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Neiman Marcus & Saks: A Portrait of a Marriage in Preview

Richard Baker, chairman of Hudson’s Bay Company (HBC), which owns Saks Fifth Avenue.
Richard Baker, chairman of Hudson’s Bay Company (HBC), which owns Saks Fifth Avenue. Photo: Ilya S. Savenok/Getty Images
Lauren Sherman
August 31, 2023

Earlier this summer, when I reported that LVMH was once again Mr. Burnsing around Bergdorf Goodman, which is owned by the Neiman Marcus Group, another story emerged. It turned out that Richard Baker, chairman of Hudson’s Bay Company (HBC), which owns Saks Fifth Avenue, was once again fundraising—this time in the Middle East, potentially to buy the Neiman Marcus Group. “Richard needs money,” one person familiar with his moves told me. 

Well, it seems that the circumstances have changed! I learned today that Baker has raised $2 billion from two sovereign wealth funds in the Middle East in order to buy the Dallas-based department store group, including Bergdorf Goodman. A spokesperson for HBC declined to comment.