Saks Fifth Avenue’s parent company has finalized a $2.65 billion acquisition of rival luxury retailer Neiman Marcus, facilitated with the help of Inc. The deal, which has been approved by the boards of both companies, aims to create a formidable entity in the luxury retail sector, to be named Saks Global. Marc Metrick, CEO of the e-commerce division of Saks, will lead the new conglomerate. Amazon will acquire a minority stake and provide technological and logistical support, while Salesforce will assist in AI deployment. The acquisition is funded by $2 billion from current Saks investor HBC and $1.15 billion in debt financing from Apollo Global Management. Neiman Marcus had previously filed for bankruptcy in 2020, reemerging with new ownership and less debt. The luxury retail market has been experiencing a slowdown in the Americas due to inflation and decreased consumer spending.

Retail, E-commerce, Investment,United States