Fresh Finds // Elephant Wedding in the USA
#39
Dear Readers,
this is truly exciting: In the USA, Saks Fifth Avenue and Neiman Marcus are heading towards a merger. The owner of Saks Fifth Avenue, HBC, is acquiring its competitor for $2.65 billion. So far, the news sounds quite normal, but the addition of two new minority shareholders, Amazon and Salesforce, makes this deal particularly intriguing. The two tech giants are expected to primarily provide their expertise and help transform and future-proof the department store model.
Amazon's knowledge is unparalleled, not only in terms of future technologies like AI. More importantly, the company has mastered the art of cultivating customer loyalty and becoming the first choice among consumers. This is a challenge that luxury retail has yet to solve: since e-commerce entered this segment, loyalty to a particular retailer has been eroding. If an item is available cheaper elsewhere, the e-commerce customer is already lost. At the same time, Amazon has never been able to shed its bargain image. This deal could be a key step towards achieving that goal. We are excited to see what happens next!
Your style in progress team [email protected]
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