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This article is about holding company. For the department store chain, see Saks Fifth Avenue. For the defunct holding company, see Saks, Inc.
Saks Global Enterprises LLC
Company typePrivately held
IndustryRetail
GenreDepartment stores
Predecessor
FoundedJuly 2024; 11 months ago (2024-07)
Headquarters
New York City, New York
,
United States
Area served
United States
Key people
RevenueIncrease US$7.4 billion (2024)
Subsidiaries

Saks Global Enterprises LLC[1] is an American holding company of department stores and real estate. It owns the full-line luxury stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; the off-price stores Neiman Marcus Last Call and Saks Off 5th; and home furnishings website Horchow. It jointly owns the intellectual property of the former Barneys New York department store chain with Authentic Brands Group.

Saks Global was established after the American assets of Canadian holding company Hudson's Bay Company (including Saks Fifth Avenue and Saks Off 5th stores) were spun-off in July 2024, and expanded with the acquisition of the Neiman Marcus Group in December 2024. Saks Fifth Avenue and Saks Off 5th stores in Canada were licensed by Saks Global and operated by HBC, and closed alongside the full-line Hudson's Bay stores with the liquidation of HBC in 2025.

Emily Essner is president and chief commercial officer of Saks Global.[2]

History

[edit]

Saks Global was created in 2024 after the Canadian Hudson's Bay Company (HBC) purchased the American Neiman Marcus Group (NMG).[3][4][5] The acquisition was finalized in December 2024 and the purchase cost $2.7 billion.[6] The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th,[7] HBC also owns the Hudson's Bay and Zellers department stores.

The purchase was supported with financing from Amazon (who will work with the group "to innovate on behalf of customers and brand partners"),[7] Authentic Brands Group, G-III Apparel Group and Salesforce.[8] There is also the possibility of store closures across Saks Fifth Avenue and Neiman Marcus.[8] In an interview with Vogue Business, Metrick (CEO of Saks Global Operating Group) said that this is only the beginning of the group's ambitions and that they are now thinking of what the entity might look like internationally.[6]

In May 2025, Saks Global was seeking additional capital to sustain its finances while its bondholders, who faced almost $1 billion in losses,[9] began to question if they'll receive a single interest payment.[10] Saks Global's executive chairman Richard Baker planned to remove 500 to 600 brands from the portfolio.[11] In May 2025 Saks Fifth Avenue closed its Union Square, San Francisco location, citing the nearby Neiman Marcus.[12] In May 2025, industry sources reported that Costco warehouse club will be carrying Saks Fifth Avenue apparel in the coming months.[13]

Business units

[edit]
Saks Global Operating Group

Marc Metrick was appointed as the CEO after the group's creation.[8] He was previously CEO of Saks the digital arm of Saks Fifth Avenue.

Saks Global Properties & Investments

Ian Putnam was appointed as the CEO after the group's creation.[8] He is also President and CEO of HBC Properties & Investments.

Bergdorf Goodman

Bergdorf Goodman is managed separately from the other Saks Global divisions.[8]

Authentic Luxury Group

Authentic Luxury Group is a joint-venture created in October 2024 in partnership with the Authentic Brands Group.[14][15]

Nameplates

[edit]
List of Saks Global nameplates
Name Year
founded 		Year
acquired 		Notes
Bergdorf Goodman 1899 2024
Horchow 1971 2024
Neiman Marcus 1907 2024
Neiman Marcus Last Call 2024
Saks Fifth Avenue 1867 2013[a]
Saks Off 5th 1990 2013[a]
Authentic Luxury Group
Barneys New York 1923 2024
Hervé Léger 1985 2024
Judith Leiber 1963 2024
VINCE. 2002 2024

Notes

[edit]
  1. ^ a b Acquired by Hudson's Bay Company before the establishment of Saks Global

References

[edit]
  1. ^ "Saks Global Enterprises LLC Assigned 'CCC+' Preliminary Issuer Credit Rating, Debt Ratings; Outlook Stable". S&P Global. December 9, 2024. Retrieved June 2, 2025.
  2. ^ Moin, David (10 January 2025). "Saks Global Forms Senior Team, Blending Talent From Neiman Marcus and Saks Fifth Avenue". Women's Wear Daily.
  3. ^ Latham, Tori (26 December 2024). "Saks Officially Acquires Neiman Marcus for $2.7 Billion".
  4. ^ Singh, Prachi. "Saks Global completes the acquisition of Neiman Marcus". Fashion United.
  5. ^ Moin, David (2024-12-11). "Saks Owner HBC Secures $2 Billion Bond to Buy Neiman's". WWD. Retrieved 2024-12-24.
  6. ^ a b Schulz, Madeleine (2024-12-24). "The Saks-Neiman merger is on". Vogue Business. Retrieved 2024-12-25.
  7. ^ a b IV, Antonio Pequeño. "Saks Global Inks $2.7 Billion Acquisition Of Neiman Marcus In Amazon-Backed Deal". Forbes. Retrieved 2024-12-24.
  8. ^ a b c d e Moin, David (2024-12-23). "Saks Finalizes $2.7 Billion Deal to Buy the Neiman Marcus Group". WWD. Retrieved 2024-12-24.
  9. ^ Saks Bond Suffers $1 Billion Loss Before a Single Payment Is Made Bloomberg, Eliza Ronalds-Hannon, May 14, 2025
  10. ^ "Saks Bond Suffers $1 Billion Loss Before a Single Payment Is Made". Business of Fashion. 14 May 2025.
  11. ^ Richard Baker Confirms Saks Global to Cut Up to 600 Vendors Women's Wear Daily, TIANWEI ZHANG, MAY 15, 2025
  12. ^ Saks says no 'broader plan to consolidate' in markets with Neiman as it closes SF store Dallas News, Brian Womack, April 24, 2025
  13. ^ Saks Fifth Avenue Brand Heads to Costco: Sources LISA LOCKWOOD, Women's Wear Daily, May 21, 2025
  14. ^ "Authentic Brands Group and Saks Global Launch New Luxury Platform: Authentic Luxury Group". Authentic Brands Group. 2024-10-09. Retrieved 2024-12-25.
  15. ^ "Saks Finalises Acquisition of Neiman Marcus Group". The Business of Fashion. 2024-12-24. Retrieved 2024-12-25.
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