Hudson’s Bay Company buys Neiman Marcus Group in $2.65B Deal

“We’re thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman,” said Richard Baker, HBC Executive Chairman and CEO. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees.

This is an exciting time in luxury retail, with technological advancements creating new opportunities to redefine the customer experience, and we look forward to unlocking significant value for our customers, brand partners and employees.” Despite this major acquisition, HBC’s Canadian operations will remain distinct and autonomous from the newly formed Saks Global.

The separation entails HBC retaining full ownership of its Canadian retail and real estate assets, including its flagship Hudson’s Bay department stores. These assets, valued at an estimated $2 billion, along with other Canadian ventures, will continue to fall under the exclusive control of HBC’s Canadian division.

This bifurcation will allow each entity to focus more intently on its distinct markets and operational models. Following the closing of the transaction, Saks Global will be…