After announcing their intentions to acquire rival Neiman Marcus back in July 2024, Saks have now confirmed the takeover in an Amazon backed $2.7 billion deal.
If there’s one store that comes to mind when you think of nostalgic luxury department stores it’s Saks. From famously featuring in Miracle on 34th Street to gangster rap lyrics from Ice Cube, Saks is an American retail institution known all over the world for its iconic department stores from Manhattan to Beverly Hills. After previously establishing its stand alone e-commerce business back in 2021 with the backing of the Hudson Bay Company, Saks also announced earlier this year their intentions to acquire rival department store Neiman Marcus in a $2.7 billion takeover. We can now confirm the acquisition of Neiman Marcus Group has been completed with an Amazon backed deal to create a luxury retail powerhouse.
Neiman Marcus, who also previously owned the luxury retailer Mytheresa before it went public in 2021, has cited its post-COVID success to targeting a slightly younger luxury consumer with brands like Moncler, Louis Vuitton, Birkenstock & Stone Island on their rather impressive brand roster. The Amazon, Salesforce, G-III Apparel Group & Authentic Brands Group backed deal for $2.7 billion will see the Neiman Marcus Group now operate under the Saks umbrella. It is expected there will be executive changes within the group as well as new brand relationships moving forward into 2025.
This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry. By uniting Neiman Marcus, Bergdorf Goodman and Saks Fifth Avenue, we have created an unparalleled multibrand luxury portfolio with tremendous growth potential. With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.
Richard Baker, executive chairman Saks Global
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