Saks Global has acquired Neiman Marcus and Bergdorf Goodman for $2.7 billion, after Neiman Marcus filed for bankruptcy in May 2020.
This Michelin-Starred Chef’s Next Restaurant Will Be Inside a Former Scottish CastleSaks Fifth Avenue
, Neiman Marcus, and Bergdorf Goodman will all be part of the same family, with each entity remaining a distinct brand.‘Completely False’: Jeff Bezos Denies He’s Marrying Lauren Sanchez in a Lavish $600 Million Aspen Wedding“This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry,” Richard Baker, the executive chairman of Saks Global, said in a statement.
The tranaction occurred with investment from a number of other companies, most notably Amazon, Hypebeast wrote. The Jeff Bezos–founded company aims to work with Saks Global to innovate on behalf of both brand partners and customers. Elsewhere, funds were contributed by the brand owner and licensing company Authentic Brands Group and the G-III Apparel Group. Salesforce, another investor, plans to use first-party data and AI to make the shopping experience even more personalized.
That last addition may be rather helpful in a world that’s increasingly turning away from department stores. Over the past several years, shoppers have been forgoing malls and such stores in favor of. There, they can receive more personalized service, along with private shopping experiences and increased access to coveted labels and items. If Saks Global is able to find a way to make its stores more similar to that, it may be able to reverse its fortunes at least a little bit.
Now those operations will happen hand-in-hand with those of Saks, at one point one of Neiman Marcus’s biggest competitors. Consolidation has turned them into business partners, though.Tori Latham is a digital staff writer at Robb Report. She was previously a copy editor at The Atlantic, and has written for publications including The Cut and The Hollywood Reporter.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saks Owner HBC Seen on Track to Close Deal for Neiman Marcus GroupHBC appears on track to close on its $2.65 billion deal to buy the Neiman Marcus Group
Read more »
Saks Fifth Ave & Amazon Set to Purchase Neiman MarcusThe number one digital destination for multicultural fashion.
Read more »
Saks Global Completes Acquisition of Neiman Marcus GroupSaks 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.
Read more »
Saks completes $2.7 billion deal with Neiman Marcus CEO set to exitWith the close of the Saks-Neiman Marcus transaction, Geoffroy van Raemdonck, along with certain members of the Neiman Marcus leadership team, will be...
Read more »
Saks Owner HBC Secures $2 Billion Bond to Buy Neiman’sSaks owner HBC Secures $2 Billion Bond To Close Deal for Neiman Marcus; Saks Palm Beach to Close
Read more »
Off the Cuff: A Q&A with Neiman Marcus' Stefanie Tsen WardThe interview series explores the career paths, current projects and next steps of those shaping the world’s best luxury brands.
Read more »