Saks Fifth Avenue to buy Neiman Marcus for $2.65 billion

Since the coronavirus epidemic, when Neiman Marcus filed for bankruptcy, there has been talk in the media about the potential merging of two significant competitors in the luxury market, according to The New York Times.

The combined company's name will be Saks Global. It will own approximately 100 shops and 75 businesses that offer discounted merchandise. The group's sole rivals will continue to be Nordstrom Inc. and Macy's Inc.

Amazon.com Inc. will acquire a minority stake in the merged business. Additionally, Apollo Global, an investment group, will give $1.15 billion to finance the acquisition.

source: bloomberg.com