Associated media – Associated media
HBC, the parent company of Saks Fifth Avenue, has announced its acquisition of the Neiman Marcus Group for $2.65 billion. This merger will combine two iconic luxury retailers under one roof.
The new entity, Saks Global, will encompass Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman.
Richard Baker, CEO of HBC, expressed his excitement about the merger, highlighting the anticipated benefits for customers, partners, and employees. He emphasized the potential for technological advancements to transform the luxury retail experience.
Key leadership changes include Marc Metrick, currently CEO of Saks.com, who will become the CEO of Saks Global. Ian Putnam, president and CEO of HBC Properties and Investments, will oversee Saks Global’s real estate and investment business, both reporting to Baker, who will serve as executive chairman.
Geoffroy van Raemdonck, CEO of Neiman Marcus Group, described the merger as a strategic move in response to the evolving retail landscape.
This acquisition comes at a challenging time for traditional retail, which has been impacted by the rise of e-commerce and a shift in consumer spending towards experiences rather than goods. The department store sector, in particular, has struggled to engage younger shoppers and has faced a decline in discretionary spending.
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