The acquisition of Dallas-based Neiman Marcus in a $2.7 billion deal is officially complete.
On December 23, Saks announced the completion of the purchase of Neiman Marcus. Through the deal, HBC, Saks’s owner, formed a new company called Saks Global. Saks Global will manage the Neiman Marcus brand as well as existing brands like Saks Fifth Avenue and Saks Off 5th. The new retail giant is expected to generate around $10 billion in annual sales and operate over 150 stores.
The acquisition, first announced in the summer, includes minority shareholder investment from e-commerce giant Amazon and cloud-based software firm Salesforce.
“With the addition of the Neiman Marcus assets, our real estate and development teams look forward to continuing to opportunistically unlock value from our robust portfolio. Additionally, our investments team will continue to focus efforts on strategic opportunities to enhance both the operating business and our real estate portfolio,” said the CEO of the newly formed Saks Global Properties & Investments in a December 23 press release.
Geoffroy van Raemdonck, who has overseen layoffs during his tenure as CEO, says an unspecified number of the Neiman Marcus leadership will depart the new organization, with others staying to assist with the transition.
“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,” said Richard Baker, executive chairman of Saks Global.
In October, The Dallas Express reported that Neiman Marcus sparked controversy for rebranding its classic “Christmas Book” catalog to the “Holiday Book.” The move was part of a longer trend of DEI-style changes implemented by the retailer under the leadership of Geoffroy van Raemdonck.