ABG and Saks top executives on new luxury group: "Necessary for American fashion industry"
The joint interview, led by congress host Steph McGovern, revealed that the collaboration between the two companies had been about 12 years in the making. It took a long time to get everyone at Saks Global on board. Recently, it became clear that collaboration was necessary, not only for the two companies but, according to them, for the US industry as well. 'We had to do it, otherwise there would be no US industry left.'
Salter stated that he had wanted to enter the luxury and premium industry with Authentic Brands Group for some time. 'For years, we were only about distribution, and if you want to enter the luxury industry with your brand portfolio, you also need to have a distribution channel.'
For this, he had his eye on the Saks Global brands (Bergdorf Goodman, Neiman Marcus and Saks Fifth Avenue). It was only when it became clear how much the consumer landscape was changing that everyone at Saks realised they could also benefit from the collaboration. Baker said during the event: 'There is 600 million dollars in synergy between our companies'. Buying luxury from Amazon will "feel natural" in five years
The top executives indicated that there is an industry in which too many discounts are given, there are too many suppliers, and there is not enough margin. This is not sustainable in the long term. Within the joint venture between Saks and Authentic Brands Group, hundreds of suppliers are being cut, poorly performing brands are being divested, the company is moving further away from private label, and it is putting premium partnerships in the foreground.
Part of the new partnership is also the link with Amazon. Saks has opened its own online shop within Amazon. Although Amazon is not directly linked to luxury items at the moment, Baker believes that in five years this will 'feel very natural'.
This luxury feel of Authentic Luxury Group is to be enhanced by entering the world of luxury homes and hotels. The execs said that some are already in the making. These residences have an entire Saks look and feel. 'If a building in Bangkok says it is a Saks building, then the US expats immediately know it is a luxury residence.'
After the duo interview at the World Retail Congress, it is clear that the two have big plans for Authentic Luxury Group. This article was translated to English using an AI tool.
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