Saks owner to buy Neiman Marcus

By Reuters

Jul 05, 2024 12:06 am

THE parent of Saks Fifth Avenue agreed to buy rival Neiman Marcus, a person familiar with the matter told Reuters on Wednesday, a move that is expected to give the struggling luxury retailers more power to negotiate with vendors.

Amazon and Salesforce will take minority stakes in the combined company, to be called Saks Global, and offer their technological expertise, said the Wall Street Journal (WSJ), which reported the $2.65-billion deal earlier in the day.

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