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Neiman Marcus Group CEO on $2.65B acquisition of Neiman by parent company Saks Fifth Avenue HBC » Dallas Innovates

Posted on by darion

Neiman Marcus Group CEO Geoffroy van Raemdonck attends the grand opening of the company’s new Dallas location at Cityplace in 2023. (Photo: Neiman Marcus Group)

Geoffroy van Raemdonck
General Director
Neiman Marcus Group
…on the $2.65 billion acquisition of Neiman Marcus by Saks Fifth Avenue parent company HBC.

News of last week’s earthquake in the luxury goods sector caused a stir in Dallas, New York and elsewhere. Fifth Avenue Sax Parent company HBC is acquiring Neiman Marcus Group for $2.65 billion, creating a new, “technology-driven” luxury retail company called Saks Global.and Amazon is a key partner in the transaction — in addition to being an investor, it will work with Saks Global “to innovate on behalf of customers and brand partners following the close of the transaction,” the companies said.

“This announcement is a testament to our team’s unwavering commitment to building rewarding relationships with our customers, fueled by our differentiated business model,” said Neiman Marcus Group CEO Geoffrey van Raemdonck added in a statement. “Saks Fifth Avenue shares our passion for connecting customers with the best luxury fashion in the world. With our complementary capabilities and new long-term capital structure, the combined group will position our iconic Neiman Marcus and Bergdorf Goodman “brands for continued success.”

Saks Global’s retail and real estate assets will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman, each of which will continue to operate under its own brands. Current CEO of Saks.com Marc Metric will become CEO of Saks Global.

The merger aims to promote all brands with a strong technology focus. Saks Global “will strengthen its technology-driven approach to personalization, leveraging first-party data and artificial intelligence to create personalized online shopping experiences and enable merchants to better serve customers,” the companies said in a statement.

In addition, the combined company plans to “build on” each retail brand’s history of innovation. Saks Global “will drive further advancements in online functionality and fulfillment processes while providing greater access to merchandise,” the companies said.

“Saks remains committed to being at the forefront of luxury fashion, meeting customers not only where they are, but where they are going,” Metrick said in a statement. “We have the respect and admiration for NMG and the contributions its teams have made to the company’s evolution. Together, with our continued focus on innovation, we are poised to drive growth for our brand partners and create career opportunities for incredible talent at Saks Global.”

To learn more about who said what about North Texas, check Every Last Word.

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