A half-billion-dollar scam shatters Amazon's luxury goods dreams.

The $475 million investment in Saks was once seen as key to Amazon's conquest of the elite, but the bankruptcy turned that ambition into a failure.

The bankruptcy of Saks Global has officially ended the ambitious partnership between Amazon and the more than 100-year-old department store chain.

Amazon's $475 million investment, once expected to open the door to the luxury goods market, is now considered "worthless" by the company itself.

Amazon accuses Saks of poor financial management, burning through hundreds of millions of dollars in less than a year and leaving a mountain of unpaid bills.

Tensions escalated as Amazon sought to prevent Saks from accessing a $1.75 billion bailout loan, fearing its interests would be violated.

The "Saks on Amazon" project was once considered a breakthrough, combining Amazon's technology platform with the traditional luxury shopping experience.

Despite some positive initial signs, Saks' sales on Amazon remained below $100 million, far short of expectations.

This failure exposes the paradox that Amazon's mass-market convenience is incompatible with the exclusivity of luxury brands.

For Amazon, the half-billion dollar loss didn't shake the financial empire, but it was a costly lesson for its ambitions to conquer the high-end market.

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