Saks Fifth Avenue parent company Hudson's Bay Company (HBC) will acquire Neiman Marcus Group for $2.4 billion in an all-cash transaction. The deal is expected to close early next year, creating Saks Global, a new luxury retail conglomerate with more than 400 stores and online platforms.
**New York, NY - August 13, 2023 -** Saks Fifth Avenue parent company Hudson's Bay Company (HBC) today announced that it has entered into a definitive agreement to acquire Neiman Marcus Group for $2.4 billion in an all-cash transaction. The deal is expected to close early next year, subject to customary closing conditions, including regulatory approvals and the approval of Neiman Marcus shareholders.
Upon completion of the transaction, Saks Global will become the third-largest luxury retail company in the world, with more than 400 stores and online platforms across North America, Europe, and Asia. The combined company will offer a comprehensive portfolio of luxury brands, including Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, Bergdorf Goodman, and Last Call by Neiman Marcus.
Saks Fifth Avenue Parent HBC to Acquire Neiman Marcus Group
"Today's announcement marks a transformative moment for our company and the luxury retail industry," said Helena Foulkes, CEO of HBC. "Neiman Marcus is an iconic brand with a rich history and a loyal customer base. Together, we will create a global luxury powerhouse that offers our customers an unparalleled shopping experience."
Geoffroy van Raemdonck, CEO of Neiman Marcus, said, "We are delighted to join forces with HBC to create Saks Global. This transaction will provide us with the scale, resources, and expertise necessary to accelerate our growth and better serve our customers."
Under the terms of the agreement, HBC will acquire all of the outstanding shares of Neiman Marcus for $2.4 billion in cash. The transaction is expected to close early next year, subject to customary closing conditions.
HBC is advised by Goldman Sachs & Co. LLC as financial advisor and Weil, Gotshal & Manges LLP and Fasken Martineau DuMoulin LLP as legal counsel. Neiman Marcus is advised by Kirkland & Ellis LLP as legal counsel.
HBC is a global retailer with a rich history that began in 1670. Today, HBC operates more than 400 stores and online platforms across North America, Europe, and Asia. Its portfolio of brands includes Saks Fifth Avenue, Saks OFF 5TH, Hudson's Bay, Lord & Taylor, Galeria Kaufhof, and Galeria Inno. HBC is committed to delivering an exceptional customer experience and providing its customers with the latest in fashion, beauty, and home decor.
Neiman Marcus Group is a leading luxury retailer with more than 40 stores across the United States. Its flagship store is located in Dallas, Texas. Neiman Marcus offers a wide range of luxury brands, including clothing, accessories, jewelry, and home decor. The company also operates an online platform that offers a curated selection of its products.
