Saks Parent Acquires Neiman Marcus in $2.65 Billion Deal with Amazon's Support, Forming Saks Global

Jul 3, 2024, 08:47 PM

The parent company of Saks Fifth Avenue has finalized a $2.65 billion deal to acquire its rival, Neiman Marcus. This merger, which creates a significant player in the luxury retail market, is backed by Amazon, which will take a minority stake in the new company, named Saks Global. Amazon's involvement is expected to provide technological and logistical support to the newly formed entity. Additionally, Salesforce is also poised to take a minority stake in the new company.