Saks
Fifth
Avenue
store
at
the
Waterside
Shops.
John
Greim
|
Lightrocket
|
Getty
Images
Saks
Fifth
Avenue
parent
HBC
said
on
Thursday
it
will
acquire
Neiman
Marcus
Group
in
a
$2.65
billion
deal
combining
the
storied
retailers.
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.
He
was
one
of
several
executives
between
the
two
companies
pointing
to
technology
as
a
point
of
focus
going
forward.
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.
Neiman
Marcus
Group
CEO
Geoffroy
van
Raemdonck
called
the
partnership
a
“proactive
choice
in
an
evolving
retail
landscape.”
The
deal
comes
amid
what’s
been
a
turbulent
period
for
traditional
brick-and-mortar
retail
in
the
wake
of
the
ecommerce
boom.
That
strain
was
exacerbated
by
post-pandemic
demand
for
experiences,
which
pushed
consumers
to
shell
out
for
restaurants
or
travel
instead
of
goods
they
stocked
up
on
during
lockdown.
The
department
store
segment
in
particular
has
struggled
to
attract
younger
shoppers
amid
a
broader
pullback
in
discretionary
spending.
