Richard Baker
Former executive chairman and chief executive of Saks Global
Richard Baker is an American real estate investor and retail executive who built a department store group around Hudson's Bay Company, Saks Fifth Avenue and, from December 2024, Neiman Marcus under the name Saks Global. He briefly became chief executive of Saks Global in January 2026 but stepped down from both his chief executive and executive chairman roles shortly before the company filed for Chapter 11 bankruptcy protection on 14 January 2026.
| Known for | Hudson's Bay Company, Saks Global |
|---|---|
| HBC governor | 2008 to 2025 |
| Saks Global | Executive chairman, briefly chief executive in January 2026 |
| Born | 1965 |
| Nationality | American |
| Investment firm | NRDC Equity Partners |
Who is Richard Baker?
Richard Baker, born in 1965, is an American real estate investor and retail executive. Through his investment firm NRDC Equity Partners he assembled a group of department store chains in North America and Europe, anchored by Hudson's Bay Company, and later combined Saks Fifth Avenue and Neiman Marcus into Saks Global.
Career
NRDC already owned Lord & Taylor, the oldest department store in the United States, when it bought Hudson's Bay Company in July 2008 for just over 1.1 billion dollars. Baker became HBC's governor, a title he held throughout the firm's ownership. In 2013 HBC agreed to buy Saks, Inc., operator of Saks Fifth Avenue, for 2.9 billion US dollars, completing the deal in November of that year.
- 2008: NRDC Equity Partners acquires Hudson's Bay Company
- 2013: HBC acquires Saks Fifth Avenue
- March 2020: takes HBC private and becomes chief executive
- November and December 2024: creation of Saks Global and acquisition of Neiman Marcus Group
- March to June 2025: HBC seeks creditor protection in Canada and liquidates its stores
- January 2026: becomes chief executive of Saks Global, then steps down as chief executive and executive chairman
Influence on the fashion business
Baker's most ambitious move was the creation of Saks Global in November 2024, when HBC placed its US assets into a new company that went on to acquire Neiman Marcus Group for about 2.65 billion dollars in December 2024. The combination brought together Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, giving one company unprecedented weight as a buyer of luxury fashion in the United States.
The integration proved difficult. The debt taken on for the deal weighed on the business, and vendor payment problems affected merchandise availability and sales. In Canada, HBC filed for creditor protection in March 2025 and closed all of its stores by June 2025. At Saks Global, Baker was promoted from executive chairman to chief executive at the start of January 2026 after Marc Metrick left, but within days he resigned from both roles. Geoffroy van Raemdonck became chief executive, and on 14 January 2026 Saks Global filed for Chapter 11 protection with about 1.75 billion dollars of financing commitments.
Why it matters
Baker's career is one of the defining stories of modern department store retail. His deals reshaped the North American luxury channel, and the difficulties that followed raised questions for brands about concentration risk, payment terms and their reliance on wholesale partners.
Frequently asked questions
Who is Richard Baker?
Richard Baker is an American investor who led Hudson's Bay Company and created Saks Global, which combined Saks Fifth Avenue and Neiman Marcus. He stepped down as chief executive and executive chairman of Saks Global in January 2026.
What happened to Saks Global?
Saks Global acquired Neiman Marcus in December 2024 but struggled with debt and vendor payments. After Baker's resignation, Geoffroy van Raemdonck became chief executive and the company filed for Chapter 11 protection on 14 January 2026.