Subj : Amazon is inching into the luxury goods market in search of high-
To   : All
From : TechnologyDaily
Date : Mon Jul 08 2024 17:30:05

Amazon is inching into the luxury goods market in search of high-quality data

Date:
Mon, 08 Jul 2024 16:18:34 +0000

Description:
Neiman Marcus snapped up in Saks Fifth Avenue buyout, with Amazon helping on 
the data and logistics front.

FULL STORY
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Amazon has purchased a minority stake in luxury department store chain Neiman 
Marcus in a bid to expand its reach into more markets (via Engadget ). 

Despite revolutionizing ecommerce over the course of around two decades, 
Seattle-based Amazon has failed to penetrate the luxury goods sector 
highlighting extensive data that the company is set to be able to collect. 

With the new strategic move, Amazon aims to leverage its data and logistics 
expertise to bring the luxury retailer up to speed while gaining greater 
insight into more spending habits. Amazon buys stake in Neiman Marcus 

Saks Fifth Avenue and its parent company Hudsons Bay Company announced the 
$2.65 acquisition of Neiman Marcus late last week (via The Wall Street 
Journal ). The deal consolidates two of the largest US luxury retailers, 
while Amazons role as a minority investor pends regulatory approval. 

If successful, Amazon is set to contribute to the deal by gathering and 
analyzing high-quality customer data to offer more personalized shopping 
experiences and enhanced logistics in a setup set to benefit both it and 
Naiman Marcuss new owners. 

However, Amazons efforts to tap into the luxury market have been met with 
mixed reviews in the past. In 2016, LVMH stated that Amazons business did not 
fit its own, adding that customers of high-end goods from the likes of Louis 
Vuitton, Dior and Givenchy prefer to buy directly from their own stores or 
from certain resellers. 

The size of Amazons stake remains unconfirmed, however with Neiman Marcus and 
Saks expected to generate $10 billion in combined annual sales, it could 
prove a lucrative deal. 

Amazon declined to add any further comment. More from TechRadar Pro These are 
the best ecommerce platforms Weve rounded up a list of the best online 
collaboration platforms Web scraping is becoming a major issue  and these are 
the most scraped websites around today



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Link to news story:
https://www.techradar.com/pro/amazon-is-inching-into-the-luxury-goods-market-i
n-search-of-high-quality-data


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