In a groundbreaking $2.65 billion deal, the parent company of Saks Fifth Avenue is set to purchase rival department store chain Neiman Marcus in partnership with Amazon. Despite operating in the same markets, HBC CEO Richard Baker has assured that there are no plans to close stores or reduce services. The appeal of Neiman Marcus lies in its personalized in-store experience and dedicated sales force, emphasizing the importance of human interaction in luxury retail. The transaction, reported by the Wall Street Journal, will create a new entity named Saks Global with an estimated $10 billion in annual sales. Amazon will have a minority stake and provide technological support, while Salesforce will also be a minority shareholder. The deal, funded by HBC with $2 billion from investors, is expected to face regulatory scrutiny for consolidation in the fashion retail industry. Marc Metrick of Saks e-commerce will lead the combined companies, as reported by USA TODAY.