The Hudson’s Bay Company, the parent of Saks Fifth Avenue, has agreed to acquire rival Neiman Marcus for $2.65bn, has reported. The deal will merge two of the major players in luxury retail sector, creating a new entity named Saks Global.
The gold standard of business intelligence. The combined company will have a total of 75 stores, including two Bergdorf Goodman locations, and 100 off-price outlets. Saks Global will be led by Marc Metrick, the current CEO of Saks and Saks.
com. The acquisition is set against the backdrop of a challenging environment for luxury retailers, who face slowing demand after the initial post-pandemic boom. The quoted Marc Metrick: “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.
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Your download email will arrive shortly We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form “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.” The boards of Hudson’s Bay Company and Neiman Marcus have approved the transactio.
