Neiman Marcus Sells for $6 Billion

Luxury department store Neiman Marcus has been sold for $6 billion to a group spearheaded by Ares Management and Canadian Pension Plan Investment Board. The two new owners will hold an equal interest in the retailer, while Neiman Marcus management, led by CEO Karen Katz, will retain a minority stake.

“We plan on investing meaningful capital into the business to ensure Neiman’s long-term position as the unparalleled leader in luxury retail,” David Kaplan, co-head of private equity at Ares, said in a statement.

Earlier this year, Neiman’s competitor Saks Fifth Avenue was sold to Hudson’s Bay Co., the Canadian parent of upscale retailer Lord & Taylor, for $2.4 billion.