Two former rivals, Saks Fifth Avenue and Neiman Marcus, have struck a $2.65 billion in an attempt to push out other The reports that the two boards have reached an agreement and may announce the news later today. Current negotiations have lasted for months and there have been numerous previous attempts to the brands over the years.
With help from , Salesforce, and other investors, Saks will 'buy' Neiman Marcus in the nearly $3 billion deal, putting Marc Metrick, who heads Saks's e-commerce division, at the helm. The two brands will generate nearly $10 billion in annual sales together. The companies do not plan to close any stores.
According to insiders, Amazon is set to acquire a "minority stake in the newly formed Saks Global." Amazon's participation will increase the venture's technological and logistical aspects, with Salesforce contributing some AI integrations for customer service. Saks already has a relationship with both tech companies.
In 2021, Saks Fifth Avenue turned its focus to tech, as individuals shop less in person and more online. The company launched a spin off company, with a new website focused on growing online sales with more products and services, such as styling. Retail companies are now involving tech in the hopes of expanding retail business at a time when more people are shopping online.
HBC, the holding company that purchased Saks in 2013, is bankrolling the deal with $2 billion raised from current investors. Their competitor, the most profitable in.
