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Saks Fifth Avenue parent acquires Texas-based Neiman Marcus for $2.6 billion

Neiman Marcus has a new owner.

Courtesy of Neiman Marcus

A legendary Texas retailer is changing hands: Neiman Marcus Group, which includes fashion retailers Neiman Marcus and Bergdorf Goodman, has been sold to Saks Fifth Avenue parent company HBC to create a luxury retail and real estate company in a $2.65 billion deal.

The new company would be called Saks Global and include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, which will still operate with their current brand names. Amazon is also pitching in on the deal as an investor.

"This announcement is a testament to our team's unwavering commitment to building rewarding customer relationships, driven by our differentiated business model. We believe this is a proactive choice in an evolving retail landscape that will create value for our customers and brand partners,” Geoffroy van Raemdonck, CEO of Neiman Marcus Group, said in a statement.

Saks Global will also include HBC’s U.S. real estate assets and Neiman Marcus Group’s real estate assets, creating a $7 billion portfolio of retail real estate assets in luxury shopping destinations.

Originally opened in 1907 by Herbert Marcus, Sr., Carrie Marcus Neiman and A.L. Neiman, Neiman Marcus was a community custom clothing store with men's and women's clothing options in downtown Dallas before transitioning to the luxury fashion retailer it is today.

Following the merger, Saks Global plans to invest in luxury shopping and the online fulfillment process, incorporate AI into the customer experience, support emerging designers, and offer value and career development opportunities to employees.

Current Saks.com CEO Marc Metrick will become CEO of Saks Global, leading Saks Global’s retail and consumer businesses. Ian Putnam, currently President and CEO of HBC Properties and Investments, will become CEO of Saks Global Properties and Investments, which will manage and enhance the company’s asset portfolio.

“Saks has remained steadfast in our commitment to be at the forefront of luxury fashion, meeting customers not just where they are, but where they are going,” Metrick said in a statement. “We have respect and admiration for NMG and the contributions its teams have made in the company’s evolution. Together, with our ongoing focus on innovation, we are primed to drive growth for our brand partners and create career development opportunities for the incredible talent across Saks Global.”

business

H-Town's Moo Deng

Houston Zoo welcomes Akobi, an adorable pygmy hippopotamus

Akobi is Houston Zoo's newest pygmy hippoptamus

Photo by Jackelin Reyna/Houston Zoo

Houston Zoo welcomes itOH MY THAT IS ADORABLE

The Houston Zoo welcomes Akobi, its newest pygmy hippopotamus right as the species is having a massive resurgence in popularity.

Thanks to Moo Deng, a baby pygmy hippo born Khao Kheow Open Zoo in Si Racha, Chonburi, Thailand this summer, pygmy hippopotami are more popular than ever. Moo Deng became a viral sensation thanks to cute videos of him playing and drinking from a spraying hose. He was even parodied on Saturday Night Live, where he was played by Bowen Yang.

Akobi is a four-and-a-half-year-old, 477-pound male pygmy hippopotamus who recently moved from San Francisco to Houston as part of an Association of Zoos and Aquarium (AZA) Species Survival Plan (SSP) Program. His name means “first born” in Yoruba. This is definitely one California transplant all Texans can agree on.

As their name suggests, pygmy hippos are quite a bit smaller than their more famous counterparts. Common hippos can weigh up to 4,000 pounds and are among the most dangerous megafauna in the world because of their fierce territoriality. By contrast, pygmy hippos rarely get above 500 pounds and are comparatively docile.

Unlike their larger cousins, pygmy hippos spend most of their time on dry land and live solitary lives rather than in large herds. Akobi is the first pygmy hippo in the Houston Zoo since the death of Silas, their previous pygmy hippo. Acquired in 2020, Silas quickly became a favorite of zoo visitors. He died in 2022 after a short illness.

Akobi comes at a time of massive expansion and progress for the Houston Zoo. The 55-acre zoological garden just opened its massive Birds of the World exhibit, featuring bird species across three continents. It also swept a series of industry awards for its innovative Galapagos Island area, which introduced penguins to the zoo among a host of other species. These were all part of the Houston Zoo’s centennial celebration.

Hopefully, Akobi will have an easier time than Moo Deng. Visitors to the viral star’s enclosure would sometimes spray water or throw items at the hippo, leading to the zoo having to build more security to protect Moo Deng. Houston Zoo visitors should remember that pygmy hippos (and all zoo animals) should not be disturbed or molested for their health and the visitor’s safety.

akobi houston zoo pygmy hippopotamus

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Saks Fifth Avenue parent acquires Texas-based Neiman Marcus for $2.6 billion

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H-Town's Moo Deng

Houston Zoo welcomes Akobi, an adorable pygmy hippopotamus

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