Saks Global announced it finalized the acquisition of Neiman Marcus Group in a deal with a $2.7 billion enterprise value.
Amazon, an investor in Saks Global, will work to innovate on behalf of customers and brand partners at each Saks Global banner, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH. Each will continue serving customers under its existing banner, Sacks Global maintained. Other investors include Authentic Brands Group, which works with Saks Global on growing Authentic’s luxury brands, Salesforce, which supports the business by enhancing personalization strategy, and G-III Apparel Group, which continues as a merchandising partner.
To help ensure Saks Global is best positioned to drive the growth, the company has added additional executive positions. It has established the role of president and chief commercial officer, with Emily Essner, who was Saks’ chief marketing officer, promoted into the new role, Saks Global indicated. Essner will lead the company’s go-to-market strategy by aligning key commercial functions so they enhance the customer experience and drive revenue, according to the company.
Bergdorf Goodman will remain a standalone business under the Saks Global umbrella, building its reputation for distinct, curated luxury shopping. Tracy Margolies, who was Saks chief merchandising officer, becomes Bergdorf Goodman president. To further support its transformation strategy, Saks Global has appointed Bill Bine to the new role of chief transformation officer. He joins Saks Global from Neiman Marcus Group, where he served as chief supply chain officer.
In announcing the transaction closing, Richard Baker, Saks Global executive chairman, said, “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 multi-brand 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.”
