Saks Global

Last updated
Saks Global
Company typeDivision
Industry Retail
FoundedJuly 2024;6 months ago (2024-07)
Headquarters,
United States
Area served
United States
Key people
Parent Hudson's Bay Company
Subsidiaries

Saks Global is the American division of the Canadian holding company Hudson's Bay Company, founded in July 2024. It is also the successor to the Neiman Marcus Group, which was acquired by HBC in December 2024.

Contents

The division includes the operations and properties of luxury department stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; off-price department stores Neiman Marcus Last Call and Saks Off 5th; and home furnishings website Horchow. HBC-owned Canadian department store Hudson's Bay is managed by a distinct Canadian division with this reorganization.

Emily Essner is president and chief commercial officer of Saks Global. [1]

History

Saks Global was created in 2024 after the Canadian Hudson's Bay Company (HBC) purchased the American Neiman Marcus Group (NMG). [2] [3] [4] The acquisition was finalized in December 2024 and the purchase cost $2.7 billion. [5] The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th, [6] HBC also owns the Hudson’s Bay and Zellers department stores.

The purchase was supported with financing from Amazon (who will work with the group to “to innovate on behalf of customers and brand partners”), [6] Authentic Brands Group, G-III Apparel Group and Salesforce. [7] There is also the possibility of store closures across Saks Fifth Avenue and Neiman Marcus. [7] In an interview with Vogue Business, Metrick (CEO of Saks Global Operating Group) said that this is only the beginning of the groups ambitions and that they are now thinking of what the entity might look like internationally. [5]

Business units

Saks Global Operating Group

Marc Metrick was appointed as the CEO after the groups creation. [7] He was previously CEO of Saks the digital arm of Saks Fifth Avenue.

Saks Global Properties & Investments

Ian Putnam was appointed as the CEO after the groups creation. [7] He is also President and CEO of HBC Properties & Investments.

Bergdorf Goodman

Bergdorf Goodman is managed separately from the other Saks Global divisions. [7]

Authentic Luxury Group

Authentic Luxury Group is a joint-venture created in October 2024 in partnership with the Authentic Brands Group. [8] [9]

Nameplates

List of Saks Global nameplates
NameYear
founded
Year
acquired
Notes
Bergdorf Goodman 18992024
Horchow19712024
Neiman Marcus 19072024
Neiman Marcus Last Call2024
Saks Fifth Avenue 18672013 [a]
Saks Off 5th 19902013 [a]

Notes

  1. 1 2 Acquired by Hudson's Bay Company before the establishment of Saks Global

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References

  1. Moin, David (10 January 2025). "Saks Global Forms Senior Team, Blending Talent From Neiman Marcus and Saks Fifth Avenue". Women’s Wear Daily.
  2. Latham, Tori (26 December 2024). "Saks Officially Acquires Neiman Marcus for $2.7 Billion".
  3. Singh, Prachi. "Saks Global completes the acquisition of Neiman Marcus". Fashion United.
  4. Moin, David (2024-12-11). "Saks Owner HBC Secures $2 Billion Bond to Buy Neiman's". WWD. Retrieved 2024-12-24.
  5. 1 2 Schulz, Madeleine (2024-12-24). "The Saks-Neiman merger is on". Vogue Business . Retrieved 2024-12-25.
  6. 1 2 IV, Antonio Pequeño. "Saks Global Inks $2.7 Billion Acquisition Of Neiman Marcus In Amazon-Backed Deal". Forbes . Retrieved 2024-12-24.
  7. 1 2 3 4 5 Moin, David (2024-12-23). "Saks Finalizes $2.7 Billion Deal to Buy the Neiman Marcus Group". WWD . Retrieved 2024-12-24.
  8. "Authentic Brands Group and Saks Global Launch New Luxury Platform: Authentic Luxury Group". Authentic Brands Group. 2024-10-09. Retrieved 2024-12-25.
  9. "Saks Finalises Acquisition of Neiman Marcus Group". The Business of Fashion. 2024-12-24. Retrieved 2024-12-25.