Saks news and archive

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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Business

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 “...

Fashion|Beauty

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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Business

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...

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Business

Against all odds: Luxury records an unexpected performance at the end of the year

While the luxury sector has experienced some real turbulence this year, a study is shaking up the forecasts. According to the latest Saks Luxury Pulse survey, 82 percent of affluent consumers plan to increase their spending this holiday season. This almost unexpected burst of optimism offers new insights into the outlook for the sector. But what...

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Business|fashion

Authentic Brands Group partners with Saks Global on luxury venture

Authentic Brands Group, the global brand development, marketing, and entertainment platform, is launching a joint venture with Saks Global to grow its luxury and accessible luxury brands, building on its successful collaboration with Barneys New York. The new venture, called Authentic Luxury Group, will leverage the combined capabilities of...

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People

Following merger announcement, Saks COO steps down for helm position at Voomi

Days after the announcement plans to merge the Neiman Marcus and Saks businesses, the latter has already waved goodbye to one of its top executives. RJ Cilley, the former chief operating officer of Saks Fifth Avenue, has stepped down from the luxury retailer to become chief executive officer for HVAC supplier Voomi Supply. His departure comes...

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Business

Hudson’s Bay officially confirms Neiman Marcus takeover

Following a slew of media reports on the matter, Hudson’s Bay Company (HBC) has officially confirmed its acquisition of Neiman Marcus Group (NMG), the parent company of Neiman Marcus and Bergdorf Goodman. The long-anticipated transaction amounted to 2.56 billion dollars, and will result in the establishment of Saks Global, a combined portfolio...

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Business

Saks parent company acquires Neiman Marcus, Amazon to be investor

In what has been a long-winded back-and-forth that has spanned multiple years, it is now believed that department store powerhouses Saks Fifth Avenue and Neiman Marcus Group are finally set to merge. According to multiple media reports, Saks parent company Hudson’s Bay Co. (HBC) has secured an agreement to purchase Neiman Marcus Group for a...

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Fashion

Saks names ‘The New Wave’ 2024 designers

American retailer Saks has named British designer Nicholas Daley among the ‘Class of 2024’ participants for its designer accelerator programme designed to support independent brands in accelerating their growth within the fashion and retail industries. The ‘New Wave at Saks’ accelerator, presented by Mastercard, is now in its fourth year and has...