The deal to make Neiman Marcus Group part of Saks Global is complete, but its future won’t include the CEO of the Dallas firm.
With the close of the transaction, Geoffroy van Raemdonck, along with certain members of the Neiman Marcus leadership team, will be departing the company, Saks Global announced Monday. Von Raemdonck has been chief executive since 2018.
“This group of executives has been instrumental in establishing NMG’s strong position in luxury,” the company said in a statement. “Other NMG leaders will be staying on as we work to ensure each brand continues to deliver a seamless experience for customers.”
The move comes as Saks Global has finalized its acquisition of Neiman Marcus in a deal valued at $2.7 billion, the parties announced Monday.
Saks Global now includes Saks Fifth Avenue and Saks OFF 5TH, along with Neiman Marcus and Bergdorf Goodman. Each will continue to serve customers under its own brand.
“This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry,” Richard Baker, executive chairman of Saks Global, said in a statement. “With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.”
The tie-up ends more than a century of local leadership for the storied Neiman Marcus department store chain, a brand that helped bring luxury retail to Dallas, and cement North Texas as a hub for high-end shopping.
Marc Metrick will serve as CEO of Saks Global Operating Group, and Ian Putnam will serve as CEO of Saks Global Properties & Investments. Both will report to Baker.
