Reported 12 months ago
The parent company of Saks Fifth Avenue has agreed to purchase rival Neiman Marcus with assistance from Amazon and Salesforce, as reported by the Wall Street Journal. The deal, worth $2.65 billion, includes Amazon and Salesforce taking minority stakes in the combined entity, named Saks Global, to provide technological expertise. The move aims to enhance the negotiating power of these luxury retailers as they cope with a slowdown in demand post-pandemic, although the merger may not match the influence of global luxury conglomerates. Saks Global will receive support from Salesforce in adopting artificial intelligence and utilize Amazon's technology and logistics expertise.
Source: YAHOO