Saks Inc.

Owners of Neiman Marcus sell chain for $6 billion

Owners of Neiman Marcus sell chain for $6 billion

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...

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