Consolidation In The Luxury Retail Market

Saks Fifth Avenue and Neiman Marcus to Merge

Consolidation in the luxury retail market

Saks Fifth Avenue and Neiman Marcus are merging to create a luxury department store empire. Saks Fifth Avenue parent Hudsons Bay Company (HBC) is acquiring Neiman Marcus for $2.65 billion, the privately-held upscale retailers said Thursday.

What's next for Saks Global?

That's the new entity being formed through the definitive $2.65 billion agreement for Saks owner HBC to buy Neiman Marcus Group. The deal is expected to close in mid-2023, pending regulatory approvals and other customary closing conditions. Once the merger is complete, Saks Global will operate 40 full-line Saks Fifth Avenue stores, 24 Saks Off 5th stores, and 38 Neiman Marcus stores.