![]() | |
![]() Exterior of the Saks Global headquarters at 225 Liberty Street in Lower Manhattan (2006) | |
Company type | Privately held |
---|---|
Industry | Retail |
Genre | Department stores |
Predecessor | |
Founded | July 2024 |
Headquarters | , United States |
Area served | United States |
Key people |
|
Revenue | ![]() |
Subsidiaries |
|
Saks Global Enterprises LLC [1] is an American holding company of department stores and commercial property. It owns the full-line luxury stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; the off-price stores Neiman Marcus Last Call and Saks Off 5th; and home furnishings website Horchow. It jointly owns the intellectual property of the former Barneys New York department store chain with Authentic Brands Group.
Saks Global was established after the American assets of Canadian holding company Hudson's Bay Company (including Saks Fifth Avenue and Saks Off 5th stores) were spun-off in July 2024, and expanded with the acquisition of the Neiman Marcus Group in December 2024. Saks Fifth Avenue and Saks Off 5th stores in Canada were licensed by Saks Global and operated by HBC, and closed alongside the full-line Hudson's Bay stores with the liquidation of HBC in 2025.
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]
The purchase was supported with financing from Amazon (who will work with the group "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 group's ambitions and that they are now thinking of what the entity might look like internationally. [5]
In May 2025, Saks Global was seeking additional capital to sustain its finances while its bondholders, who faced almost $1 billion in losses, [8] began to question if they'll receive a single interest payment. [9] Saks Global's executive chairman Richard Baker planned to remove 500 to 600 brands from the portfolio. [10] In May 2025 Saks Fifth Avenue closed its Union Square, San Francisco location, citing the nearby Neiman Marcus. [11] In May 2025, industry sources reported that Costco warehouse club will be carrying Saks Fifth Avenue apparel in the coming months. [12] [13] In July 2025 John Antonini left the company after more than 25 years at Saks Fifth Avenue. He had been working a few months in a newly created position centered on store growth. [14] In July 2025 Saks Global named Brandy Richardson as its next chief financial officer, succeeding interim CFO Mark Weinsten. [15] In February 2025, CEO Marc Metrick acknowledged the backlog of overdue payments to vendors, and promised outstanding invoices would be paid beginning in July 2025. As of August some vendors reported no progress. [16]
Emily Essner is president and chief commercial officer of Saks Global, [17] and Brandy Richardson is chief financial officer. The company is divided into four business units: Saks Global Operating Group, Saks Global Properties & Investments, Bergdorf Goodman, and Authetnic Luxury Group. [18] [19]
Name | Year founded | Year acquired | Notes |
---|---|---|---|
Bergdorf Goodman | 1899 | 2024 | |
Horchow | 1971 | 2024 | |
Neiman Marcus | 1907 | 2024 | |
Neiman Marcus Last Call | 2024 | ||
Saks Fifth Avenue | 1867 | 2013 [a] | |
Saks Off 5th | 1990 | 2013 [a] | |
Authentic Luxury Group | |||
Barneys New York | 1923 | 2024 | |
Hervé Léger | 1985 | 2024 | |
Judith Leiber | 1963 | 2024 | |
VINCE. | 2002 | 2024 |