HBC to Acquire Neiman Marcus for $2.65 Billion

The parent company of Saks Fifth Avenue, HBC, has agreed to acquire Neiman Marcus for $2.65 billion, creating a dominant luxury retail entity named Saks Global. Amazon and Salesforce will take minority stakes in the new company, providing technology and logistical support. The combined firm, led by current Saks.com CEO Marc Metrick, will have around $10 billion in annual sales. This merger comes as both retailers face challenges from shifting consumer behavior and direct-to-consumer sales. The deal, which has been approved by both companies' boards, is expected to face regulatory scrutiny. Nordstrom may benefit from the transition period, attracting luxury customers seeking a personal touch.