THE WHAT? Saks World has introduced that it has finalized its acquisition of Neiman Marcus Group for a complete enterprise worth of US$2.7 billion. Saks now contains Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH.
THE DETAILS Marc Metrick will function CEO of Saks World Working Group and Ian Putman will function CEO of Saks World Properties & Investments.
To make sure Saks World is finest positioned to drive the expansion of its luxurious companies, the corporate has created a brand new function, specifically President & Chief Business Officer. Emily Essner, who beforehand served as Chief Advertising Officer at Saks, has been promoted to this place.
Bergdorf Goodman will stay a standalone enterprise below the Saks World umbrella, constructing upon its status for distinct, curated luxurious procuring. Tracy Margolies, who beforehand served as Chief Merchandising Officer for Saks, has been appointed President.
To assist its transformation technique, Saks World has named Invoice Bine to the brand new function of Chief Transformation Officer. Bine joins Saks World from Neiman Marcus Group the place he served as Chief Provide Chain Officer.
THE WHY? Richard Baker, Government Chairman of Saks World, explains “This milestone transaction marks a transformative second for Saks World and the posh retail business. By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we now have created an unparalleled multi-brand luxurious portfolio with great progress potential. With knowledge and innovation at our core and a portfolio of prime actual property, we goal to redefine the posh procuring expertise.”