Saks Global acquires Neiman Marcus Group for $2.7bn

Source: www.unsplash.com

Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH, each continuing to serve customers under their own brand.

Richard Baker, executive chairman of Saks Global, 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.”

South African equity funds: A turning point

9 Dec 2024

Marc Metrick will serve as CEO of Saks Global Operating Group, and Ian Putnam will serve as CEO of Saks Global Properties & Investments. Both will report to Richard Baker, Saks Global’s executive chairman.

The transaction is financed through a combination of equity contributions from new investors, including Amazon, Authentic Brands Group, Salesforce, M. Klein & Company, G-III Apparel Group, and others, an issuance of $2.2bn of Senior Secured Notes, and an Asset-Based Lending (ABL) revolving credit facility. Existing investors, including Rhône, Insight Partners, Abu Dhabi Investment Council, Abrams Capital, and others are maintaining their ownership in the new structure.