Saks Fifth Avenue Parent HBC to Acquire Neiman Marcus Group in $2.65B Deal To Tackle Shifts in Consumer Spending

Saks Fifth Avenue parent HBC will acquire Neiman Marcus Group in a $2.65 billion deal, combining the two luxury department store chains. The combination will establish Saks Global, including Saks Fifth Avenue, Saks OFF 5TH, and Neiman Marcus stores. The deal is aimed at creating synergies between the retailers and establishing a larger player in the luxury segment. Both retailers have struggled recently with challenges in brick-and-mortar retail, like the growth of e-commerce and shifts in consumer spending.