HBC, the parent company of Saks Fifth Avenue, has announced a deal to acquire Neiman Marcus Group for $2.65 billion. This merger will create Saks Global, combining Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman under one umbrella. The CEO of HBC, Richard Baker, expressed excitement over the consolidation of these iconic luxury brands, emphasizing the potential benefits for customers, partners, and employees. The focus on technological advancements to enhance the customer experience was highlighted as a key aspect of the deal. As part of the agreement, Saks.com CEO Marc Metrick will lead Saks Global, while Ian Putnam will oversee property and investments. The move represents a strategic response to the evolving retail landscape, marked by changing consumer preferences and challenges in the department store sector.