Post by Justbec on Jul 5, 2024 17:11:31 GMT
Saks to Buy Neiman Marcus for $2.65 Billion
The iconic Neiman Marcus department store chain is being sold to HBC, the corporate parent of Saks Fifth Avenue, in a $2.65 billion deal.
Amazon will partner with HBC in the acquisition, which will give the newly combined Saks Global about $10 billion in annual sales. Marc Metrick, CEO of Sak’s e-commerce business, will run the new company.
The deal comes in a turbulent period for traditional brick-and-mortar retailers, who have struggled to attract younger shoppers during a general pullback in consumer spending.
The iconic Neiman Marcus department store chain is being sold to HBC, the corporate parent of Saks Fifth Avenue, in a $2.65 billion deal.
Amazon will partner with HBC in the acquisition, which will give the newly combined Saks Global about $10 billion in annual sales. Marc Metrick, CEO of Sak’s e-commerce business, will run the new company.
The deal comes in a turbulent period for traditional brick-and-mortar retailers, who have struggled to attract younger shoppers during a general pullback in consumer spending.
