Neiman Marcus and Saks Fifth Avenue to Merge
Luxury Retail Consolidation
In a move that will further consolidate the luxury retail market, the parent company of Saks Fifth Avenue has agreed to buy upscale rival Neiman Marcus for $2.65 billion.
A Growing Trend
The merger is part of a growing trend of consolidation in the luxury retail sector. In recent years, other major department stores such as Macy's and Nordstrom have also acquired smaller chains.
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