Saks Fifth Avenue store at the Waterside Shops.
John Greim | Lightrocket | Getty Images
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. said in a statement. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees.”
“This is an exciting time in luxury retail,” Baker added, citing technological advancements that can “redefine” the customer experience. He was one of several executives between the two companies pointing to technology as a point of focus…
