NEW YORK – Saks Fifth Avenue and Neiman Marcus have reportedly agreed to a major merger, uniting two of the nation’s leading luxury retailers, with Amazon also joining the deal.
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HBC, the owner of Saks, had been in talks to merge with Neiman Marcus since last summer. According to sources close to the situation, HBC will acquire Neiman Marcus for $2.65 billion. This merger, once considered improbable, comes as both companies have faced a prolonged downturn in luxury spending.
In an unexpected development, Amazon, the Seattle-based e-commerce giant led by billionaire Jeff Bezos, will not only become a minority investor in the newly formed company, to be named Saks Global, but will also provide technology and logistics services to the merged entity, sources told The Post.