Saks Fifth Avenue news and archive

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...

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...

BusinessMember

Saks Fifth Avenue enters franchise agreement with Reliance Retail

US luxury department store Saks Fifth Avenue has established a franchise agreement in India with the country’s retail giant, Reliance Retail. This was announced in Reliance Industries’ consolidated results for the quarter ended 31 December, 2024. Here, the group, the parent company of Reliance Retail, revealed that its Premium Brands business...

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...

Fashion|In Pictures FeaturedMember

Christmas displays from around the world

With Christmas fast approaching, FashionUnited has rounded up the best of this year’s festive displays, from Sir Paul Smith’s takeover at Claridge’s in London to Selfridges maximalist take on the holiday season, Saks Fifth Avenue’s dazzling 100th-anniversary showcase in New York, Fenwick’s 12 Days of Christmas in Newcastle, Dior’s showstopping...

PeopleMember

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...

BusinessFeaturedMember

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...

BusinessMember

Story3 invests in luxury ecommerce platform Saks.com

Story3 Capital Partners has announced a significant new investment in luxury ecommerce destinations Saks.com. Commenting on funding in Saks, Peter Comisar, founder and managing partner of Story3 and former Goldman Sachs Partner, stated, "We believe we are at the early innings of powerful global growth and penetration for luxury brands. As new...

Fashion

Thom Browne and Saks partner on capsule collection

US designer Thom Browne and luxury department store giant Saks have revealed a collaborative capsule collection available exclusively through the retailer’s e-commerce site and select Saks Fifth Avenue stores. The limited edition line draws inspiration from the “playful spirit of California”, which has been applied to women’s ready-to-wear...

BusinessMember

Saks Fifth Avenue reportedly mulling financing options for Neiman Marcus offer

The owners of Saks Fifth Avenue are believed to be in discussions regarding the raising of financing to contribute to a potential offer for rival department store Neiman Marcus. Saks’ flagship location in Manhattan is believed to have been valued at 3.62 billion dollars, sources for Bloomberg stated, a significant increase on a 2019 appraisal...

Retail

In Pictures: Saks Fifth Avenue's reimagined flagship store in Beverly Hills

Saks Fifth Avenue has unveiled its revamped flagship store in Beverly Hills as the fashion retailer seeks to position itself as the "quintessential destination" for luxury fashion. Officially opening its doors to the public on February 8, the new 130,000 square-foot store spans six floors and offers a curated selection of women's designer...