By Madeleine Schulz | Vogue Business
2024’s mega merger kick shows no signs of slowing, even in the last stretch of the year. On 23 December, Saks Global announced the completion of its acquisition of Neiman Marcus Group for $2.7 billion, forming the United States’s newest luxury group.
Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, as well as a $7 billion portfolio of retail real estate assets.
“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,” Saks Global executive chairman Richard Baker said in a statement. “With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.”
At the newly-formed group, Marc Metrick will serve as CEO of Saks Global Operating Group and Ian Putnam will serve as CEO of Saks Global Properties & Investments. Both will report to Richard Baker, Saks Global’s executive chairman. Emily Essner, who previously held the chief marketing officer role at Saks, will hold the newly-created role of president and chief commercial officer. Here, she’ll lead Saks Global’s go-to-market strategy by aligning key commercial functions to enhance the customer experience and drive revenue, according to the company.
“This is a strategic deal and will most likely result in a positive outcome for both struggling luxury retailers.”
-Shruti Gurudanti, director of corporate transactions at Rose Law Group
