The parent company of Saks Fifth Avenue, Hudson’s Bay Company, is reportedly acquiring Dallas-based Neiman Marcus. Amazon is assisting with the financing of this deal.
This acquisition is expected to significantly impact the luxury retail market by combining two major players in the industry.
The Wall Street Journal reports that the deal for Hudson’s Bay Company, the parent company of Saks Fifth Avenue, to acquire Neiman Marcus is worth $2.65 billion.
Amazon would take a minority stake in the new company to offer technology expertise. The combined entity is expected to generate about $10 billion in annual sales.
The parent company of Saks Fifth Avenue, Hudson’s Bay Company, is reportedly buying Dallas-based Neiman Marcus for $2.65 billion, with Amazon acquiring a minority stake to provide technology expertise.
The combined company is expected to generate about $10 billion in annual sales. Neiman Marcus, founded in Dallas in 1907, filed for bankruptcy protection in May 2020 during the pandemic but exited bankruptcy later that year. There is no word yet on when an official announcement will be made.
