Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal

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Saks Fifth Avenue parent HBC said on Thursday it will acquire Neiman Marcus Group in a $2.65 billion deal combining the storied retailers. "This is an exciting time in luxury retail," Baker added, citing technological advancements that can "redefine" the customer experience. Neiman Marcus Group CEO Geoffroy van Raemdonck called the partnership a "proactive choice in an evolving retail landscape." That strain was exacerbated by post-pandemic demand for experiences, which pushed consumers to shell out for restaurants or travel instead of goods they stocked up on during lockdown. The department store segment in particular has struggled to attract younger shoppers amid a broader pullback in discretionary spending.

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