A legendary Texas retailer, based mostly in Dallas, is altering palms: Neiman Marcus Group, which incorporates trend retailers Neiman Marcus and Bergdorf Goodman, has offered to Saks Fifth Avenue father or mother firm HBC to create a luxurious retail and actual property firm in a $2.65 billion deal.
The brand new firm could be referred to as Saks International and embody Saks Fifth Avenue, Saks Off fifth, Neiman Marcus, and Bergdorf Goodman, which is able to nonetheless function with their present model names. Amazon can also be pitching in on the deal as an investor.
“This announcement is a testomony to our staff’s unwavering dedication to constructing rewarding buyer relationships, pushed by our differentiated enterprise mannequin. We imagine this can be a proactive alternative in an evolving retail panorama that can create worth for our clients and model companions,” Geoffroy van Raemdonck, CEO of Neiman Marcus Group, mentioned in an announcement.
Saks International may even embody HBC’s U.S. actual property property and Neiman Marcus Group’s actual property property, making a $7 billion portfolio of retail actual property property in luxurious purchasing locations.
Initially opened in 1907 by Herbert Marcus, Sr., Carrie Marcus Neiman and A.L. Neiman, Neiman Marcus was a neighborhood customized clothes retailer with males’s and girls’s clothes choices in downtown Dallas earlier than transitioning to the posh trend retailer it’s right now.
Following the merger, Saks International plans to spend money on luxurious purchasing and the net achievement course of, incorporate AI into the client expertise, help rising designers, and supply worth and profession improvement alternatives to workers.
Present Saks.com CEO Marc Metrick will turn into CEO of Saks International, main Saks International’s retail and client companies. Ian Putnam, presently President and CEO of HBC Properties and Investments, will turn into CEO of Saks International Properties and Investments, which is able to handle and improve the corporate’s asset portfolio.
“Saks has remained steadfast in our dedication to be on the forefront of luxurious trend, assembly clients not simply the place they’re, however the place they’re going,” Metrick mentioned in an announcement. “We’ve respect and admiration for NMG and the contributions its groups have made within the firm’s evolution. Collectively, with our ongoing give attention to innovation, we’re primed to drive progress for our model companions and create profession improvement alternatives for the unbelievable expertise throughout Saks International.”
