Neiman Marcus news and archive

Saks Global shuffles leadership team as slew of execs exit

Luxury retail group Saks Global has initiated a reorganisation of its management in a bid to cut costs, with a slew of top executives due to step down from the firm. According to WWD, which initially reported the news, the reshuffle will see chief executive officer, Marc Metrick, become more directly involved with brand partners. The media...

Retail

Saks Global introduces new incentives for top sellers

Luxury retail group Saks Global is set to debut a new incentives programme for its top sellers at both its Saks Fifth Avenue and Neiman Marcus locations. The ‘Seller Success Track Programme’ is described by the retailer as a “reimagined approach” to empowering its most impactful selling associates, supporting their "individual businesses”. First...

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Saks Global's Q2 performance impacted by inventory issues

According to WWD, Saks Global reported a decline in both revenue and profit for the second quarter, weighed down by persistent inventory challenges and higher operating costs. For the quarter ended August 2, revenue dropped 11.1 percent to 1.6 billion dollars, while gross merchandise value slipped to 2 billion dollars. The company's net loss...

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Saks cuts 90 jobs amid latest cost-cutting efforts

Luxury department store Saks is reported to have slashed 90 jobs among its workforce, building on wider cost-cutting efforts already underway at the retailer. According to WWD, which cited an internal memo received via an anonymous source, individuals within Saks’ commercial organisation were largely among those impacted, including the...

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Saks Global feels the pinch: reports Q1 top- and bottom-line declines

Akin to others in its sector, Saks Global is starting to see the impact of the currently challenging luxury environment reflected in its financials. For the first quarter of the year, the luxury retail group reported widening losses and lowered revenue as issues with inventory flow took precedence. According to the company’s financial report,...

Fairs

Saks Global outlines ‘data-driven’ strategy for menswear at Pitti Uomo

Saks Global has outlined a new “data-driven” strategy for its menswear offering. The luxury retail group, formed of Saks Fifth Avenue and Neiman Marcus, among other department stores, revealed its intention to tap into identified growth opportunities at the ongoing Pitti Uomo 108 in Florence, Italy. Much of this centres around zoning in on...

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Saks Global secures 350 million dollars in financing commitments

Saks Global, the newly formed retail group comprising Saks and Neiman Marcus, has announced that it has secured 350 million dollars of financing commitments from SLR Credit Solutions. This reflects progress against its previously announced measures to strengthen its balance sheet, the company said in a release. Anticipated the close on or before...

Retail|In Pictures

In Pictures: Jacquemus opens bowling-inspired space in Neiman Marcus Dallas

Jacquemus has pinned down a new space in Neiman Marcus. The French luxury brand has opened a bowling-inspired installation at the US department store’s Dallas NorthPark location. Until April 2, shoppers can interact within the exclusive experience, which features a branded operational bowling alley. The space references the brand’s bowling bag,...

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Saks Global confirms Neiman Marcus Downtown Dallas Store closure

Saks Global, which acquired Neiman Marcus in 2024, has confirmed the impending closure of its store in downtown Dallas, Texas. The company has been unable to reach an agreement with the leasing landlord and the city regarding the store's location. In a statement published on February 27, Saks Global reiterated its aim to shut down its Neiman...

Retail

Saks Global confirms closure of Neiman Marcus Dallas store

Neiman Marcus’ Downtown Dallas store is set to close March 31, Saks Global has confirmed in a press release. The company, which is currently in the process of merging its operations with the newly acquired Neiman Marcus Group (NMG), responded to circulating rumours that suggested otherwise. This comes despite reports that officials for the City...

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Saks Global to layoff 5 percent of corporate workforce

Luxury department store Saks Global is believed to be laying off around 5 percent of its corporate workforce as it continues to merge its operations with Neiman Marcus. According to an internal memo sent to employees and seen by Bloomberg News, the layoffs will impact employees in the finance, legal and operations departments. Staff at Saks...

Retail

Saks Fifth Avenue’s acquisition of Neiman Marcus could be the future of U.S. luxury retail

Saks Fifth Avenue’s recent acquisition of Neiman Marcus marks a pivotal shift in America’s competitive landscape of luxury retail. The creation of Saks Global as the parent company of both brands has immediately elevated its market presence, positioning it as the second-largest player in the luxury department store space by visit share. While...