The luxury retail market is set to undergo a major transformation as the parent company of Saks Fifth Avenue has agreed to acquire Neiman Marcus in a $2.65 billion deal, creating a powerhouse in the high-end department store sector. This move comes after Neiman Marcus filed for bankruptcy during the pandemic and follows Saks' acquisition of the Barneys name years earlier. The new entity, Saks Global, will have 75 stores, including Bergdorf Goodman locations, and 100 off-price outlets, establishing itself as a dominant player in the market. The combined company will be led by Marc Metrick, the current CEO of Saks. With Macy's and Nordstrom as its only real competitors in the United States, the acquisition is seen as a strategic move to consolidate the luxury retail landscape, despite both retailers facing financial challenges in the past.