Saks Fifth Avenue parent HBC said on Thursday it will acquire Neiman Marcus Group in a $2.65 billion deal combining the storied retailers.
The combination will establish Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' namesake department store chain and Bergdorf Goodman.
"We're thrilled to take this step in bringing together these iconic luxury names," HBC CEO Richard Baker.
"This is an exciting time in luxury retail," Baker added, citing technological advancements that can "redefine" the customer experience.
Neiman Marcus Group CEO Geoffroy van Raemdonck called the partnership a "proactive choice in an evolving retail landscape."
Persons:
Neiman Marcus, Bergdorf Goodman, We're, Richard Baker, Baker, Marc Metrick, Ian Putnam, Geoffroy van Raemdonck, what's
Organizations:
Saks Fifth, HBC, Saks Global, Saks, HBC Properties, Investments, Neiman