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

Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake.

The deal was announced Thursday after the two department store chains had been in negotiations for about a year. But the twist is Amazon’s minority stake, which adds “a bit of spice” to an otherwise anticipated pact, according to Neil Saunders, managing director of GlobalData, a research firm. Amazon will be working with Saks Global to offer its expertise in logistics and personalization technology. Salesforce, a cloud-based software powerhouse, will also become an investor at closing.

Both Saks and Neiman Marcus have struggled as shoppers have been pulling back on buying high-end goods and shifting their spending toward experiences, like travel and upscale restaurants. The two iconic luxury purveyors have also faced stiffer competition from luxury brands, which are increasingly opening their own stores.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Parent company of Saks Fifth Avenue to buy rival Neiman MarcusThe parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus for $2.65 billion. The buyout was announced Thursday after months of rumors that the department store chains had been negotiating a deal.
Source: AP - 🏆 728. / 51 Read more »

Parent company of Saks Fifth Avenue to buy upscale rival Neiman MarcusThe parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus for $2.65 billion. The new entity would be called Saks Global.
Source: KUTV2News - 🏆 281. / 63 Read more »

Parent company of Saks Fifth Avenue to buy rival Neiman Marcus for $2.65 billion,The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake.
Source: ksatnews - 🏆 442. / 53 Read more »

Parent company of Saks Fifth Avenue to buy rival Neiman Marcus for $2.65 billion,The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake.
Source: wjxt4 - 🏆 246. / 63 Read more »