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.