Saks Global
Exterior of the Saks Global headquarters at 225 Liberty Street in Lower Manhattan (2006) | |
| Company type | Privately held |
|---|---|
| Industry | Retail |
| Genre | Department stores |
| Predecessor | |
| Founded | November 15, 2024[a] |
| Headquarters | , United States |
Area served | United States |
Key people |
|
| Revenue | US$7.4 billion (2024) |
| Subsidiaries |
|
| Website | saksglobal |
| Footnotes / references [1] | |
Saks Global Holdings LLC[1] is an American holding company of department stores and commercial property. It was formed after the American assets of Canadian holding company Hudson's Bay Company were spun-off in November 2024, and expanded with the acquisition of the Neiman Marcus Group in December 2024. Saks Global 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.
Saks stores in Canada were licensed by Saks Global and operated by HBC, and closed permanently alongside the full-line Hudson's Bay stores with the liquidation of HBC in 2025.
History
Saks Global was created in 2024 after the Canadian Hudson's Bay Company (HBC) purchased the American Neiman Marcus Group (NMG).[2][3][4] The acquisition was finalized in December 2024 and the purchase cost $2.7 billion.[5] The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th.[6]
The purchase was supported with financing from Amazon (who will work with the group "to innovate on behalf of customers and brand partners"),[6] Authentic Brands Group, G-III Apparel Group and Salesforce.[7] There is also the possibility of store closures across Saks Fifth Avenue and Neiman Marcus.[7] 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.[5]
Saks Global's executive chairman Richard Baker planned to remove 500 to 600 brands from the portfolio.[8] In May 2025 Saks Fifth Avenue closed its Union Square, San Francisco location, citing the nearby Neiman Marcus.[9] In May 2025, industry sources reported that Costco warehouse club will be carrying Saks Fifth Avenue apparel in the coming months.[10][11]
Organizational structure
Emily Essner is president and chief commercial officer of Saks Global,[12] and Brandy Richardson is chief financial officer. The company is divided into four business units: Saks Global Operating Group, Saks Global Properties & Investments, Bergdorf Goodman, and Authetnic Luxury Group.[13][14]
In July 2025 John Antonini left the company after more than 25 years at Saks Fifth Avenue. He had been working a few months in a newly created position centered on store growth.[15] In July 2025 Saks Global named Brandy Richardson as its next chief financial officer, succeeding interim CFO Mark Weinsten.[16]
In 2025, management changes at Saks subsidiary Bergdorf Goodman included the departures of chief merchandising officer Yumi Shin and Chief Retail Officer Melissa Xides.[17][18]
Criticism
Overdue payments
In February 2025, CEO Marc Metrick acknowledged the backlog of overdue payments to vendors, and promised outstanding invoices would be paid beginning in July 2025. As of August some vendors reported no progress.[19] Regarding overdue payments, Metrick stated: “We are largely in line with our payments with our brand partners. We need to move on from that part of the conversation.” In May 2025, Saks Global was seeking additional capital to sustain its finances while its bondholders, who faced almost $1 billion in losses,[20] began to question if they'll receive a single interest payment.[21] Industry experts reported that a successful 2025 holiday season would be crucial for the company.[22][23]
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[b] | |
| Saks Off 5th | 1990 | 2013[b] | |
| Authentic Luxury Group | |||
| Barneys New York | 1923 | 2024 | |
| Hervé Léger | 1985 | 2024 | |
| Judith Leiber | 1963 | 2024 | |
| VINCE. | 2002 | 2024 | |
Gallery
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Bergdorf Goodman flagship store (2019)
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Neiman Marcus flagship store (2010)
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Saks Fifth Avenue flagship store (2021)
Notes
References
- ^ a b "Frequently Asked Questions". Saks Global. October 13, 2025. Retrieved October 13, 2025.
- ^ Latham, Tori (26 December 2024). "Saks Officially Acquires Neiman Marcus for $2.7 Billion".
- ^ Singh, Prachi (24 December 2024). "Saks Global completes the acquisition of Neiman Marcus". Fashion United.
- ^ Moin, David (2024-12-11). "Saks Owner HBC Secures $2 Billion Bond to Buy Neiman's". WWD. Retrieved 2024-12-24.
- ^ a b Schulz, Madeleine (2024-12-24). "The Saks-Neiman merger is on". Vogue Business. Retrieved 2024-12-25.
- ^ a b IV, Antonio Pequeño. "Saks Global Inks $2.7 Billion Acquisition Of Neiman Marcus In Amazon-Backed Deal". Forbes. Retrieved 2024-12-24.
- ^ a b Moin, David (2024-12-23). "Saks Finalizes $2.7 Billion Deal to Buy the Neiman Marcus Group". WWD. Retrieved 2024-12-24.
- ^ Richard Baker Confirms Saks Global to Cut Up to 600 Vendors Women's Wear Daily, TIANWEI ZHANG, MAY 15, 2025
- ^ Saks says no 'broader plan to consolidate' in markets with Neiman as it closes SF store Dallas News, Brian Womack, April 24, 2025
- ^ Saks Fifth Avenue Brand Heads to Costco: Sources LISA LOCKWOOD, Women's Wear Daily, May 21, 2025
- ^ Sullivan Kilroy, Dana (May 29, 2025). "Costco adds famous name brands (and those brands aren't happy)". The Street.
- ^ Moin, David (10 January 2025). "Saks Global Forms Senior Team, Blending Talent From Neiman Marcus and Saks Fifth Avenue". Women's Wear Daily.
- ^ "Authentic Brands Group and Saks Global Launch New Luxury Platform: Authentic Luxury Group". Authentic Brands Group. 2024-10-09. Retrieved 2024-12-25.
- ^ "Saks Finalises Acquisition of Neiman Marcus Group". The Business of Fashion. 2024-12-24. Retrieved 2024-12-25.
- ^ Howland, Daphne (July 9, 2025). "Another Saks Global stores exec is out". Retail Dive.
- ^ EXCLUSIVE: Saks Global Names Brandy Richardson CFO Women's Wear Daily, DAVID MOIN, July 16, 2025
- ^ Legal Battle Between Saks Global and Yumi Shin Rages On: The former chief merchandising officer of Bergdorf Goodman, a division of Saks Global, hopes to join the Seattle-based Nordstrom Inc. but is entangled in a legal battle over alleged contract violations. Women's Wear Daily, David Moin, December 18, 2025
- ^ Saks Global shakeup reaches Bergdorf Goodman Retail Dive, Daphne Howland, November 20, 2025
- ^ Vendors say Saks Global not following through on overdue payments Daphne Howland, Retail Dive, August 8, 2025
- ^ Saks Bond Suffers $1 Billion Loss Before a Single Payment Is Made Bloomberg, Eliza Ronalds-Hannon, May 14, 2025
- ^ "Saks Bond Suffers $1 Billion Loss Before a Single Payment Is Made". Business of Fashion. 14 May 2025.
- ^ What Saks Global Has Riding on the Holiday Season: A Crucial Moment on Its Path Ahead Women's Wear Daily, Evan CLARK, November 12, 2025
- ^ Howland, Daphne (December 9, 2025). "Saks Global is stuck". Retail Dive.