Reliance and Zalando are said to be on board to help fund a potentially $3 billion buyout of Neiman Marcus.
But first, the actual deal has to be put together, and questions about the transaction’s financing have long loomed over the process. Now, it seems the answer might come with a twist.The funds for the deal are said to be coming from at least two unusual sources — Europe e-commerce giant Zalando and Indian retail and real estate player Reliance.Saks declined to comment and a representative for Neiman Marcus said the company would not “comment on speculation or rumors.
“It was all about what the go-forward plan looks like,” said one person familiar with the pitch to investors. “That’s not a position of strength. It was more selling the synergies and all of the ways to improve the profitability of the Neiman’s business.”But Baker has surprised his doubters repeatedly and has built a retail empire that has proven to be both large and malleable enough to flex with the times.
One source said if the Saks-Neiman’s deal comes together, the Saks corporate structure would be maintained with one side overseeing e-commerce and another leading the brick-and-mortar business. Likewise, Reliance could help create inroads to India, a growing market that’s proven difficult for foreign companies to tap into.
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