Within a U.S. luxury goods market hit by inflation, Saks acquired a major competitor Neiman Marcus for US$2 billion. At a time when department stores are sharpening logistics strategies by focusing on dropship, Amazon is making an unexpected share investment for this new entity.
The U.S.A. is suffering a weakened luxury goods market (down by 8% in 2023 according to Bain&Co) and department stores are consolidating in defiance. On July 4, Hudson’s Bay Company, parent company of Saks, announced the acquisition of a rival Neiman Marcus for US$2.65 billion. While HBC is financing the deal to the tune of US$2 billion, Amazon and Salesforce have taken minority stakes (unspecified) in Saks Global, the newly created company. Both brands, which will continue to operate, will...
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Article authors
Morgane Monteiro
Journalist
Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.