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Revision as of 01:34, 25 December 2024 by WikiRedactor (talk | contribs)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)| Company type | Division |
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| Industry | Retail |
| Founded | December 23, 2024; 6 days ago (2024-12-23) |
| Area served | United States |
| Key people |
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| Parent | Hudson's Bay Company |
| Subsidiaries |
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Saks Global is the American division of the Canadian holding company Hudson's Bay Company. It was founded with the completion of Hudson Bay Company's acquisition of the Neiman Marcus Group on December 23, 2024. The division includes the operations and real estate of the full-line luxury stores Bergdorf Goodman (based in New York City), Neiman Marcus (based in Dallas), and Saks Fifth Avenue (based in New York City); off-price stores Neiman Marcus Last Call and Saks Off 5th; and home furnishings website Horchow. HBC-owned department store Hudson's Bay (based in Toronto) and Saks Fifth Avenue stores in Canada are managed by a distinct Canadian division with this reorganization.
History
Saks Global was created in 2024 after the Canadian Hudson's Bay Company (HBC) purchased the American Neiman Marcus Group (NMG). The acquisiton was finalised in December 2024 and cost $2.7 billion for the purchase of the NMG. The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th, HBC also owns the Hudson’s Bay and Zellers department stores.
The purchase includes financing from Amazon (who will work with the group to “to innovate on behalf of customers and brand partners”), Authentic Brands Group, G-III Apparel Group and Salesforce. There is also the possibility of store closures across Saks Fifth Avenue and Neiman Marcus.
Assets
Saks Global Operating Group
Marc Metrick was appointed as the CEO after the groups creation. He was previously CEO of Saks the digital arm of Saks Fifth Avenue.
Saks Global Properties & Investments
Ian Putnam was appointed as the CEO after the groups creation. He is also President and CEO of HBC Properties & Investments.
Bergdorf Goodman
Bergdorf Goodman is managed separately from the other Saks Global divisions.
References
- Pequeño IV, Antonio (24 December 2024). "Saks Global Inks $2.7 Billion Acquisition Of Neiman Marcus In Amazon-Backed Deal". Forbes.
- SCHULZ, MADELEINE (December 24, 2024). "The Saks-Neiman merger is on". Vogue Business.
- Singh, Prachi. "Saks Global completes the acquisition of Neiman Marcus". Fashion United.
- Moin, David (2024-12-11). "Saks Owner HBC Secures $2 Billion Bond to Buy Neiman's". WWD. Retrieved 2024-12-24.
- ^ Moin, David (2024-12-23). "Saks Finalizes $2.7 Billion Deal to Buy the Neiman Marcus Group". WWD. Retrieved 2024-12-24.
- ^ IV, Antonio Pequeño. "Saks Global Inks $2.7 Billion Acquisition Of Neiman Marcus In Amazon-Backed Deal". Forbes. Retrieved 2024-12-24.
| Hudson's Bay Company | |||||
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| Department stores in the United States | |
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| Defunct | |
| Online only | |
