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Among other investors, Amazon and Salesforce will help fund the HBC deal that will make Neiman Marcus a part of Saks Global.

The parent company of Saks Fifth Avenue, Hudson’s Bay Co. (HBC), is set to acquire Neiman Marcus Group — with backing from two of the biggest players in online retail.

In addition to its namesake brand Neiman Marcus, the group also includes Bergdorf Goodman. Once the deal is complete, HBC said, it will create a new entity called Saks Global.

The boards of directors at both HBC and Neiman Marcus Group have approved the transaction, but it is subject to regulatory approval “and other customary closing conditions.” Until then, both companies will continue to operate separately.

Saks Global will be “a combination of world-class luxury retail and real estate assets,” according to the acquisition announcement. Those include:

  • Saks Fifth Avenue
  • Saks Off 5th
  • Neiman Marcus
  • Bergdorf Goodman

Each one will continue operations under their respective brands, HBC said.


Hudson’s Bay Co. (HBC) is No. 26 in the Top 1000. The database is Digital Commerce 360’s ranking of North America’s largest online retailers.

Who is funding the Neiman Marcus acquisition?

Amazon will be one of the investors in the deal, as well as Salesforce and Rhone Capital. Insight Partners, a global software investor, will be a shareholder in the new company. Rhone Capital is a private equity firm and will continue as the active lead investor in Saks Global, HBC said.

HBC said it has secured:

  • A $1.15 billion fully committed term loan financing from investment funds and accounts managed by affiliates of Apollo.
  • A $2 billion fully committed revolving asset-based loan facility from Bank of America (lead underwriter), Citigroup, Morgan Stanley, RBC Capital Markets and Wells Fargo.

Amazon ranks No. 1 in the Top 1000. It’s also No. 3 in Digital Commerce 360’s Global Online Marketplaces Database, which ranks the 100 largest such marketplaces by third-party gross merchandise value.


In North America, 76 of the top 2000 online retailers use Salesforce as their ecommerce platform, according to Digital Commerce 360 data. In 2023, those 76 online retailers combined for more than $136.077 billion in web sales.

Inside HBC’s deal to acquire Neiman Marcus Group

The deal to acquire Neiman Marcus Group will cost $2.65 billion. Upon closing of the transaction, HBC said, Saks Global will include the Saks Fifth Avenue, Saks Off 5th, Neiman Marcus and Bergdorf Goodman brands. They each will continue operating under their respective brand names, HBC added.

Additionally, Saks Global will also include HBC’s U.S. real estate assets and Neiman Marcus Group’s real estate assets. Together, these will create a $7 billion portfolio.


Meanwhile, HBC’s Canadian business will become a standalone entity upon completing the deal. It will be separate from Saks Global “with significantly reduced leverage and enhanced liquidity.” HBC said it will continue to wholly own its Canadian retail and real estate assets, including Hudson’s Bay, which operates TheBay.com and the retailer’s network of physical stores.

“For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees,” said Richard Baker, HBC executive chairman and CEO. “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.”

Among the technological advancements is Saks’ newly launched advertising business, Saks Media Network. It announced in April that the Saks retail media network will expand offerings for the retailer’s brand partners “by helping their products reach the right luxury customers when and where they are actively looking to purchase.”

Restructuring leadership at Saks and Neiman Marcus

Marc Metrick, the current Saks.com CEO, will become CEO of Saks Global, HBC announced. His role will be to lead the retail and consumer businesses while “driving the strategy to advance the luxury shopping experience.”

Ian Putnam, currently President and CEO of HBC Properties and Investments, will become CEO of Saks Global Properties and Investments. The properties and investments group “will manage, maximize and enhance” the company’s portfolio of real estate assets, HBC said.

Both Metrick and Putnam will report to HBC CEO Richard Baker.

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