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New York, NY--Saks Global has completed its $2.7 billion acquisition of Neiman Marcus Group (NMG), bringing Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH under one ownership. Each brand will continue to operate independently under its own name, according to a statement issued by Saks Global.

In a news release, Richard Baker, Executive Chairman of Saks Global, called the acquisition a pivotal moment for luxury retail. He highlighted the potential for growth by combining these brands with prime real estate assets and leveraging data-driven innovation to improve the shopping experience.

Marc Metrick will lead Saks Global Operating Group as CEO, focusing on retail operations, while Ian Putnam will oversee real estate and investment strategies as CEO of Saks Global Properties & Investments. Both will report to Baker. Emily Essner, formerly Chief Marketing Officer at Saks, has been promoted to President & Chief Commercial Officer, tasked with aligning commercial functions to enhance customer experience and drive revenue.

Bergdorf Goodman will remain a standalone business. Tracy Margolies, previously Chief Merchandising Officer at Saks, has been appointed President of Bergdorf Goodman to oversee its next phase while maintaining its distinct identity.

To aid integration efforts, Saks Global has named Bill Bine, formerly Chief Supply Chain Officer at Neiman Marcus Group, as Chief Transformation Officer. Bine will manage operational and business transformations as the brands are integrated.

The company’s strategy includes using technology and personalization to enhance customer experiences while maintaining the unique identities of each brand. Saks Global’s leadership aims to position the combined portfolio for long-term growth in the competitive luxury retail market.

Learn more in this news release on Business Wire.