Merger talks between department chain rivals Saks Fifth Avenue and Neiman Marcus have powered the retail industry’s rumor mill for years. But when Saks parent HBC announced last week that a deal was finally reached, a surprising name came up: Amazon.
Amazon agreed to back Saks’ $2.65 billion buyout of Neiman Marcus and take a minority stake in the combined company, Saks Global. The exact size of the stake was not disclosed. Salesforce also joined as an investor. Marc Metrick, chief executive officer of Saks Fifth Avenue’s online operations, told Bloomberg in an interview that the company is betting that Amazon and Salesforce can “future-proof” the new luxury e-commerce behemoth by offering technological and logistical expertise.
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