Saks Owner Acquires Neiman Marcus, Creating a Luxury Retail Giant [The New York Times]
Macy's Inc (M)
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Source: The New York Times
In a move that would further consolidate the luxury retail market, the parent company of Saks Fifth Avenue has agreed to acquire Neiman Marcus in a $2.65 billion deal, creating the ultimate high-end department store behemoth, the companies announced on Wednesday.The deal, which had been rumored since Neiman Marcus filed for bankruptcy protection during the pandemic, comes just over four years after Saks bought the license for theBarneysbankruptcy of that groupluxury e-tail failuresbought the American chain“Customers love to go to a store,” Richard Baker, the chief executive and chairman of HBC, told The New York Times. “They live to touch a product and spend time with their personal shoppers.”He added: “Part what excites us about acquiring Neiman Marcus was acquiring their world-class sales force. People have forgotten how important people are. When selling luxury products, you need beautiful stores and salespeople customers trust.”The acquisition of Neiman Marcus makes Saks Global, a
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