Saks Owner Is Said to Acquire 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, two people close to the negotiations said 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 theBarney’sbankruptcy of that groupluxury e-tail failuresbought the American chainThe acquisition of Neiman Marcus makes Saks Global, as the new group will be called, the dominant player in its market, with a combined 75 stores (including two Bergdorf Goodman stores), as well as 100 off-price stores. The new group’s only real rivals in the United States will be Macy’s, which also includes Bloomingdale’s, and Nordstrom. It will be run by Marc Metrick, the current chief executive of Saks and Saks.com, one of the people said.As part of the deal, Am
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