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...
21 Aug 2025
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...
15 Aug 2025
The first half of 2025 has been marred by an increasing number of retailers and their partners descending into bankruptcy, and ultimately liquidation, as the market continues to grapple with waning consumer confidence and heightened competition. From Forever 21 to Hudson’s Bay, we explore some of the most notable bankruptcies of the year so far,...
29 Jul 2025
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,...
18 Jul 2025
Multi-brand luxury retailer Saks Global, has announced the appointment of Brandy Richardson as its new chief financial officer, effective August 18, 2025. Richardson will succeed interim CFO Mark Weinsten, who had been leading the company's finance organisation through the initial stages of its transformation following its acquisition of Neiman...
17 Jul 2025
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...
19 Jun 2025
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...
18 Jun 2025
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...
30 May 2025
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...
16 May 2025
US luxury department store chain Saks Global enlisted financial and legal consultants to secure its liquidity. As industry magazine Women's Wear Daily (WWD) reported on Monday, the company is working with financial experts from Bank of America and PJT Partners, as well as law firms Willkie Farr & Gallagher and Kirkland & Ellis. While PJT...
13 May 2025
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...
28 Apr 2025
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...
28 Feb 2025