HBC, the parent company of the USA luxury goods chain Saks Fifth Avenue, announced on Thursday its acquisition of Neiman Marcus Group for $2.65 billion. The merged company, called Saks Global, will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' namesake department stores, and Bergdorf Goodman. HBC CEO Richard Baker said, 'We are delighted to take this step in bringing together these iconic luxury brands. This transaction, which many in the industry have anticipated for years, will bring benefits to customers, partners, and employees.' As part of the deal, Saks.com CEO Marc Metrick will become CEO of Saks Global Business, while Ian Putnam, President and CEO of HBC Properties and Investments, will be the CEO of Saks Global Real Estate and Investment, both of whom will report to Baker, who will serve as the Executive Chairman.
The merged company will be called Saks Global, which includes Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' namesake department stores, and Bergdorf Goodman.
HBC CEO Richard Baker said, 'We are delighted to take this step in bringing together these iconic luxury brands. This transaction, which many in the industry have anticipated for years, will bring benefits to customers, partners, and employees.'
As part of the deal, Saks.com CEO Marc Metrick will become CEO of Saks Global Business, while Ian Putnam, President and CEO of HBC Properties and Investments, will be the CEO of Saks Global Real Estate and Investment. Both will report to Baker, who will serve as the Executive Chairman of Saks Global.