Acquisition of Neiman Marcus by Saks Parent Sparks Concern in Dallas Fashion Scene

Money | July 7, 2024, 1:43 p.m.

Neiman Marcus, founded in downtown Dallas in 1907 by Carrie Marcus Neiman, Al Neiman, and Herbert Marcus, is a luxury fashion powerhouse that has become synonymous with the city's fashion identity. The recent sale of the company to a New York-based rival has raised concerns among loyalists about the potential tarnishing of the brand and the loss of cultural cachet for Dallas. With three ownership changes and bankruptcy in the past two decades, the proposed purchase by the parent company of Saks Fifth Avenue for $2.65 billion has sparked high anxiety in the fashion world. Neiman Marcus has been the essence of Dallas' fashion psyche for over a century, and the deal will mark the end of its independent operation from Dallas, threatening its personalized service and unique brand reputation. The future of this iconic luxury retailer remains uncertain, leaving many to ponder the fate of the Neiman Marcus legacy.