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 , which reported the $2.65-billion deal earlier in the day.The deal comes at a time when luxury retailers are grappling with slowing demand, a far cry from the boom seen after pandemic-related restrictions eased in 2022, as US customers have become more cautious about high-end purchases.
It was one of the high-profile collapses among retailers forced to temporarily close stores in response to the Covid-19 pandemic.Amazon's foray into the luxury world A minority stake in the combined company sets up Amazon to gain a foothold in the luxury market that has seen a steady demand from a higher-income consumer base.
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