The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus, according to people familiar — all with a little help from Amazon.
The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus, according to people familiar with the matter, creating a powerhouse in luxury retailing that seeks to hang onto wealthy shoppers — all with a little help from Amazon.com. The boards of both companies have approved the transaction and an announcement could come as soon as this evening, the people said.
Bernard Arnault has competed with Elon Musk for the title of the world’s richest person. Gucci owner Kering last year bought a stake in Valentino, adding the Italian luxury label to a portfolio that also includes Balenciaga and Saint Laurent. And in the U.S., a proposed deal would put the Coach, Michael Kors, Kate Spade, Versace, Jimmy Choo and Stuart Weitzman brands under one roof, although the Federal Trade Commission has sued to block the merger.
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