BREAKING NEWS: Saks Fifth Avenue Parent Company Acquires Neiman Marcus for $2.65 Billion
Hudson's Bay Co. Consolidate Luxury Retail Market
Deal Bolstered by Amazon Investment
July 3, 2024 - In a major shakeup in the luxury retail market, Hudson's Bay Co., the parent company of Saks Fifth Avenue, has entered into an agreement to acquire Neiman Marcus for $2.65 billion. The move is expected to further consolidate the industry and enhance the competitive landscape.
According to the New York Times, the acquisition deal includes $2.2 billion in cash and the assumption of $450 million in debt. The deal is expected to close in the fall of 2024, subject to regulatory approval and closing conditions.
The acquisition is being partially funded by a strategic investment from Amazon, which will acquire a minority stake in the combined company. This partnership will enable the integration of Amazon's e-commerce capabilities and Prime membership benefits into the Neiman Marcus and Saks Fifth Avenue brands.
The deal brings together two iconic luxury retailers with a combined footprint of over 400 stores and a significant online presence. The acquisition is expected to create substantial synergies and strengthen the competitiveness of both brands in the global luxury market.
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