• by Sarah Mahoney , Staff Writer, December 24, 2024

 Image: Neiman Marcus holiday ad

Saks Global says its $2.7 billion purchase of Neiman Marcus is a done deal and wasted no time outlining new management roles for the empire that now includes Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks Off 5^th.

The acquisition, first announced in July, combines a complex portfolio of high-end retail banners, real estate, diverse investors and ecommerce tech at a time when high-end retailers are under intensifying pressure.

The company is promoting Saks’ CMO Emily Essner to the newly created position of president and chief commercial officer. Essner is charged with leading the company’s go-to-market strategy and enhancing the customer experience. She’ll report to Marc Metrick, CEO of Saks Global Operating Group.

“This role will break the mold for how we bring the luxury shopping experience to life,” Metrick says in the announcement. “Emily is the ideal person to lead this critical new function and advance our strategy to meet customers’ increasing demand for individualized experiences.”

Tracy Margolies, who previously served as chief merchandising officer for Saks, moves to president of Bergdorf Goodman, which will remain a standalone business under the Saks Global umbrella.

Other key appointments include moving Bill Bine to chief transformation officer, also a new role, at Saks Global, from chief supply chain officer at Neiman Marcus.

Investors in Saks Global include Amazon, Authentic Brands Group, Salesforce and G-III Apparel Group.

The acquisition follows a period of financial challenges for Neiman Marcus. In 2020, the Dallas-based retailer filed for bankruptcy, the first major department store chain to fall victim to the pandemic. Following that reorganization, the storied luxury company emerged with less debt. Still, it continued to wrestle with the changing consumer preferences of younger shoppers and reined-in spending even among the most affluent households. And while Neiman Marcus was often rumored to be talking with Saks about a buyout, it reportedly rejected a $3 billion offer in 2023 before accepting the $2.7 billion deal in July.

Saks, too, has reportedly felt those macroeconomic pinches. The thinking behind the merger is that by combining certain operational and tech functions -- and maximizing the value of store locations -- a larger company can overcome those economic challenges.

“By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential,” said Richard Baker, executive chairman of Saks Global, in its release. “With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.”