Saks Global, a luxury retail and real estate company, has completed its acquisition of Neiman Marcus Group (NMG) for a total enterprise value of $2.7 billion.
Saks Global’s portfolio now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, with each company continuing to serve customers under its own brand. Marc Metrick will serve as CEO of Saks Global Operating Group and Ian Putnam will serve as CEO of Saks Global Properties & Investments. Both report to Richard Baker.
Richard Baker, executive chairman of Saks Global, said in a statement: “By combining Neiman Marcus, Bergdorf Goodman and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential.”
To ensure that Saks Global is best positioned to drive growth in its luxury businesses, the company has also created the position of President & Chief Commercial Officer. Emily Essner, who previously served as chief marketing officer at Saks, has been promoted to the position.
As an independent company under the Sachs umbrella, the luxury department store Bergdorf Goodman will build on its reputation for exclusive, curated luxury shopping. Tracy Margolies, who previously served as chief merchandising officer for Saks, was named president. Additionally, Saks Global has appointed Bill Bine to the new position of Chief Transformation Officer to support its transformation strategy.
The company further explained that Amazon, as an investor, will work with Saks Global to innovate on behalf of customers and brand partners. The transaction will be funded by a combination of equity contributions from new investors, including Amazon, Authentic Brands Group, Salesforce, M. Klein & Company, G-III Apparel Group and others.
This article previously appeared on Fashionunited.com and was created using digital tools translated.
FashionUnited uses the AI-based language tool Gemini 1.5 to speed up the translation of articles and improve the end result. They help us to make FashionUnited’s international reporting quickly and comprehensively accessible to a German-speaking readership. Articles translated using AI-based tools are proofread and carefully edited by our editors before they are published. If you have any questions or comments, please email [email protected]