Saks set to acquire Neiman Marcus?
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Saks set to acquire Neiman Marcus?

THE WHAT? Saks-owner HBC is said to be poised to purchase rival department store chain, Neiman Marcus. The two companies will join forces to become Saks Global, with Amazon and Salesforce named as minority shareholders.

THE DETAILS According to a report published by Reuters, quoting ‘sources familiar with the matter’, the deal is valued at US$2.65 billion and Marc Metrick, CEO of Saks e-commerce will head up the new enterprise.

THE WHY? The merger would give the department store conglomerate greater negotiating power, Reuters reports – although the news agency points out that luxury conglomerates such as LVMH and Kering will still hold the trump card. All four companies did not provide any comment when approached by Reuters.

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