Neiman Marcus Group and HBC, the parent company of Saks Fifth Avenue, are rival companies that will continue to operate independently, and the deal is partially funded by ecommerce giant Amazon.
HBC, parent company of luxury retailer Saks Fifth Avenue, announced it has entered into a definitive agreement to acquire Neiman Marcus Group for $2.65 billion, according to a press release. The purchase will be funded with a combination of equity capital, shareholders and debt facilities, including investors such as Amazon, Rhône Capital and Insight Partners.
The move comes on the heels of the Saks’ recent brand expansion. In April, the company announced it would enter the digital advertising space with the launch of its retail media network. In early July, Saks announced the expansion of its personal shopping and styling services to 20 big city markets this year.
Neiman Marcus, on the other hand, ended its partnership earlier this year with Farfetch with Neiman-owned Bergdorf left to run its own ecommerce platform.
“For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees,” Richard Baker, HBC Executive Chairman and CEO, said in the release. “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.”
Following the transaction, HBC will establish Saks Global, which will encompass the Saks Fifth Avenue, Saks Off 5th, Neiman Marcus and Bergdorf Goodman brands. Each store will continue operations under their respective banners. The new company will also include HBC’s and Neiman Marcus Group’s real estate assets in the United States, which are worth approximately $7 billion.
HBC’s Canadian business will be recapitalised as a standalone entity, separate from Saks Global, the company said.
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