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- Saks Fifth Avenue is purchasing Neiman Marcus for $2.65 billion amid luxury retail challenges.
- Amazon and Salesforce are taking minority stakes in Saks Global, the new company.
- The news shows how hard it is for department stores today — particularly compared to luxury giants.
In a deal that shows just how hard things are getting in the luxury retail space, Saks Fifth Avenue's parent is purchasing rival department store company Neiman Marcus for $2.65 billion, The Wall Street Journal reported.