The finalization of the takeover of the Neiman Marcus Group by HBC, owner of the Saks Fifth Avenue and Saks Off Fifth chains, with backing from Amazon, Salesforce, G-III Apparel Group and Authentic Brands Group, among others, paves the way for a luxury retail giant in the USA. But it also intends to move beyond its home territory.
An American luxury giant with plans to expand beyond its borders…
While the Tapestry-Capri merger failed, the merger of two emblematic names across the Atlantic was a success. On Christmas Eve, December 24,Hudson’s Bay Company (HBC), the owner of Saks Fifth Avenue, gave itself a great gift: the Neiman Marcus Group. All for $2.7 billion.
The announcement of such a takeover had already been made last July, but in view of the opposition to their own merger by anti-trust regulators in the US, the finalization of the birth of such a giant was by no means automatic.
Growing competition
This time, the authorities no doubt took into account the major difficulties faced by American department stores, so as not to stand in the way of the emergence of a stronger player in the market. In addition to the devastating effects of the pandemic, this traditional channel has been facing growing competition in recent years from online sales and the proprietary networks of luxury brands.
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Read also > U.S. department stores: Saks eyes Neiman Marcus
Featured Photo: © Neiman Marcus
