Saks Global has officially completed the deal to acquire Neiman Marcus for $2.7 billion USD. The acquisition unites Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH under Saks Global, all of which are expected to continue to serve its own relevant customer base.
In a press statement, Executive Chairman of Saks Global Richard Baker said, "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."
The transaction is an Amazon-backed deal which will e-commerce giant work with the parent company to innovate its operations as an investor. Other equity contributors include Authentic Brands Group, Salesforce, M. Klein & Company, G-III Apparel Group. Authentic is Saks Global's joint venture partner in Authentic Luxury Group (ALG) and a lgobal brand owner and licensing company. With ALG, Saks Global is able to leverage their combined capabilities to maximize the potential of Authentic's luxury brands across key sectors, including fashion, retail, digital, hospitality, real estate, art, and travel. With the help of Salesforce, Saks Global hopes to keep innovating and developing its personalization strategy and utilizing AI for a more customized shopping experience at its retailers.
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