Hudson’s Bay officially confirms Neiman Marcus takeover

Following a slew of media reports on the matter, Hudson’s Bay Company (HBC) has officially confirmed its acquisition of Neiman Marcus Group (NMG), the parent company of Neiman Marcus and Bergdorf Goodman.

The long-anticipated transaction amounted to 2.56 billion dollars, and will result in the establishment of Saks Global, a combined portfolio of luxury retail and real estate assets, including Saks Fifth Avenue, Saks Off 5th, Neiman Marcus and Bergdorf Goodman, each of which will continue operate under their own respective brands.

Through the newly formed division, HBC said luxury consumers can expect a more advanced luxury shopping experience that offers access to a wider assortment, with personalised interactions, support of both established and emerging brands and value for employees among the further anticipated benefits.

'We are primed to drive growth...'

In a release, the current Saks CEO, Marc Metrick, who is to become CEO of Saks Global, said: “Saks has remained steadfast in our commitment to be at the forefront of luxury fashion, meeting customers not just where they are, but where they are going.

“We have respect and admiration for NMG and the contributions its teams have made in the company’s evolution. Together, with our ongoing focus on innovation, we are primed to drive growth for our brand partners and create career development opportunities for the incredible talent across Saks Global.”