According to the Finance News App, the parent company of Saks Fifth Avenue, a luxury goods chain department store in the USA, has agreed to acquire its competitor Neiman Marcus for $2.65 billion. Both companies' boards of directors have approved the deal. Under the agreement, Amazon (AMZN. US) is expected to receive minority equity in the merged company. The merged company will be called Saks Global. Salesforce (CRM. US) is another minority shareholder of the company, expected to provide assistance in the field of artificial intelligence. It is reported that the merged company is expected to generate approximately $10 billion in annual sales.

To cope with the changing consumer behavior and the rise of fashion brand direct sales, the luxury goods retail industry is facing challenges. In recent years, both Saks Fifth Avenue and Neiman Marcus have faced difficulties, with Neiman Marcus even filing for bankruptcy in 2020. This acquisition is seen as a strategic move to strengthen the position of the two companies in response to these challenges.

This acquisition was made after Neiman Marcus rejected Saks Fifth Avenue's $3 billion acquisition offer in 2023. The two companies have been negotiating potential mergers for years, and this deal is the result of these efforts.