Saks Global, the parent company of Saks Fifth Avenue and Saks Off Fifth, has finalized its $2.7 billion acquisition of Neiman Marcus Group, bringing Neiman Marcus and Bergdorf Goodman under its umbrella. Both brands will continue operating independently, according to a company statement.

“We’ve created an unrivaled multi-brand luxury portfolio with significant growth potential,” said Richard Baker, Saks Global’s executive chairman. “With innovation, data, and prime real estate at our core, we’re redefining luxury shopping.”

Key investors in the merger include Amazon, G-III Apparel Group, and Authentic Brands Group (ABG). ABG will partner with Saks through a joint venture, Authentic Luxury Group, aimed at maximizing the potential of ABG’s luxury brands across industries like fashion, real estate, and travel.

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Saks CEO Marc Metrick will lead Saks Global, while Ian Putnam, CEO of HBC Properties and Investments, will head Saks Global Properties & Investments. Both will report to Baker. Hudson’s Bay Company (HBC), which owns these entities, raised $2 billion in junk bonds earlier this month to help finance the acquisition.

Baker, known for leveraging retail real estate, has previously profited from monetizing properties tied to his acquisitions, such as Lord & Taylor, which was sold to Le Tote in 2019 before declaring bankruptcy in 2020.

Saks Global aims to blend personalisation and technology to revolutionize the luxury shopping experience. “We are positioned to drive innovation and growth,” said Metrick.

The acquisition comes amid ongoing reports of Saks withholding vendor payments, with some brands still awaiting resolution.