Latest news with #luxuryretail
Yahoo
18-07-2025
- Business
- Yahoo
Saks Global taps Neiman Marcus vet as CFO
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Dive Brief: Neiman Marcus Group veteran Brandy Richardson will join Saks Global as chief financial officer on Aug. 18, the luxury department store said Wednesday. She succeeds Mark Weinsten, who has been interim CFO since Saks' $2.7 billion acquisition of Neiman Marcus. Richardson spent 15 years at Neiman Marcus in various financial roles but since 2021 has served as CFO of Tailored Brands. Weinsten also served in various posts at Neiman Marcus, including as chief restructuring officer during the retailer's bankruptcy five years ago. Also on Wednesday, Tailored Brands said it has launched a search for a permanent CFO and that, meanwhile, the finance team will report to incoming CEO John Tighe. Dive Insight: In a statement, Saks Global CEO Marc Metrick said the company has 'great momentum on our journey to redefine luxury shopping' and that Richardson's experience fits with its goals. 'With her deep background in both luxury retail and finance, Brandy is the right leader to drive Saks Global's financial performance as we execute on our ambitious transformation strategy and capitalize on the significant growth opportunity within the luxury market," he said. Richardson spent 15 years of her quarter-century career at Neiman Marcus; in a statement Wednesday, she called that time 'foundational to my career.' 'I'm energized by the opportunity to return to luxury retail as part of Saks Global during this incredibly exciting time for the company,' she said. 'I look forward to helping drive the company's future success by identifying and pursuing opportunities for sustainable, long-term growth." But she will arrive with Saks Global's finances under strain. The company is grappling with a debt load, facing outstanding obligations to vendors and chasing synergies from the tie-up with its luxury rival. S&P Global Ratings analysts earlier this month called its recent $600 million financing agreement with existing bondholders 'tantamount to a default' and warned of ongoing free operating cash flow deficits. In early June, Saks Global executives told BMO Capital Markets that the company has mended fences with vendors frustrated with waiting on payments and made progress in its five-year goal to achieve $600 million in savings from its merger with Neiman Marcus. The bumpy first year or so at Saks Global has left an opening for rivals, particularly Nordstrom and Bloomingdale's, analysts say. Recommended Reading Bed Bath & Beyond, finally in Chapter 11, is going out of business Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
18-07-2025
- Business
- Wall Street Journal
A Men's Guide to the Best Classic Loafers, From $215 to $947
Since the 1980s, the likes of Gucci and Ferragamo have dominated the loafer market, as go-to brands for Wall Street guys. In recent years, however, loafers have become the default smart-casual style for all kinds of men. 'In the last 12 months, loafers have actually overtaken all other categories of shoes for us,' said Bob Mitchell, co-CEO of Mitchell Stores, which owns luxury retailers across the U.S. From trendy direct-to-consumer labels to custom programs to old faithfuls, the current loafer market is tricky to navigate. How much should you spend? What are the best-value brands? We've landed on three stellar penny loafers across the price spectrum. All should last for years thanks to their Goodyear welt construction, an intricate method that allows for resoling, in which a strip of leather (the welt) is stitched to the shoe upper, before the sole is stitched to the welt.
Yahoo
17-07-2025
- Business
- Yahoo
EXCLUSIVE: Saks Global Names Brandy Richardson CFO
Saks Global has named Brandy Richardson as its next chief financial officer, a crucial role in light of the luxury retailer's recent financial pivots and efforts to assure creditors and vendors that it's now on firmer financial footing. For Saks, challenges still remain and business throughout luxury retailing remains tough, but Richardson is no stranger to the sector. She has spent the majority of her career at the Neiman Marcus Group where she held several finance leadership roles of increasing responsibility over her 15-year tenure, establishing her as a familiar figure to the industry. New York-based Saks Global purchased NMG for $2.7 billion in December. More from WWD S&P Cuts Saks Global's Credit Rating to CC After a Year of High-stakes Financing, Saks Turns Back to High-stakes Retailing From Sex Clubs to Castles, Latex to Upcycling, Berlin Fashion Week Had Something for Everyone Richardson starts her new job on Aug. 18. She will be succeeding interim CFO Mark Weinsten, who joined Saks Global to lead the company's finance organization through the initial stages of its transformation following the acquisition. Richardson joins Saks Global direct from Tailored Brands Inc., where she has served as executive vice president and CFO since 2021. Aside from her knowledge of luxury retail, she is credited with implementing strategic initiatives that led to stronger financial positions and growth. Marc Metrick, the chief executive officer of Saks Global, in a statement provided to WWD, said that in addition to Richardson's extensive background in strategic finance, 'she has deep experience in luxury, including a long tenure at Neiman Marcus Group, which will be instrumental to driving our financial performance amid the current luxury retail environment. I am confident that she is the right leader to lead our finance organization during this pivotal time for our company and industry.' 'I'm excited to return to luxury retail — a sector I'm deeply passionate about — and join Saks Global at such a pivotal moment, with tremendous opportunities on the horizon,' Richardson said, in another statement. 'My tenure at Neiman Marcus Group was fundamental to my career and I look forward to leveraging my foundational knowledge as we work together to redefine luxury shopping.' Richardson will report to Metrick and join Saks Global's team in Dallas, where she lives. Richardson and Weinsten will be working together for awhile during a transition period. Saks Global includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, as well as some U.S. real estate holdings and investments. Before joining Saks Global in his interim role in February, Weinsten was a managing director in BRG Corporate Finance based in Boston. He's accustomed to taking on interim roles, and previously served as Neiman Marcus Group's interim CFO, and earlier, Neiman's interim chief restructuring officer. He also once served as NMG's chief operating officer, interim CEO at Z Gallerie and interim CEO of Manischewitz, among other executive roles. Recently, Saks made an initial $120 million interest payment due to creditors on the $2.2 billion in debt it raised to buy Neiman Marcus. Sources said Saks made the payment on time. Just before making that payment, Saks reached a deal with bondholders for up to $600 million in new financing to increase the company's liquidity and better meet obligations to vendors, but the maneuver triggered a downgrade by Standard & Poor's. The financing package included $200 million in commitments that are subject to certain conditions and a $400 million first-in, last-out (FILO) asset-based credit facility, carved out of the company's $1.8 billion asset-based facility. But $100 million of the FILO facility included an exchange of some of the $2.2 billion bonds, de-prioritizing some lenders. Aside from its new borrowings, Saks officials have said that the company's financial condition will be improving through synergies and consolidations attained after the acquisition. 'We have both significantly accelerated our plans for synergy capture and increased our expected annual cost reduction to $600 million over the next few years,' Metrick said in a recent statement. Although Saks has been slow to pay vendors over the last couple of years, it has lately been said to be making payments to many vendors per its new schedule announced in February. The company is also in the process of making good on past-due bills from last year. Specifically, Saks notified brand partners that effective March 1, vendors will be paid 90 days from receipt of inventory and that all past-due balances will be paid in 12 monthly installments beginning this month. Vendors are not happy with the 90-day payment schedule, which is very rare in the industry and makes it more challenging for many brands and designers to sustain operations. WWD continues to hear from some vendors indicating that Saks has begun making good on its promises to fulfill payment obligations per its new payment schedule, as well as other vendors who agonize over having yet to see any money come in. Some also cite new chargebacks. One vendor said it is owed several hundred thousands of dollars between Neiman Marcus and Saks from orders shipped and received last year and early this year, and that it froze shipping to the group. But Saks Global officials have maintained the company has ample liquidity to be stronger partners to brands and that it has a master plan to 'reset' how it conducts business. Saks Global is cutting approximately 600 vendors from its matrix. 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RNZ News
17-07-2025
- Business
- RNZ News
DFS confirms Auckland, Queenstown closures
DFS' Auckland store will continue operating until the end of September. Photo: Supplied Luxury travel retailer Duty Free Shoppers has confirmed it will close all stores in Australia and New Zealand by the end of September. Duty Free Shoppers (DFS) told RNZ its Sydney store would remain open through 10 September, while its Auckland and Queenstown outlets would continue operating until 30 September. The move was part of a broader effort to streamline global operations in response to what the company described as "challenging economic conditions". "This decision reflects challenging economic conditions and is aligned with DFS' broader strategy to optimize global operations," the company said in a statement. "We are immensely grateful to our employees for their hard work, passion and contributions, and to our partners and customers for their loyalty over the over the years." Founded in Hong Kong in 1960, DFS pioneered the concept of tax-free shopping. Now part of the French luxury conglomerate Moët Hennessy Louis Vuitton, the company operates in major airport terminals and city centers, offering high-end fashion, beauty products, accessories, jewelry and alcoholic beverages from more than 750 brands. DFS' Queenstown store will continue operating until the end of September. Photo: Supplied DFS first entered the Oceania market more than 30 years ago, becoming a fixture for international tourists seeking tax-free luxury goods. The Auckland store opened in the 1990s, operating out of the historic Custom House in the heart of the city's central business district. In late 2022, DFS expanded to Queenstown, one of New Zealand's premier tourism destinations. The closures reflect a broader shift in trading conditions across the Asia-Pacific region, as the travel retail sector continues to navigate post-pandemic recovery, changing consumer patterns and economic headwinds. DFS did not disclose how many employees would be impacted by the closures of its Australia and New Zealand stores but confirmed that support would be provided to staff. "We are unable to provide the number of employees affected, but we can confirm that transition support is in place for them." the company said in a statement.
BBC News
05-07-2025
- Business
- BBC News
Scotch Corner Designer Village opening pushed back to 2027
A luxury retail park has pushed back its opening for a further time, nine years later than its original launch developers behind Scotch Corner Designer Village near Richmond said it would now open in spring 2027.A statement from the company said 50% of phase one of the development was built, with construction beginning on the second half in Simon Waterfield said the shopping outlet would feature local design talent and artisans, and create 1,300 jobs. He said: "This increased visitor time to the region is expected to boost the local economy substantially with additional tourism, overnight and longer visits."Scotch Corner Designer Village is committed to creating a low-carbon, sustainable shopping and leisure destination."The power services have been upgraded for the whole area and this fits with our commitment to eventually provide more than 250 electric car charging points."Plans for the designer village were approved by Richmondshire District Council in 2016, with developer Scotch Corner Richmond LLP originally saying it hoped the scheme would be open by late 2020 the group said it would launch in autumn 2023 but this was moved back to September 2024. According to developers the outlet has a projected annual footfall of four million, and has already let 82% of said retailers signed up included Monsoon, Lindt, M&S, Calvin Klein and Levi's, as well as restaurants Pizza Express, Pret A Manger, Wagamama and Five previously raised concerns about delays to the Angus Thompson said he believed a decision on the National Highways A66 dual carriageway upgrade would dictate to North Yorkshire Council, under the granted planning permission, amendments to Scotch Corner roundabout are required before the development can be brought into use.A spokesperson for Scotch Corner Designer Village said National Highways and Scotch Corner Richmond LLP had permission for the roadworks needed to open the said the works – which include widening nearby roads and adding more exits – would take six to nine months and be ready "well in advance of our planned opening date of spring 2027". Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
