Saks to acquire Neiman Marcus for $2.65 billion, with Amazon and Salesforce as investors

By April Berthene


July 8, 2024
saks neiman marcus acquisition amazon investor

HBC, parent company of apparel merchant Saks Fifth Avenue, plans to acquire apparel retail chain Neiman Marcus Group, parent company of Neiman Marcus and Bergdorf Goodman, for $2.65 billion. 

Once the transaction closes, HBC (Hudson’s Bay Company) will establish Saks Global. That company will include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus and Bergdorf Goodman, which will all continue to operate as independent brands.

The once competitors will have combined assets of depth of luxury merchandise, real estate, and ecommerce and fulfillment operations.

“For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees,” said HBC CEO Richard Baker in the press release announcement. “This is an exciting time in luxury retail, with technological advancements creating new opportunities to redefine the customer experience.”

Web giant Amazon will be an investor and work with Saks Global to innovate, according to the press release. Ecommerce technology and platform provider Salesforce will also be an investor.

Current Saks.com CEO Marc Metrick will become CEO of Saks Global. Once the deal closes, HBC’s Canadian business, which includes Hudson’s Bay’s stores and TheBay.com will operate as a standalone entity.