Parent company of Saks Fifth Avenue to buy rival Neiman Marcus for $2.65 billion,

A Neiman Marcus sign is shown in San Francisco, Sunday, March 17, 2024. The parent company of Saks Fifth Avenue has signed a deal, Thursday, July 4, 2024, to buy upscale rival Neiman Marcus for $2.65 billion.–

The pact was announced Thursday after months of rumors that the department store chains had been negotiating a deal.“For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees," said Richard Baker, HBC executive chairman and CEO in a statement.

“As a larger entity, negotiating power will be a little better with the brands, but even a combined chain would not match the heft and power of the global luxury conglomerates, which would still hold most of the cards,” Saunders said. “As such, there is a risk that the deal might end up creating an even bigger headache for Saks.”

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