Amazon is set to make a strategic move by acquiring a minority stake in the newly formed retail entity, Saks Global. The decision follows the recent agreement by Hudson’s Bay Company, the parent company of Saks Fifth Avenue, to purchase luxury retailer Neiman Marcus for a substantial $2.65 billion, as reported by The Wall Street Journal.
Sources familiar with the matter have disclosed that the deal between Amazon and Saks Global has been finalized, with an official announcement expected imminently. The newly established Saks Global is projected to generate approximately $10 billion in annual sales and will be led by Marc Metrick as the CEO.
As part of the partnership, Amazon will contribute its technological prowess and logistical capabilities to the venture, while Salesforce, also a minority shareholder, will play a key role in leveraging artificial intelligence technologies, according to insiders.
Key Details:
- Deal Overview: Amazon to acquire minority stake in Saks Global, a new retail company.
- Previous Acquisition: Hudson’s Bay Company’s agreement to purchase Neiman Marcus for $2.65 billion.
- Expected Impact: Saks Global projected to achieve $10 billion in annual sales with Marc Metrick as CEO.
- Collaboration: Amazon to provide technology and logistical support, while Salesforce to focus on AI integration.
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Stay tuned for further updates on this developing story as Amazon solidifies its position in the retail sector through strategic partnerships and investments.
