saks Global has introduced the new role of president and chief commercial officer, a position filled by Emily Essner, formerly the chief marketing officer of Saks. Meanwhile, Tracy Margolies, previously chief merchandising officer at Saks, has been appointed president of Bergdorf Goodman. The iconic retailer will remain a standalone brand under the Saks Global umbrella, building on its reputation for curated luxury shopping.

In a bid to enhance its transformation strategy, the company has also brought in Bill Bine as chief transformation officer. His role will be pivotal in implementing Saks Global’s vision for the future, ensuring the company is positioned to lead in an increasingly competitive luxury market.

The financing for this acquisition reflects Saks Global’s broad appeal to investors. The transaction was supported by equity contributions from a high-profile group that includes Amazon, Authentic Brands Group, Salesforce, M. Klein & Company, G-III Apparel Group, and others. Amazon’s role as an investor goes beyond financial backing, as the tech giant will collaborate with Saks Global on innovative initiatives to enhance the shopping experience for customers and brand partners.

As Saks Global looks to the future, the company is doubling down on the individuality of its brands while leveraging their collective strength. Bergdorf Goodman, in particular, will retain its independence and continue to carve out its niche in the luxury market, a testament to the company’s commitment to maintaining the unique appeal of its portfolio.

This acquisition marks a bold new chapter for Saks Global and the luxury retail industry. With a robust leadership team, strategic partnerships, and a clear vision, the company is poised for significant growth. As Baker said, this is the creation of “an unparalleled multi-brand luxury portfolio” with limitless potential, setting the stage for Saks Global to redefine the high-end shopping experience.