Saks Global announced on Monday it has finalized its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion, as previously reported.

Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks Off 5TH, each continuing to serve customers under their own brand, according to a press release from the luxury retail and real estate company.

Under the deal, Marc Metrick will serve as CEO of Saks Global operating group, and Ian Putnam will serve as CEO of Saks Global properties & investments. Both will report to Richard Baker, Saks Global’s executive chairman.

“This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry,” said ​Richard Baker, executive chairman of Saks Global.

“By uniting Neiman Marcus, Bergdorf Goodman, and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential. With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.”

In order to drive growth at the new luxury empire, the New York-based company said it has established the role of president & chief commercial officer, promoting Emily Essner, who previously served as chief marketing officer at Saks, to this role, leading the company’s go-to-market strategy

Moreover, Bergdorf Goodman will remain a standalone business under the Saks Global umbrella. Tracy Margolies, who previously served as chief merchandising officer for Saks, has been appointed president.

Meanwhile, to support its transformation strategy, Saks Global has appointed Bill Bine to the new role of chief transformation officer. Bine joins Saks Global from Neiman Marcus Group where he served as chief supply chain officer. 

The Saks-Neiman Marcus Group deal was facilitated by Amazon.com Inc., Salesforce Inc. 

Neiman Marcus filed for bankruptcy protection in 2020 after the pandemic forced the closing of Neiman and other stores across the United States, crushing the company’s revenues.