Saks Acquires Neiman Marcus, Creates Luxury Retail Giant
With data and innovation at their core and a portfolio of prime real estate, they aim to redefine the luxury shopping experience.
Topics
Saks Global, a luxury retail and real estate company, has finalised its acquisition of Neiman Marcus Group (NMG) for a total enterprise value of $2.7 billion. Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH, each continuing to serve customers under their brand.
Richard Baker, Executive Chairman of Saks Global, said, “This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry. We have created an unparalleled multi-brand luxury portfolio with tremendous growth potential by uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue. With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.”
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 Baker, Saks Global’s Executive Chairman.
Saks Global Operating Group
Powered by data-driven technology and with a strengthened financial position, Saks Global is primed to deliver personalised, inspiring shopping experiences, and to be a stronger partner to brands in reaching their target customers.
Marc Metrick, CEO, Saks Global Operating Group, said, “Bringing these iconic brands together is a significant step forward for luxury retail. As one company, we have an opportunity to transform the way we serve consumers, blending art and science to ensure each customer’s experience is unmistakably their own.”
“With deep relationships across the industry, cutting-edge personalisation and strategic technology partnerships, we are poised to drive innovation and growth. I look forward to working with the many talented leaders and employees from NMG and across Saks Global as we embark upon our journey to bring these businesses together.”
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, leading the company’s go-to-market strategy by aligning key commercial functions to enhance the customer experience and drive revenue.
Metrick added, “This role will break the mold for how we bring the luxury shopping experience to life. Emily is the ideal person to lead this critical new function and advance our strategy to meet customers’ increasing demand for individualised experiences.”
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.
Metrick continued, “Tracy’s deep expertise and track record of leading results-driven strategies will propel Bergdorf Goodman into the future while honoring its unique legacy. I am confident she is the right person to lead this storied business’ next chapter and look forward to what Bergdorf Goodman will accomplish under her leadership.”
To support its transformation strategy, Saks Global has appointed Bill Bine to the new role of Chief Transformation Officer. Bine joins Saks Global from Neiman Marcus Group where he served as Chief Supply Chain Officer.
Metrick added, “A highly strategic, results-oriented executive, Bill’s significant experience leading large-scale business transformation and operations in retail will be instrumental to our integration journey.”
