Beauty Industry, Mergers and Acquisitions

Saks Acquires Neiman Marcus and Bergdorf Goodman for $2.65 Billion

Saks parent company HBC will establish Saks Global, overseeing each brand.

July 8, 2024

Assistant Editor

Saks Fifth Avenue parent company, HBC will purchase Neiman Marcus and Bergdorf Goodman in a $2.65 billion deal. Amazon and Salesforce serve as minority shareholders in this transaction.

According to reports, once the transaction closes HBC will establish Saks Global, including Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman. Each retailer will continue to operate under their existing name.

Current Saks.com CEO Marc Metrick will become CEO of Saks Global, leading Saks Global’s retail and consumer businesses and driving the strategy to advance the luxury shopping experience.

Saks Global will combine HBC’s U.S. real estate assets and Neiman Marcus Group’s assets, creating a $7 billion portfolio.

In partnering with Amazon for this transaction, HBC will gain access to Amazon’s expertise, helping Saks Global grow in an online market.

Richard Baker, HBC CEO, commented,

“For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners, and employees. This is an exciting time in luxury retail, with technological advancements creating new opportunities to redefine the customer experience, and we look forward to unlocking significant value for our customers, brand partners, and employees.”