2024’s mega merger kick shows no signs of slowing, even in the last stretch of the year. On 23 December, Saks Global announced the completion of its acquisition of Neiman Marcus Group for $2.7 billion, forming the United States’s newest luxury group.
Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, as well as a $7 billion portfolio of retail real estate assets.
“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,” Saks Global executive chairman Richard Baker said in a statement. “With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.”
At the newly-formed group, Marc Metrick will serve as CEO of Saks Global Operating Group and Ian Putnam will serve as CEO of Saks Global Properties & Investments. Both will report to Richard Baker, Saks Global’s executive chairman. Emily Essner, who previously held the chief marketing officer role at Saks, will hold the newly-created role of president and chief commercial officer. Here, she’ll lead Saks Global’s go-to-market strategy by aligning key commercial functions to enhance the customer experience and drive revenue, according to the company.
“Bringing these iconic brands together is a significant step forward for luxury retail. As one company, we have an opportunity to transform the way we serve consumers, blending art and science to ensure each customer's experience is unmistakably their own,” Metrick said. “With deep relationships across the industry, cutting-edge personalization and strategic technology partnerships, we are poised to drive innovation and growth.”
Notably, Bergdorf Goodman will remain a standalone business under the Saks Global umbrella. Tracy Margolies, who previously served as chief merchandising officer for Saks, has been appointed president.
Investors include Amazon, Authentic Brands Group (now known as Authentic), Salesforce and G-III Apparel Group.
“I look forward to working with the many talented leaders and employees from NMG and across Saks Global as we embark upon our journey to bring these businesses together,” Metrick said.
The deal caps off a year of sea change for multi-brand retail. The Nordstrom family, with Mexican retailer El Puerto de Liverpool, secured a bid to take the company private for $6.25 billion on Monday. Also this year, Matches Fashion folded, Farfetch sold to a Korean e-commerce company and Mytheresa moved to acquire Yoox Net-a-Porter. All told, questions remain for what the changes, including the Saks-Neiman deal, mean for independent designers.
The acquisition is a major coup for Saks — but the organisation isn’t stopping with the Neiman acquisition. Rather, this move is the beginning of Saks’s ambitions, Metrick told Vogue Business’s Hilary Milnes at the Vogue Business Fashion Futures event in New York last month. “That was step one in the formation of Saks Global,” he said, adding that the company is now thinking about what the entity might look like outside of the US.
After wrapping up 2024 with the finalisation of the deal, Saks Global is well positioned to get started in 2025.
Comments, questions or feedback? Email us at feedback@voguebusiness.com.
More from this author:
‘Sport as our North Star’: New Nike CEO unveils turnaround plan
Who could buy Versace from Capri?
The US TikTok ban is getting closer. What does it mean for brands and creators?
