In a $2.65 billion deal, the parent of Saks Fifth Avenue is purchasing Neiman Marcus.
Amazon and more will take on minority stakes in the company to help manage artificial intelligence implementation and technological expertise.
Neiman Marcus store located in downtown Dallas at 1618 Main St. on Tuesday, March 07, 2019. Dallas-based luxury retailer Neiman Marcus is being purchased by the owner of rival Saks Fifth Avenue in a $2.65 billion deal,The deal would also bring in Amazon and Salesforce Inc. to become minority owners in the new company, which will allegedly be called Saks Global. Canadian department store Hudson’s Bay is also helping to finance the deal by raising $2 billion from investors.
The new company, if approved by shareholders, would be a juggernaut in the luxury retail space as it would have a combined $10 billion in annual sales. It’s a deal that would help both companies as shoppers have begun to spend less on upscale products amid its competitors opening its own stores.Neiman Marcus has 36 brick-and-mortar stores, two Bergdorf Goodman stores in Manhattan and five of its discount Neiman Marcus Last Call stores.
Luxury retail rival Saks Fifth Avenue, which was started in New York City, has 41 stores nationwide for its flagship department store brand and 100 of it’s Saks Off 5th discount brand.by Herbert Marcus Sr., his sister Carrie Marcus Neiman and her husband A.L. Neiman at the corner of Elm St. and Murphy Drive downtown, just blocks from the current flagship store at Commerce and Ervay.
The deal, which has been in the works for months, will reportedly promote Saks’ chief executive of its e-commerce business, Marc Metrick, to the head of the combined company Saks Global.KHAITE, a fashion brand worn by celebrities like Taylor Swift and Kendall Jenner, among others, is opening a storefront in Dallas-based Highland Park Village.. Irving is a business writer for the Dallas Morning News.
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