MarcusNYSE: MCS

Saks Fifth Avenue parent company and Amazon are joining forces to purchase Neiman Marcus.

The parent of high-end retailer Saks Fifth Avenue is buying rival Neiman Marcus, with some help from Amazon.com, as luxury brands try to navigate slowing demand and rising competition from fast fashion.

Storch Advisors CEO Jerry Storch joins 'Money Movers' to discuss Saks parent company's decision to buy Neiman Marcus, luxury retail's pandemic comparisons to today, and much more.

Saks Fifth Avenue's owner, Hudson's Bay Co. closed a $2.65 billion acquisition of luxury retailer Neiman Marcus, according to The Wall Street Journal, which will merge Saks and Neiman with the help of Amazon and Salesforce amid a stagnating personal luxury market.

The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus, according to people familiar—all with a little help from Amazon.

HBC, the parent company of luxury department store Saks Fifth Avenue, has signed a $2.65 billion deal to buy rival retailer Neiman Marcus with support from Amazon (AMZN), according to reports.

The deal will give Amazon unprecedented access to the luxury market – a tricky segment where the company has tried and mostly failed to get a credible foothold for more than a decade.

The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus with a little help from Amazon , the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus, according to people familiar with the matter, creating a powerhouse in luxury retailing that seeks to hang onto wealthy shoppers—all with a little help from Amazon.com AMZN -1.21%decrease; red down pointing triangle.