Saks Fifth Avenue and Neiman Marcus to Merge, Creating Luxury Retail Giant
Deal Valued at $2.65 Billion
Companies Aim to Consolidate Luxury Market
In a significant move that will reshape the luxury retail landscape, Saks Fifth Avenue parent company Hudson's Bay Company (HBC) has announced plans to acquire Nieman Marcus Group for $2.65 billion.
Hudson's Bay Company (HBC) stated in a statement released on Thursday that it would acquire the privately held luxury retailer Neiman Marcus Group in a transaction valued at $2.65 billion. The combined entity, dubbed Saks Global, will solidify the global presence of both iconic luxury brands.
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