Luxury merchant Neiman Marcus is getting a new owner.
Ares Management and Canadian Pension Plan Investment Board announced Monday that they are buying the luxury chain Neiman Marcus for $6 billion. The two new owners will hold an equal economic interest in Neiman Marcus, and the company's management 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, said David Kaplan, senior partner and co-head of the private equity group of Ares.
The agreement follows an acquisition of another big luxury player: Saks Inc. The company, which operates Saks...