MONEYWATCH Saks Fifth Avenue owner buying Neiman Marcus for $2.65 billion

That's right! Hudson's Bay Company (HBC), the owner of Saks Fifth Avenue, struck a deal to acquire Neiman Marcus for $2.65 billion. The combined company will be called Saks Global [1].

This consolidation aims to create a stronger force in the luxury retail market, allowing them to potentially negotiate better deals with vendors and improve their overall bargaining power [2].

Here are some additional details about the acquisition:

• The combined entity, Saks Global, will have 75 full-price stores and 100 off-price outlets [1].
• Amazon and Salesforce are also joining the picture, taking minority stakes in Saks Global and offering their expertise in technology [2].
• This deal comes amidst a backdrop of slowing demand in the luxury retail sector, as consumers tighten their spending due to economic factors [2].

Overall, this acquisition is a significant development in the luxury retail landscape, and it will be interesting to see how Saks Global fares in the future.