The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake.The new entity would be called Saks Global, which will comprise the Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus and Bergdorf Goodman, as well as the real estate assets of Neiman Marcus Group and HBC, a holding company that purchased Saks in 2013.
com CEO Marc Metrick will become CEO of Saks Global, leading Saks Global's retail and consumer businesses and driving the strategy to improve the luxury shopping experience.Neiman Marcus filed for bankruptcy protection in May 2020 during the first months of the coronavirus pandemic but emerged in September of that year. Like many of its peers, the privately held department store chain was forced to temporarily close its stores for several months.
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Parent company of Saks Fifth Avenue to buy upscale rival Neiman MarcusThe parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus for $2.65 billion. The new entity would be called Saks Global.
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Parent company of Saks Fifth Avenue to buy rival Neiman Marcus for $2.65 billion,The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake.
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Parent company of Saks Fifth Avenue to buy rival Neiman Marcus for $2.65 billion,The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake.
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Saks Fifth Avenue's parent company to buy rival Neiman MarcusBoth Saks and Neiman Marcus have seen declining sales as shoppers shift their spending from luxury goods to experiences like travel and upscale restaurants.
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Parent company of Saks Fifth Avenue to buy rival Neiman MarcusThe parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake
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