Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal

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Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal
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The deal will establish Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus’ namesake department store chain and Bergdorf…

Saks Fifth Avenue parent HBC said Thursday that it would purchase Nieman Marcus Group in a deal valued at $2.65 billion.

The combination will establish Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' namesake department store chain and Bergdorf Goodman. The deal comes amid what's been a turbulent period for traditional brick-and-mortar retail in the wake of the ecommerce boom.The combination will establish Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' namesake department store chain and Bergdorf Goodman.

"We're thrilled to take this step in bringing together these iconic luxury names," HBC CEO Richard Baker. said in a statement."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," Baker added, citing technological advancements that can"redefine" the customer experience.

As part of the deal, Saks.com CEO Marc Metrick will take the chief executive role for the Saks Global business. Ian Putnam, president and CEO of HBC Properties and Investments, will become CEO of Saks Global's property and investments business. Both will report to Baker, who will serve as executive chairman at Saks Global.The deal comes amid what's been a turbulent period for traditional brick-and-mortar retail in the wake of the ecommerce boom.

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