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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria 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 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: wjxt4 - 🏆 246. / 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 MarcusThe 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: ABC - 🏆 471. / 51 Read more »
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 »