Saks Fifth Avenue Acquires Neiman Marcus For $2.65B With Amazon As Partner

Luxury department store Saks Fifth Avenue has acquired rival Neiman Marcus, with Amazon jumping on board with a stake in the newly combined company.

Joe Lombardi

07/06/2024 7:00 a.m.

HBC, the parent company of Saks, entered into an agreement to acquire Neiman Marcus Group, the parent company of Neiman Marcus and Bergdorf Goodman, for a total enterprise value of $2.65 billion.

As part of the deal, Amazon will provide logistics in what HBC says will be a "technology-powered luxury retail company."

“We're thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman,” said Richard Baker, HBC Executive Chairman and CEO. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees.

"This is an exciting time in luxury retail, with technological advancements creating new opportunities to redefine the customer experience, and we look forward to unlocking significant value for our customers, brand partners, and employees.”

Current Saks.com CEO Marc Metrick will become CEO of the new company, which will be called Saks Global.

Click here to follow Daily Voice Nyack-Valley Cottage and receive free news updates.