Saks Fifth Avenue’s parent company is buying rival Neiman Marcus for $2.65 billion, with Amazon adding a "bit of spice" to a deal that’s been rumored for months. The new entity would be called Saks Global, which will include Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus and Bergdorf Goodman, as well as the real estate assets of Neiman Marcus Group and HBC, a holding company that purchased Saks in 2013. Online retail giant Amazon would hold a minority stake.
"RELATED: CVS, Walgreens, Rite Aid closing stores: a brick and mortar downfall?The deal comes as no surprise to industry observers; it’s been rumored to have been in the works for months. But the twist is Amazon’s minority stake. Salesforce, a cloud-based software company, will also become an investor at closing.Neil Saunders, managing director of GlobalData, said Amazon's stake in the deal makes sense, as it has ambitions to play more heavily in the luxury arena.
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