The owner of Saks Fifth Avenue closed the deal with Neiman Marcus, which was initially announced in July.
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Saks Global announced Dec. 23 it completed its $2.7 billion acquisition of Neiman Marcus, aligning two historic names in luxury retail and putting a prominent Dallas company under the control of a New York-based chain.
Neiman joins a portfolio that includes Saks Fifth Avenue and Saks Off 5th. HBC, owner of Saks, created the new company Saks Global through the deal to oversee the collection of high-end fashion brands, which includes Neiman Marcus subsidiary Bergdorf Goodman.
Neiman Marcus CEO Geoffroy van Raemdonck and some unspecified members of the leadership team will be departing , the Dallas Morning News reported, although others will remain to help with the transition. Von Raemdonck has been chief executive since 2018.
Marc Metrick is now CEO of Saks Global Operating while Ian Putnam will serve as CEO of Saks Global.
“This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry,” Richard Baker, executive chairman of Saks Global, said in a statement. “By uniting Neiman Marcus, Bergdorf Goodman and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential. With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.”
Neiman Marcus has 36 department stores, including a flagship location in downtown Dallas, plus two Bergdorf Goodman stores and five Last Call discount stores. The company was founded in Dallas in 1907 and has played a pivotal role in helping to position Big D as a retail destination.
Meanwhile, there are 39 Saks Fifth Avenue and 95 Saks Off 5th discount stores.
The deal was first announced this summer. HBC raised $2 billion to finance the deal, the Wall Street Journal reported earlier. Amazon and Salesforce are both minority shareholders of the merged company.