Neiman Marcus Wikipedia , the famed upscale chain of department stores, has been bought out by fellow luxury merchant for $2.5 billion. Amazon also bought a piece of the new company which will be called Saks Global.
The deal came after . Marc Metrick, the current chief executive of Saks and Saks.com, who will run the newly combined company, said, “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.
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.” Saks Fifth Avenue was established in 1924 by Andrew Saks, out of what was previously known as Saks & Co, which was started in 1897. Its first store was located in Washington D.
C. It was in 1924 that the firm merged with Gimbel Brothers, Inc. and built its flagship store and building on Fifth Ave in Manhattan.
The company currently has 41 stores across North America. Headquartered in Dallas, Texas, Neiman Marcus was founded in 1907 by Herbert Marcus Sr., a former buyer with Dallas’ Sanger Brothers department store, with his sister Carrie Marcus Neiman and her husband, Abraham Lincoln Neiman.
All three were Jewish. In addition to Bergdorf Goodman, the company also owns Horchow, and Last Call. In the past twenty years retailers everywhere have been losing more and more of their market sha.
