Neiman Marcus Acquired by Saks Fifth Avenue's Parent Company
Hudson Bay Co. Consolidates Luxury Retail Market
Deal Valued at $2.65 Billion
In a move that will further consolidate the luxury retail market, the parent company of Saks Fifth Avenue has agreed to acquire Neiman Marcus for $2.65 billion, according to sources who spoke to the New York Times. This acquisition will bring together two of the most iconic luxury retailers in the United States, creating a formidable competitor in the high-end market.
Saks Fifth Avenue's parent company, Hudson Bay Co., is a Canadian-based retailer that operates a portfolio of department stores and specialty retail businesses. The company is best known for its Saks Fifth Avenue stores, which have a reputation for luxury and exclusivity. Neiman Marcus is a privately held luxury department store chain with a presence in the United States and Canada. The company is known for its high-end fashion and accessories, as well as its exceptional customer service.
The acquisition of Neiman Marcus will give Hudson Bay Co. a larger share of the luxury retail market and allow it to compete more effectively with other major players in the industry. The deal is expected to close in the second half of 2023, subject to regulatory approval.
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