Saks Fifth Avenue Parent Reportedly Set to Buy Neiman Marcus

By
Naomi Buchanan
Naomi Buchanan
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Naomi Buchanan is a reporter at Investopedia breaking down news stories that impact investors.
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Published July 03, 2024
04:43 PM EDT
A Saks Fifth Avenue storefront in New York City.

Michael M. Santiago / Getty Images

Key Takeaways

  • The parent company of Saks Fifth Avenue, HBC, reportedly signed a $2.65 billion deal to buy rival luxury retailer Neiman Marcus.
  • The merger has been approved by both companies' boards after months of negotiation and could be announced as soon as Wednesday evening, The Wall Street Journal reported.
  • The deal was supported by Amazon and Salesforce, which are reportedly set to take minority stakes in the new company, which the WSJ said will be called Saks Global.

HBC, the parent company of luxury department store Saks Fifth Avenue, has signed a $2.65 billion deal to buy rival retailer Neiman Marcus with support from Amazon (AMZN), according to reports.

The merger has been approved by both companies' boards after months of negotiation, The Wall Street Journal reported on Wednesday, citing sources close to the matter. An official announcement could come as soon as Wednesday evening, the report said.

Amazon is reportedly to take a minority stake in the new company alongside Salesforce (CRM). The new company, which the WSJ reported will be called Saks Global, will be run by Saks CEO Marc Metrick.

The move could help the companies better compete in a difficult luxury retail environment.

HBC acquired Saks in 2013.

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Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. The Wall Street Journal. "Saks Owner to Buy Neiman Marcus—With Help From Amazon."

  2. Hudson's Bay Co. "Hudson’s Bay Company to Acquire Saks Incorporated," July 29, 2013.

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