Who Owns Saks Fifth Avenue?

Saks Fifth Avenue opened its flagship store on Fifth Avenue in Midtown Manhattan in September 1924, founded by Horace Saks and Bernard Gimbel. The Fifth Avenue location at 49th Street quickly became a landmark of American luxury retail, attracting celebrity clientele and establishing the brand's association with aspirational fashion and prestige.

The Gimbel family sold Saks to BATUS Inc. (British American Tobacco US) in 1973, beginning a long series of ownership changes. Proffitt's Inc. acquired Saks in 1998, then renamed itself Saks Incorporated. Saks went public and operated as a standalone public company through the 2000s and 2010s.

Hudson's Bay Company (HBC), the Canadian retail conglomerate, acquired Saks Fifth Avenue in 2013 for $2.4 billion. HBC operated Saks alongside its other retail brands including Hudson's Bay, Lord and Taylor, and Gilt.

In July 2024, HBC sold Neiman Marcus Group to a newly created entity, Saks Global Enterprises, combining Saks Fifth Avenue with Neiman Marcus and Bergdorf Goodman. The deal was valued at approximately $2.7 billion and included an Amazon equity investment of approximately $475 million.

Saks Global's combined entity struggled to manage the debt load from the acquisition while navigating declining foot traffic and vendor payment challenges. The company filed for Chapter 11 bankruptcy in January 2026.