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Parent company of Saks Fifth Avenue to buy upscale rival Neiman Marcus

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Saks Fifth Avenue News

Neiman Marcus,Deal,Luxury

The 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.

FILE - A Saks Fifth Avenue store in Cincinnati that was set to close in 2022, and a Neiman Marcus in San Francisco, April 17, 2020.

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. Saks Fifth Avenue currently operates 39 stores in the U.S., including its Manhattan flagship. In early 2021, Saks spun off its website into a separate company, with the hopes of expanding that business at a time when more people were shopping online.

Consumers have proven resilient and willing to shop even after a bout of inflation, though behaviors have shifted, with some Americans trading down to lower-priced goods.

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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 for $2.65 billion. The buyout was announced Thursday after months of rumors that the department store chains had been negotiating a deal.
Source: AP - 🏆 728. / 51 Read more »