Saks Fifth Avenue news and archive

Bloomberg: Saks Global faces potential Chapter 11 bankruptcy filing

Saks Global, the parent company of luxury department store Saks Fifth Avenue, is considering filing for Chapter 11 bankruptcy in the US. This move is being considered a last resort amid growing financial difficulties, according to reports from Reuters and Bloomberg News. The potential filing comes as the company grapples with high debt and...

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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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Business

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...

Fashion

LoveShackFancy partners with Visit Savannah for capsule collection

Visit Savannah, the tourism and marketing organization for Savannah, Georgia, and the Chatham County area, has partnered with New York-based fashion brand LoveShackFancy to develop and launch a limited-edition capsule collection. Exclusively available at Saks Fifth Avenue, the collection is described as a celebration of the “shared spirit of...

Retail

Saks Fifth Avenue unveils new, AI-driven personalized homepage

Saks Global, the multibranded retailer that owns Saks Fifth Avenue, Neiman Maruc, and Bergdorf Goodman, has unveiled a new personalised homepage for Saks Fifth Avenue online and mobile app. Gradually rolled out from 5 percent of all its ecommerce traffic, the company released the change to all visitors, directing 100 percent of its Saks.com...

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Business

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...

Retail

Hudson’s Bay to liquidate remaining seven stores

Department store group Hudson’s Bay Company has confirmed that it plans to liquidate its remaining six own brand stores and one Saks Fifth Avenue location. The company deduced that a viable bid for the six-store model was now “unlikely”. From April 25, the remaining stores will therefore join 73 Hudson’s Bay sites, 13 Saks Off 5th locations and...

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Business

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 expands personal shopping services to The London West Hollywood in LA

Saks Fifth Avenue has partnered with The London West Hollywood at Beverly Hills to bring its luxury personal shopping and styling service, The Fifth Avenue Club, to West Hollywood. Marking a significant milestone in the program's evolution, the new Fifth Avenue Club West Hollywood expansion sees the luxury retail chain bring its exclusive and...

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...

Culture

Saks celebrates SNL legacy through retail storytelling

In a collaboration that bridges entertainment and luxury retail, Saks Fifth Avenue has transformed its flagship store windows into a nostalgic tribute to Saturday Night Live's 50-year cultural legacy, leveraging the iconic comedy show's brand equity to create a unique retail experience. The immersive installation, curated in partnership with...