For a total enterprise value of US $ 2.7 billion, Saks Global, a luxury retail and real estate company, has completed the acquisition of Neiman Marcus Group (NMG). Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman are all still operating under their original brands as part of Saks Global’s portfolio.
Both Ian Putnam and Marc Metrick will report to Richard Bake as the CEOs of Saks Global Properties & Investments and Saks Global Operating Group, respectively, according to the business.
The post of president and chief commercial officer was created by Saks Global to make sure the company is in the best possible position to propel the expansion of its luxury businesses. Emily Essner was promoted to this position from her prior position as Saks’ chief marketing officer.
Bergdorf Goodman will continue to operate independently under Saks Global, the company said, enhancing its standing as a unique, carefully chosen premium retailer. Tracy Margolies was named president after previously working as Saks’ chief merchandising officer. Saks Global has also chosen Bill Bine to be its new chief transformation officer in order to assist its transformation agenda.
As an investor, Amazon will collaborate with Saks Global to innovate on behalf of consumers and brand partners, the business added. The deal is funded by a mix of stock contributions from new investors, such as M. Klein & Company, Salesforce, Amazon, Authentic Brands Group, and G-III Apparel Group.
