Saks Global

Last updated
Saks Global Enterprises LLC
Company type Privately held
Industry Retail
Genre Department stores
Predecessor
FoundedJuly 4, 2024;15 months ago (2024-07-04)
Headquarters
New York City, New York
,
United States
Area served
United States
Key people
RevenueIncrease2.svg US$7.4 billion (2024)
Subsidiaries
Website saksglobal.com
Footnotes /references
[1]

Saks Global Enterprises LLC [1] is an American holding company of department stores and commercial property. It was established after the American assets of Canadian holding company Hudson's Bay Company were spun-off in July 2024, and expanded with the acquisition of the Neiman Marcus Group in December 2024. Saks Global 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.

Contents

Saks stores in Canada were licensed by Saks Global and operated by HBC, and closed permanently alongside the full-line Hudson's Bay stores with the liquidation of HBC in 2025.

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]

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]

Saks Global's executive chairman Richard Baker planned to remove 500 to 600 brands from the portfolio. [8] In May 2025 Saks Fifth Avenue closed its Union Square, San Francisco location, citing the nearby Neiman Marcus. [9] In May 2025, industry sources reported that Costco warehouse club will be carrying Saks Fifth Avenue apparel in the coming months. [10] [11]

Organizational structure

Emily Essner is president and chief commercial officer of Saks Global, [12] 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. [13] [14]

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. [15] In July 2025 Saks Global named Brandy Richardson as its next chief financial officer, succeeding interim CFO Mark Weinsten. [16]

Criticism

Overdue payments

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. [17] Regarding overdue payments, Metrick stated: “We are largely in line with our payments with our brand partners. We need to move on from that part of the conversation.” In May 2025, Saks Global was seeking additional capital to sustain its finances while its bondholders, who faced almost $1 billion in losses, [18] began to question if they'll receive a single interest payment. [19]

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]
Authentic Luxury Group
Barneys New York 19232024
Hervé Léger 19852024
Judith Leiber 19632024
VINCE. 20022024

Notes

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

References

  1. 1 2 "Saks Global Enterprises LLC Assigned 'CCC+' Preliminary Issuer Credit Rating, Debt Ratings; Outlook Stable". S&P Global. December 9, 2024. Retrieved June 2, 2025.
  2. ↑ Latham, Tori (26 December 2024). "Saks Officially Acquires Neiman Marcus for $2.7 Billion".
  3. ↑ Singh, Prachi (24 December 2024). "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 Moin, David (2024-12-23). "Saks Finalizes $2.7 Billion Deal to Buy the Neiman Marcus Group". WWD . Retrieved 2024-12-24.
  8. ↑ Richard Baker Confirms Saks Global to Cut Up to 600 Vendors Women's Wear Daily, TIANWEI ZHANG, MAY 15, 2025
  9. ↑ Saks says no 'broader plan to consolidate' in markets with Neiman as it closes SF store Dallas News, Brian Womack, April 24, 2025
  10. ↑ Saks Fifth Avenue Brand Heads to Costco: Sources LISA LOCKWOOD, Women's Wear Daily, May 21, 2025
  11. ↑ Sullivan Kilroy, Dana (May 29, 2025). "Costco adds famous name brands (and those brands aren't happy)". The Street.
  12. ↑ Moin, David (10 January 2025). "Saks Global Forms Senior Team, Blending Talent From Neiman Marcus and Saks Fifth Avenue". Women's Wear Daily.
  13. ↑ "Authentic Brands Group and Saks Global Launch New Luxury Platform: Authentic Luxury Group". Authentic Brands Group. 2024-10-09. Retrieved 2024-12-25.
  14. ↑ "Saks Finalises Acquisition of Neiman Marcus Group". The Business of Fashion. 2024-12-24. Retrieved 2024-12-25.
  15. ↑ Howland, Daphne (July 9, 2025). "Another Saks Global stores exec is out". Retail Dive.
  16. ↑ EXCLUSIVE: Saks Global Names Brandy Richardson CFO Women's Wear Daily, DAVID MOIN, July 16, 2025
  17. ↑ Vendors say Saks Global not following through on overdue payments Daphne Howland, Retail Dive, August 8, 2025
  18. ↑ Saks Bond Suffers $1 Billion Loss Before a Single Payment Is Made Bloomberg, Eliza Ronalds-Hannon, May 14, 2025
  19. ↑ "Saks Bond Suffers $1 Billion Loss Before a Single Payment Is Made". Business of Fashion. 14 May 2025.

See also

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