Saks Global (which controls Saks Fifth Avenue and Saks Off Fifth) finalized its $2.7 billion acquisition of Neiman Marcus Group. “We have created an unparalleled multi-brand luxury portfolio with tremendous growth potential,” Saks Executive Chairman Richard Baker said in a statement. “With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.” Saks Global now oversees both Neiman Marcus and Bergdorf Goodman. As part of the merger, Amazon, G-III Apparel Group and Authentic Brands Group are investors in Saks Global.
After their 2017 bid to take Nordstrom private was rejected, the Nordstrom family announced on Dec. 23 that it has now succeeded in taking the department store private in an all-cash transaction valued at $6.25 billion. With the help of Mexican retailer El Puerto de Liverpool, members of the Nordstrom family including Erik, Pete and Jamie Nordstrom will acquire all of the company’s remaining stock in a transaction priced at $24.25 per share. After the deal closes this year, the Nordstrom family will have a majority ownership stake in the company.
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