Marc Metrick, the chief poised to steer Neiman Marcus after its sale to rival Saks Fifth Avenue, says there aren’t any plans to shrink both of the posh division retailer chains after the $2.65 billion deal is accomplished.Metrick, CEO of Saks.com, and his dad or mum firm rocked the upscale retail world Thursday when it introduced the deal for Saks Fifth Avenue to purchase longtime competitor Neiman Marcus, based mostly in Dallas, and mix two of the world’s trend leaders.Associated:What we all know to date in regards to the sale of Neiman Marcus to the dad or mum of Saks Fifth AvenueSaks’ dad or mum firm HBC would be the new proprietor of each retailers, and on-line retail big Amazon was enlisted as an fairness investor.“The underlying premise and the technique is about rising,” Metrick mentioned in an interview with The Dallas Morning Information on Friday. “That may not be the variety of shops, however you actually don’t develop by contracting shops which are in good markets. When you consider the markets the place Saks and Neiman’s overlap, these are going to be fairly good markets.“It’s not about shrinking,” he mentioned.Metrick spoke solely to The Information lower than 24 hours after HBC, the holding firm for Saks, made the deal public.Testomony to Neiman Marcus’ tradition“You’re sitting in Dallas proper now, and what number of Saks Fifth Avenues are in that market?” Metrick mentioned. “It’s a testomony to the tradition at Neiman Marcus that we couldn’t pierce that market. There’s a lot loyalty, and there’s so many devoted people and so they love their Neiman’s there. It’s very thrilling to have the ability to go in and to actually take into consideration how are you going to broaden on that, how are you going to construct on that?”Associated:Luxurious department shops Neiman Marcus and Saks Fifth Avenue affirm $2.65 billion buyFor greater than 115 years, Neiman Marcus has been working from downtown Dallas, the place Herbert Marcus Sr., his sister, Carrie Marcus Neiman, and her husband, A.L. Neiman, opened their upscale retailer in 1907. It’s gone by way of a sequence of homeowners because it was first bought in 1969 in addition to by way of chapter in 2020 — rising later that 12 months with a brand new monetary plan.Neiman Marcus has 36 brick-and-mortar shops, two Bergdorf Goodman shops in Manhattan and 5 low cost Neiman Marcus Final Name shops. That features 5 Neiman Marcus shops within the Dallas-Fort Value market. The corporate has about 10,000 workers nationwide.Luxurious retail rival Saks Fifth Avenue, which was began in New York Metropolis, has 30 shops nationwide for its flagship division retailer model and 100 of its Saks Off fifth low cost model.The mixed entity will management about $7 billion of actual property in a few of the nation’s most coveted high-end retail locations.A deal for Neiman Marcus to be bought to Saks has been mentioned regularly for greater than a 12 months, though Metrick mentioned the timing and particulars simply by no means labored out.Saks World CEO Marc Metrick says: “You’re sitting in Dallas proper now, and what number of Saks Fifth Avenues are in that market?” Marc Metrick mentioned. “It’s a testomony to the tradition at Neiman Marcus that we couldn’t pierce that market.”(Kathy Willens / AP)“It’s like every, any relationship that’s actually destined,” Metrick mentioned. “Typically it simply takes the proper timing. It takes the proper way of thinking, and it takes the proper kind of scenario, and I believe all these issues had been there, whereas previously, possibly one of many two events was in a special state of mind or the world wasn’t prepared for it or it wasn’t as needed as it’s right this moment.”Plans for the Dallas headquarters, Neiman’s administrative employees and CEO Geoffroy van Raemdonck haven’t been determined but, Metrick mentioned, and the acquisition nonetheless must clear a assessment from the Federal Commerce Fee and different regulatory hurdles earlier than these discussions can start in earnest.“There’s nothing definitive, and we haven’t actually talked about it collectively,” Metrick mentioned.“We’ve received some time to go right here earlier than we shut, and it might be untimely, and each of us have to be operating our companies proper now.”Discussions with federal regulators haven’t began but, he mentioned.Van Raemdonck didn’t instantly reply to requests for remark. In an announcement Thursday, he mentioned, “This announcement is a testomony to our group’s unwavering dedication to constructing rewarding buyer relationships, pushed by our differentiated enterprise mannequin. We imagine this can be a proactive alternative in an evolving retail panorama that may create worth for our clients and model companions. Saks Fifth Avenue shares our ardour for connecting clients with the world’s greatest luxurious trend. With our complementary capabilities and a brand new long-term capital construction, the mixed group will place our iconic Neiman Marcus and Bergdorf Goodman manufacturers for continued success.”Financial cycles and evolutionsIn a world the place executives transfer between company rivals recurrently and between industries, Metrick is a uncommon chief who has spent nearly three many years with Saks, with solely a three-year stretch at sister division retailer chain Hudson’s Bay Firm earlier than coming again as Saks’ president in 2015.Which means Metrick has seen financial cycles and evolutions in retailing and the posh sector. Manufacturers resembling Louis Vuitton, Gucci and Hermès had been as soon as solely out there by way of high-end department shops resembling Saks and Neiman Marcus.Associated:Timeline: A quick historical past of Neiman Marcus, from its Dallas debut to its sale to a rivalBut now these manufacturers have gone on to customers with branded shops at key purchasing facilities resembling Highland Park Village and NorthPark Heart. There may be additionally a rising on-line house for luxurious gross sales, straight by way of manufacturers and thru web marketplaces.“The buyer is evolving and shifting so quick, and it’s changing into an increasing number of necessary to just be sure you meet the buyer the place they’re going versus the place they’re standing right this moment,” he mentioned. “And to do this, you’ve received to put money into the proper issues. You’ve received to be well-capitalized and have the proper focus. And it truly is time for 2 firms like ours to come back collectively to service the shopper in the very best method.”Past mixed sourcing, distribution and administrative capabilities, the most important alternatives Metrick sees within the days forward will probably be studying about clients who store at one retailer or the opposite and even each. Saks and Neiman will have the ability to trade information and examine stock to seek out out extra rapidly what well-heeled customers need.Precisely how Seattle-based Amazon will play into the mixed firm continues to be in discussions, however Metrick mentioned he desires the online conglomerate to be extra than simply an investor.“We wish a strategic accomplice,” he mentioned. “They’re in all probability the world’s foremost customer-obsessed firm. In order we transfer into this new method of doing issues, as we attempt to construct this enterprise collectively to reinforce the shopper expertise, there is no such thing as a higher accomplice to have to assist us future-proof.”What’s the distinction between Neiman Marcus and Saks Fifth Avenue? Each model names are iconic on the earth of luxurious retail — and now they share the identical proprietor.What we all know to date in regards to the sale of Neiman Marcus to the dad or mum of Saks Fifth AvenueThe merger of New York-based Saks Fifth Avenue and Neiman Marcus in a transaction valued at $2.65 billion would create an upscale trend retail juggernaut.