HBC, the Canadian parent company of Saks Fifth Avenue and Hudson’s Bay, is adding another legendary retailer to its portfolio.
In a move that would create a luxury powerhouse, HBC has entered into a $2.65bn agreement to buy Dallas-based retailer Neiman Marcus Group in a deal. Amazon is among the investors in the deal.
Neiman Marcus operates 36 department stores, two Bergdorf Goodman stores and five Last Call off-price outlets. There are 39 Saks Fifth Avenue stores and 95 Saks Off 5th locations, as well as well as Saks.com online business.
The combined company, to be called Saks Global, will include the Saks Fifth Avenue, Saks Off 5th Neiman Marcus and Bergdorf Goodman brands, each of which will continue operations under their own brand names. It will be led by Marc Metrick, the CEO of Saks.com.
“Saks has remained steadfast in our commitment to be at the forefront of luxury fashion, meeting customers not just where they are, but where they are going,” Metrick said. “We have respect and admiration for NMG and the contributions its teams have made in the company’s evolution. Together, with our ongoing focus on innovation, we are primed to drive growth for our brand partners and create career development opportunities for the incredible talent across Saks Global.”
