Saks Global completes the acquisition of Neiman Marcus

Saks Global, a luxury retail and real estate company, has finalized its acquisition of Neiman Marcus Group (NMG) for a total enterprise value of 2.7 billion dollars.

Saks Global portfolio now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH, each continuing to serve customers under their own brand.

Commenting on the development, Richard Baker, executive chairman of Saks Global, said in a statement: “By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential.”

The company said that Marc Metrick will serve as CEO of Saks Global operating group, and Ian Putnam will serve as CEO of Saks Global properties & investments. Both will report to Richard Bake.

To ensure Saks Global is best positioned to drive the growth of its luxury businesses, the company has established the role of president & chief commercial officer. Emily Essner, who previously served as chief marketing officer at Saks, has been promoted into this role.

The company added that Bergdorf Goodman will remain a standalone business under the Saks Global umbrella, building upon its reputation for distinct, curated luxury shopping. Tracy Margolies, who previously served as chief merchandising officer for Saks, has been appointed president. Additionally, to support its transformation strategy, Saks Global has appointed Bill Bine to the new role of chief transformation officer.

The company further said that as an investor, Amazon will work with Saks Global to innovate on behalf of customers and brand partners. The transaction is financed through a combination of equity contributions from new investors, including Amazon, Authentic Brands Group, Salesforce, M. Klein & Company, G-III Apparel Group, and others.