Hudson’s Bay Company has reached a deal with Neiman Marcus to acquire the luxury department store chain, according to media reports citing people with knowledge of the matter.
Sources told the Wall Street Journal and New York Times that Toronto-based HBC, which owns rival luxury retailer Saks Fifth Avenue, will purchase Neiman Marcus for US$2.65 billion.
Both Saks and Neiman Marcus have struggled as consumers have curbed their spending amid high inflation and interest rates.
HBC will reportedly finance the deal with US$2 billion raised from investors.
Per the WSJ report, Amazon and Salesforce will each hold a minority stake in the combined company, which will be called Saks Global.
Salesforce will support the adoption of AI while Amazon will provide technology and logistical expertise, the report said.
Saks head of eCommerce Marc Metrick will run the combined companies, it added.