Consumer
Saks’ Online CEO Says Amazon to Help ‘Future-Proof’ Neiman Deal
- Metrick doesn’t disclose size of Amazon’s minority investment
- Saks to keep Neiman Marcus, Bergdorf Goodman names on stores
Photographer: Patrick T. Fallon/AFP/Getty Images
America’s two largest luxury department-store chains are combining — and they’ll rely in part on the tech expertise of Amazon.com Inc. and Salesforce Inc. to help them buck the struggles facing their sector.
The online juggernauts plan to take minority stakes in a new company that will be created from Saks Fifth Avenue’s acquisition of rival Neiman Marcus, also parent of Bergdorf Goodman, for $2.65 billion.