Saks Parent Acquires Neiman Marcus In $2.6B Deal

The New York Times reports:

In a move that will further consolidate the luxury retail market, the parent company of Saks Fifth Avenue has agreed to acquire Neiman Marcus in a $2.65 billion deal, creating the ultimate high-end department store behemoth. The deal, which had been rumored since Neiman Marcus filed for bankruptcy protection during the pandemic, comes just over four years after Saks bought the license for the Barney’s name following the bankruptcy of that group.

The acquisition of Neiman Marcus makes Saks Global, as the new group will be called, the dominant player in its market, with a combined 75 stores (including two Bergdorf Goodman stores), as well as 100 off-price stores. The new group’s only real rivals in the United States will be Macy’s, which also includes Bloomingdale’s, and Nordstrom. It will be run by Marc Metrick, the current chief executive of Saks and Saks.com,

Read the full article. According to the Wall Street Journal, Amazon will have a minority stake in the newly merged company.

WSJ Scoop. The owner of Saks is buying Neiman Marcus in a $2.65 billion deal—with Amazon taking a minority stake https://t.co/4Aqj3cPyuU via @WSJ

— Suzanne Kapner (@SuzanneKapner) July 3, 2024