Saks Fifth Avenue Owner to Acquire Neiman Marcus for $2.65 Billion

HBC, the parent company of Saks Fifth Avenue, will create a new luxury retail company combining brands from both companies following the acquisition of NMG.

Shoppers enter and exit the Neiman Marcus at the King of Prussia Mall, in King of Prussia, Pa., on Dec. 8, 2018. Mark Makela/Reuters

Hudson’s Bay Company (HBC), the parent company of Saks Fifth Avenue, is acquiring Dallas-based luxury retailer Neiman Marcus Group (NMG) in a $2.65 billion deal, HBC announced on July 4.

HBC said it will create a new luxury retail company called Saks Global, which will combine HBC’s Saks Fifth Avenue and Saks OFF 5th with NMG’s Neiman Marcus and Bergdorf Goodman, following the acquisition.