Company type | Division |
---|---|
Industry | Retail |
Founded | July 2024 |
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.
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]
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]
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.
Ian Putnam was appointed as the CEO after the groups creation. [7] He is also President and CEO of HBC Properties & Investments.
Bergdorf Goodman is managed separately from the other Saks Global divisions. [7]
Authentic Luxury Group is a joint-venture created in October 2024 in partnership with the Authentic Brands Group. [8] [9]
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] |
The Hudson's Bay Company is a Canadian holding company of department stores, and the largest and oldest corporation in Canada. As of December 2024, HBC has a Canadian division responsible for the namesake Hudson's Bay department stores, and an American division that includes the full-line luxury stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; the off-price department stores Neiman Marcus Last Call and Saks Off 5th; and the home furnishings website Horchow. It also owns or manages approximately 3.7 million square metres of gross leasable real estate through its HBC Properties and Investments business unit.
Saks Fifth Avenue is an American luxury department store chain founded by Andrew Saks and headquartered in New York City. The original Saks opened in the F Street shopping district of Washington, D.C. in 1867. Saks expanded into Manhattan with its Herald Square store in 1902 and flagship store on Fifth Avenue in 1924. The chain was acquired by Tennessee-based Proffitt's, Inc. in 1998, and Saks, Inc. was acquired by the Toronto-based Hudson's Bay Company in 2013. With the establishment of HBC's American division Saks Global in 2024, it is sister brands with department stores Bergdorf Goodman and Neiman Marcus. Saks Off 5th, originally a clearance store for Saks Fifth Avenue, is now a large off-price retailer in its own right.
Hudson's Bay, also known as The Bay, is a Canadian department store chain. It is the flagship brand of the Hudson's Bay Company (HBC), the oldest and longest-surviving company in North America as well as one of the oldest and largest continuously operating companies in the world.
Saks, Inc. was an American holding company founded in 1998 through the merger of Proffitts, Inc. and Saks Fifth Avenue. Before acquisition by the Canadian-founded Hudson's Bay Company in 2013, it held ownership of numerous regional department store chains including Carson's, McRae's, Parisian, and Proffitt's as well as the New York City-based Saks Fifth Avenue. It acquired several mid-range and specialty department store chains in the 1990s, however, refocused on upscale retailing and divested of them in the mid-2000s.
Lord & Taylor was the oldest-surviving department store chain in the United States. The company operated full-line department stores from 1826 until it filed for bankruptcy in 2020. The following year, in 2021, it closed all its brick-and-mortar stores. Saadia Group acquired the Lord & Taylor intellectual property and relaunched the e-commerce website later that same year. However, due to financial challenges, Saadia went into default in March 2024. In September 2024, Regal Brands Global acquired the Lord & Taylor intellectual property.
Spanx, LLC is a United States shapewear company, founded by Sara Blakely in Atlanta, Georgia in 2000. The company offers innerwear and outerwear, including activewear, apparel, denim, shapewear, swimwear, intimates, leggings, and hosiery. As of 2021, the company was valued at $1.2 billion and its products are sold in over 50 countries.
Barneys New York is an American department store chain founded in 1923 by Barney Pressman. The company operated full-line department stores in the United States from 1923 until 2020. Authentic Brands Group acquired Barneys' intellectual property in 2019, and has licensed the brand to Saks Fifth Avenue for specialty departments within its flagship stores since 2021.
Bergdorf Goodman Inc. is an American luxury department store based in New York City, founded in 1899 by Herman Bergdorf. As of 2024, it operates a women's store and a men's store across the street from each other on Fifth Avenue in Midtown Manhattan. Since 2024 it has been owned by Saks Global, the American division of the Hudson's Bay Company.
Alfred Sung is a Canadian fashion designer and businessman. He is well known for producing apparel, fragrance, accessories and home fashions for women and men. He was born in Shanghai and raised in Hong Kong. Sung is the brother of late Hong Kong actress Lydia Shum. He is also a founder of Club Monaco, a mid-priced, high-end casual clothing retailer.
Burton M. Tansky is an American department store executive who retired as president and chief executive officer of The Neiman Marcus Group summer of 2010.
Alice + Olivia is a New York City-based contemporary clothing company with designer Stacey Bendet at the helm. The global brand launched at Barneys in 2002 and is now sold in over fifty countries.
Neiman Marcus is an American department store chain founded in 1907 in Dallas, Texas by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband Abraham Lincoln Neiman. Since 2024 it has been owned by Saks Global, the American division of the Hudson's Bay Company.
Neiman Marcus Group was an American holding company of department stores. It was established after holding company Carter Hawley Hale spun-off several of the department store chains it owned in 1987. At the time of its acquisition by Toronto-based Hudson's Bay Company in 2024, it owned the full-line luxury stores Bergdorf Goodman and Neiman Marcus ; off-price store Neiman Marcus Last Call; and home furnishings website Horchow.
Gilt Groupe is an American online shopping site launched in 2007. In 2016 the company was sold to Hudson's Bay Company for approximately $250 million, which was less than the $268 million taken from investors. Prior to the Hudson's Bay acquisition, sales were exceeding growth projections but the firm had not been profitable yet. In 2018, Boston-based Rue La La acquired Gilt from Hudson's Bay.
NRDC Equity Partners (NRDC) is an American private investment firm focused on retail, real estate, and consumer branded businesses.
Richard Alan Baker is an American business executive. He is the Governor, CEO, and Executive Chairman of Hudson's Bay Company (HBC) and executive chairman of each of HBC's eight portfolio companies. He is also the owner of National Realty and Development Corp. (NRDC), a US-based private real estate development and investment company, and is the Chairman of the Retail Opportunity Investments Corp. (ROIC), a public real estate company.
Ippolita Rostagno is an Italian-American jewelry designer based in New York City.
Andy & Evan is an American children's clothing brand founded in 2009 that designs, manufactures, and sells luxury clothing for boys and girls. They are distributed at upper tier Department Stores such as Neiman Marcus, Saks Fifth Avenue, Bloomingdale's, Bergdorf Goodman, Von Maur, Nordstrom, as well as many high end specialty stores around the world. After switching from men's shirts to boy's fashion early on in the company's history, they introduced a girl's line of clothing in 2015 under the Andy & Evan brand.
Saks OFF 5TH, formerly Saks Fifth Avenue Off 5th, is an American off-price department store chain founded in 1990, and a sister brand to the luxury department store chain Saks Fifth Avenue. Both chains were owned by holding company Saks, Inc. until its acquisition by the Canadian-founded Hudson's Bay Company in 2013. Saks Off 5th grew throughout the United States before expanding into Canada in 2016. It competes with off-price department stores including Burlington, Macy's Backstage, Nordstrom Rack, Ross Dress for Less, and the TJX Companies.
The Bergdorf Goodman Building is a department store building at 754 Fifth Avenue between 57th and 58th streets in Midtown Manhattan, New York City. The building, designed by Albert Buchman and Ely Jacques Kahn, was erected between 1927 and 1928 as seven separate storefronts. It contains the women's store of the luxury retailer Bergdorf Goodman and, since 1940, has also included a Van Cleef & Arpels jewelry store. Over the years, the building has contained numerous smaller shops and boutiques as well. The Bergdorf Goodman Building is a New York City designated landmark.