Saks broadcasts a sequence of management appointments as acquisition of Neiman Marcus completes

THE WHAT? Saks International has introduced that it has finalized its acquisition of Neiman Marcus Group for a complete enterprise worth of US$2.7 billion. Saks now contains Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH.

THE DETAILS Marc Metrick will function CEO of Saks International Working Group and Ian Putman will function CEO of Saks International Properties & Investments.

To make sure Saks International is finest positioned to drive the expansion of its luxurious companies, the corporate has created a brand new position, specifically President & Chief Industrial Officer. Emily Essner, who beforehand served as Chief Advertising and marketing Officer at Saks, has been promoted to this place.

Bergdorf Goodman will stay a standalone enterprise beneath the Saks International umbrella, constructing upon its repute for distinct, curated luxurious buying. Tracy Margolies, who beforehand served as Chief Merchandising Officer for Saks, has been appointed President.

To assist its transformation technique, Saks International has named Invoice Bine to the brand new position of Chief Transformation Officer. Bine joins Saks International from Neiman Marcus Group the place he served as Chief Provide Chain Officer.

THE WHY? Richard Baker, Government Chairman of Saks International, explains “This milestone transaction marks a transformative second for Saks International and the posh retail trade. By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we’ve created an unparalleled multi-brand luxurious portfolio with super development potential. With knowledge and innovation at our core and a portfolio of prime actual property, we goal to redefine the posh buying expertise.”