Neiman Marcus news and archive

Saks Global confirms closure of Neiman Marcus Dallas store

Neiman Marcus’ Downtown Dallas store is set to close March 31, Saks Global has confirmed in a press release. The company, which is currently in the process of merging its operations with the newly acquired Neiman Marcus Group (NMG), responded to circulating rumours that suggested otherwise. This comes despite reports that officials for the City...

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Saks Global to layoff 5 percent of corporate workforce

Luxury department store Saks Global is believed to be laying off around 5 percent of its corporate workforce as it continues to merge its operations with Neiman Marcus. According to an internal memo sent to employees and seen by Bloomberg News, the layoffs will impact employees in the finance, legal and operations departments. Staff at Saks...

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Saks Fifth Avenue’s acquisition of Neiman Marcus could be the future of U.S. luxury retail

Saks Fifth Avenue’s recent acquisition of Neiman Marcus marks a pivotal shift in America’s competitive landscape of luxury retail. The creation of Saks Global as the parent company of both brands has immediately elevated its market presence, positioning it as the second-largest player in the luxury department store space by visit share. While...

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Unwrapping in 2025 – Fashion giants tackle a challenging market: Acquisition and bankruptcy aftermath

From blocked merger attempts to widescale bankruptcies, 2024 has been somewhat of a rollercoaster for brands across all subcategories. FashionUnited takes a look at what is on the horizon as the biggest stories of this year continue to unfold into 2025. Head-to-head: Fashion giants tackle turbulent market A major merger at Saks and Neiman Marcus...

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Saks Global completes the acquisition of Neiman Marcus

Saks Global, a luxury retail and real estate company, has finalized its acquisition of Neiman Marcus Group (NMG) for a total enterprise value of 2.7 billion dollars. Saks Global portfolio now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH, each continuing to serve customers under their own brand. Commenting on the...

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Farfetch to shutter software service in strategic pivot

Farfetch, the luxury e-commerce platform now under Coupang's ownership, is reportedly ceasing operations of its Farfetch Platform Solutions (FPS), a once-flagship software-as-a-service product. This move, as reported by Business of Fashion, signals a strategic shift towards cost reduction and a renewed focus on its core marketplace business. The...

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Hudson’s Bay officially confirms Neiman Marcus takeover

Following a slew of media reports on the matter, Hudson’s Bay Company (HBC) has officially confirmed its acquisition of Neiman Marcus Group (NMG), the parent company of Neiman Marcus and Bergdorf Goodman. The long-anticipated transaction amounted to 2.56 billion dollars, and will result in the establishment of Saks Global, a combined portfolio...

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Saks parent company acquires Neiman Marcus, Amazon to be investor

In what has been a long-winded back-and-forth that has spanned multiple years, it is now believed that department store powerhouses Saks Fifth Avenue and Neiman Marcus Group are finally set to merge. According to multiple media reports, Saks parent company Hudson’s Bay Co. (HBC) has secured an agreement to purchase Neiman Marcus Group for a...

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Saks Fifth Avenue reportedly mulling financing options for Neiman Marcus offer

The owners of Saks Fifth Avenue are believed to be in discussions regarding the raising of financing to contribute to a potential offer for rival department store Neiman Marcus. Saks’ flagship location in Manhattan is believed to have been valued at 3.62 billion dollars, sources for Bloomberg stated, a significant increase on a 2019 appraisal...

Retail

Kering to pull brands from Farfetch, as others bypass platform

Kering has terminated its contract with Farfetch, preventing the listing of its portfolio brands, including Saint Laurent, Gucci, Bottega Veneta, and Balenciaga, on the marketplace for orders shipped directly from the brands' respective warehouses. As a workaround, Farfetch is planning to sell high-end brands on its site without direct...

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NMG scraps commercial partnership with Farfetch

Farfetch is continuing to experience a certain level of backlash following a last-minute rescue by South Korean firm Coupang, with the Neiman Marcus Group (NMG) now said to have scrapped its ongoing partnership with the luxury e-tailer. According to Business of Fashion (BoF), NMG has put a halt to plans to use Farfetch’s e-commerce software for...

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Neiman Marcus to honour Simon Porte Jacquemus

American luxury department store Neiman Marcus has announced that Simon Porte Jacquemus, founder and creative director of Parisian contemporary fashion label Jacquemus, will be honoured with the Neiman Marcus Award for Innovation in the Field of Fashion. Jacquemus is being recognised for “ingenuity and vision,” explained Neiman Marcus in a...