Photo: Yuki Iwamura/Bloomberg via Getty Images
These are the stories making headlines in fashion.
Saks finalizes acquisition of Neiman Marcus Group
Saks Global (which controls Saks Fifth Avenue and Saks Off Fifth) finalized its $2.7 billion acquisition of Neiman Marcus Group. “We have created an unparalleled multi-brand luxury portfolio with tremendous growth potential,” Saks Executive Chairman Richard Baker said in a statement. “With data and innovation at our core and a portfolio of prime real estate, we aim to redefine the luxury shopping experience.” Saks Global now oversees both Neiman Marcus and Bergdorf Goodman. As part of the merger, Amazon, G-III Apparel Group and Authentic Brands Group are investors in Saks Global. {Business of Fashion/paywalled}
Nordstrom family takes retailer private in $6.25 billion deal
After their 2017 bid to take Nordstrom private was rejected, the Nordstrom family announced on Dec. 23 that it has now succeeded in taking the department store private in an all-cash transaction valued at $6.25 billion. With the help of Mexican retailer El Puerto de Liverpool, members of the Nordstrom family including Erik, Pete and Jamie Nordstrom will acquire all of the company’s remaining stock in a transaction priced at $24.25 per share. After the deal closes this year, the Nordstrom family will have a majority ownership stake in the company. {Nordstrom}
Missoni co-founder dies at 93
Rosita Missoni, co-founder of the Italian luxury brand, has died at 93. Rosita met her husband Ottavio (known as Tai) Missoni in 1948 when he was competing in the London Olympics, and they later opened a small knitwear workshop called Maglificio Jolly shortly after they married in 1953. The Missonis were the first to make coordinating separates in different patterns and were known for their colorful zigzag motifs. Tai died at 92 in 2013. {WWD/paywalled}
Model rights bill signed into law in New York
New York passed the Fashion Workers Act, which will give models working in the state greater protection from exploitation, harassment, abuse and the growing use of artificial intelligence. Gov. Kathy Hochul signed the law at the end of December and it will go into effect in June 2025. Model management companies will now be required to register with the state and provide more transparency to the models they work with about contracts and expenses. {Business of Fashion/paywalled}
Why sellers were less loyal to Amazon in 2024
In 2024, Amazon imposed new fees that make selling on Amazon more expensive and complex, sparking seller outrage and a Federal Trade Commission probe. Now, many sellers are branching out beyond Amazon and heading to competitors with lower seller fees such as Walmart Marketplace, Shopify, TikTok Shop and Temu. This theme of sellers being less loyal to Amazon is expected to continue into 2025 and beyond. Amazon’s third-party merchants make up 60% of the sales on Amazon’s online marketplace, and it announced it won’t raise or introduce new fees this year. {Modern Retail/paywalled}
Birkin bags are now getting the Walmart dupe treatment
The Hermès Birkin bag stands as one of fashion’s most exclusive status symbols, and a fracas ensued in December after a Birkin knockoff appeared on Walmart‘s website for just under $80. There are plenty of Birkin knockoffs to be found online and on Canal Street, but this Walmart dupe is available at what writer Rachel Tashjian calls the “most American of stores” for the masses to access. Tashjian explores how the Birkin knockoff (dubbed the “Wirkin”) inspired online discourse surrounding dupe culture and Hermès’s exclusive retail approach. Walmart has since removed the knockoff bag from its site. {The Washington Post/paywalled}
Source: Fashionista.com