Saks Fifth Avenue is purchasing Neiman Marcus in a mega luxury fashion merger.John Greim/Getty ImagesSaks Fifth Avenue is purchasing Neiman Marcus for $2.65 billion amid luxury retail challenges.Amazon and Salesforce are taking minority stakes in Saks Global, the new company.The news shows how hard it is for department stores today — particularly compared to luxury giants.In a deal that shows just how hard things are getting in the luxury retail space, Saks Fifth Avenue's parent is purchasing rival department store company Neiman Marcus for $2.65 billion, The Wall Street Journal reported.Amazon — which has long tried to boost its luxury offerings as part of its "everything store" concept — and Salesforce are getting in on it, too, with both taking minority stakes in the new company, Saks Global.
Two Luxury Rivals Are Joining Forces — And Amazon Is Getting In On The Action
mberg@businessinsider.com (Madeline Berg), Business Insider
Wed, 07/03/2024 - 3:02pm
Topics: john greim/getty imagessaks fifth avenue the wall street journal amazon lord taylor february bergdorf goodman neiman marcus-owned new york loewe flamenco google net-a-porter moda operandi saks-neimans mdash marc metrick louis vuitton dior lvmh gucci saint laurent kering combined bernard arnault's lvmh business insider saks fifth avenue neiman marcus saks saks salesforce global journal lvmh in kering loewe neimans luxury action stores retail department company e-commerce store billion bag hard stakes shows logistics people rival power boost branded brands browse conglomerates size
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