Fashion
Saks Fifth Avenue Parent Company Acquires Neiman Marcus
Macys is about to get a new rival in the luxury department store space in the United States, and it's going to be a big one.
HBC, parent company of Saks Fifth Avenue, to buy Neiman Marcus for $2.65 billion, according to the the wall street journalPeople familiar with the matter told the publication that the boards of both companies have approved the transaction.
The combination comes after Neiman Marcus filed for bankruptcy during the pandemic and both brands have struggled to attract wealthy buyers and satisfy customers who are increasingly looking for good deals.
But one member of the agreement has some experience on this subject: AmazonAmazon is expected to take a minority stake in the new company, which will be called Saks Global. It will bring its technological and logistics prowess to the entity. Salesforce is even bringing a minority stake and some AI expertise to Saks Global. Salesforce and Amazon already work with both companies, so their integrations wouldn’t be entirely new, according to the Journal.
Financing for the transaction comes from HBC and affiliates of Apollo Global Management.
The new company is expected to generate annual revenue of $10 billion, a significant figure but not nearly as much as luxury brand LVMH Mot Hennessy Louis Vuitton. LVMH generated $94 billion in sales last year, according to the Wall Street Journal.
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Sources 2/ https://qz.com/saks-fifth-avenue-neiman-marcus-amazon-salesforce-1851576589 The mention sources can contact us to remove/changing this article |
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