Saks news and archive

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,...

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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 survey shows luxury consumers feeling less optimistic

Luxury consumers in the US are feeling notably less optimistic about the economy, according to the latest Saks Global Luxury Pulse survey, and the intent to spend on luxury “has soften”. The quarterly survey, which analyses luxury consumers’ attitudes towards spending and the economy, found that luxury consumer optimism about the economy...

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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...

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ABG and Saks top executives on new luxury group: "Necessary for American fashion industry"

US fashion companies Authentic Brands Group and Saks Global announced their collaboration, ‘Authentic Luxury Group’, in 2024. At the World Retail Congress in London, chief executive officer Jamie Salter (CEO Authentic) and Richard Baker (executive chairman Saks) shared further details about the collaboration. The joint interview, led by congress...

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Amazon and Saks Fifth Avenue team up on luxury storefront

Marketplace giant Amazon has teamed up with US department store Saks Fifth Avenue on a new multi-brand storefront, featuring a curation of luxury fashion and beauty brands that will now be housed under ‘Luxury Stores at Amazon’. Through the new partnership, Amazon Fashion customers can now browse and shop a selection of women’s and men’s...

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Saks eyeing raised debt as trade uncertainty grows

Department store giant Saks Global Enterprises is said to be mulling the possibility of raising more debt as uncertainty around tariffs continues to grow. In a statement to Bloomberg, the company said: “In this period of economic uncertainty, driven by tariffs and the threat of further trade restrictions, we are prudently evaluating...

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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...

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Saks Global Luxury Pulse: Confidence among luxury consumers drops yet optimism is retained

It seems luxury consumers are retaining some level of calmness and optimism despite a drop in confidence elsewhere. According to the latest Saks Global Luxury Pulse survey, 45 percent of luxury consumers reported “feeling calm about the economy” which, while down 12 percentage points on the prior year, was almost on par with those feeling “...

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Saks Fifth Avenue unveils ‘Saturday Night Live’ collection

American retailer Saks Fifth Avenue is celebrating NBC’s Emmy Award-winning late-night comedy show ‘Saturday Night Live’ 50th anniversary with an exclusive merchandise collection, pop-up stores and window displays. Fans of the comedy show can shop exclusive SNL-inspired merchandise and explore editorial content and videos showcasing memorable...

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Unwrapping in 2025 – Fashion giants tackle a challenging market: Acquisition and bankruptcy aftermath

From blocked merger attempts to widescale bankruptcies, 2024 has been somewhat of a rollercoaster for brands across all subcategories. FashionUnited takes a look at what is on the horizon as the biggest stories of this year continue to unfold into 2025. Head-to-head: Fashion giants tackle turbulent market A major merger at Saks and Neiman Marcus...