Companies

Saks completes the acquisition of Neiman Marcus

Dec 30, 2024 United States

For a total enterprise value of 2.7 billion USD, the luxury retail and real estate company Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH

“This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry. By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential. With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience”, commented Richard Baker, Executive Chairman of Saks Global.

Going forward, Marc Metrick will serve as CEO of Saks Global Operating Group, Ian Putnam will serve as CEO of Saks Global Properties & Investments, and both will report to Richard Baker.

Each label will continue to serve customers under its own brand with the same go-to-market strategy, aligning key commercial functions to enhance the customer experience and drive revenue. With this in mind, Sacks Global has appointed Emily Essner, who previously served as Chief Marketing Officer at Saks, as the company’s President & Chief Commercial Officer.

“This role will break the mold for how we bring the luxury shopping experience to life. Emily is the ideal person to lead this critical new function and advance our strategy to meet customers’ increasing demand for individualized experiences”, said Marc Metrick. In addition, Tracy Margolies, previously Chief Merchandising Officer for Saks, was appointed President of Bergdorf Goodman, with a mandate to develop further the brand’s reputation for distinctive, curated luxury shopping.

To support the overall transformation strategy, Saks Global has also appointed Bill Bine to the new role of Chief Transformation Officer. He joins the company from Neiman Marcus Group, where he served as Chief Supply Chain Officer. “A highly strategic, results-oriented executive, Bill’s significant experience leading large-scale business transformation and operations in retail will be instrumental to our integration journey”, concluded Metrick.

Image Credits: shoez.biz

United States Acquisitions Companies Luxury Retail