Saks Global has finalized the acquisition of Neiman Marcus Group for $2.7 billion, creating a leading luxury retail empire. The combined entity will be led by Richard Baker, with Marc Metrick as CEO of Saks Global Operating Group and Ian Putnam as CEO of Saks Global Properties & Investments.
Late Monday afternoon, Saks Global disclosed that it has finalized its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion. Richard Baker, executive chairman of Saks Global , said in a statement, “This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry. By uniting Neiman Marcus, Bergdorf Goodman and, we have created an unparalleled multibrand 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.”Marc Metrick will serve as chief executive officer of Saks Global Operating Group, and Ian Putnam will serve as CEO of Saks Global Properties & Investments. Both will report to Baker.Metrick said, “Bringing these iconic brands together is a significant step forward for luxury retail. As one company, we have an opportunity to transform the way we serve consumers, blending art and science to ensure each customer’s experience is unmistakably their own. With deep relationships across the industry, cutting-edge personalization and strategic technology partnerships, we are poised to drive innovation and growth. I look forward to working with the many talented leaders and employees from NMG and across Saks Global as we embark upon our journey to bring these businesses together.” While the deal creates a luxury retail empire in America, it raises various questions about potential consolidations, executive changes and relationships with vendors, as well as the overarching strategy since Saks has split its digital and online operations into two separate companies while NMG continues to operate as an omnichannel retailer. The company has established the new role of president and chief commercial officer which will be filled by Emily Essner, who previously served as chief marketing officer at Sak
LUXURY RETAIL ACQUISITION Saks Global Neiman Marcus Group MERGER
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