Latest news with #SaksFifthAvenue
Fashion United
8 hours ago
- Business
- Fashion United
Saks Global outlines ‘data-driven' strategy for menswear at Pitti Uomo
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 untapped customer segments in the luxury menswear market, particularly through a focus on rising trends like the 'evolution of masculinity' and casualisation, as well as the increased spending power of Gen Z and Millennials. According to the newly established group, which was formed after Saks acquired its rival Neiman Marcus Group last year, it holds a 50 percent market share in the US luxury menswear sector, which it hopes to leverage as it looks to unlock further growth potential. It is exactly this that was noted by chief brand partnerships and buying officer, Paolo Riva, who said such potential is being 'fueled by a new era of style-conscious consumers with a deep appreciation for quality, craftsmanship and personal expression'. Riva added: "Our strategy is focused on cultivating and growing our customer base and merchandising for a new customer segment, while continuing to meet the needs of our established clients." While in-person experiences, like stylists, will be utilised to both inspire and educate menswear customers, the strategy also puts emphasis on data and AI as part of Saks Global's wider 'The Art of You' vision, aimed at heightening the inclusion of technology across its business.
Yahoo
a day ago
- Business
- Yahoo
Saks Global Unveils Strategy for the Future of Luxury Menswear
Leveraging scale, customer insight and elevated product curation, Saks Fifth Avenue and Neiman Marcus are redefining the luxury retail experience for modern American menswear customers NEW YORK, June 18, 2025 /PRNewswire/ -- Saks Global, the largest multi-brand luxury retailer in the world, unveiled a new menswear strategy for Saks Fifth Avenue and Neiman Marcus at Pitti Immagine Uomo 108 in Florence, Italy. The company is unlocking growth potential for the luxury menswear market through a data-driven strategy, curated sartorial and luxury assortments and expansive reach that targets an untapped customer segment. "At Saks Global, we are on a mission to reinvent the luxury shopping experience so that each customer's experience is unmistakably their own," said Emily Essner, President & Chief Commercial Officer, Saks Global. "With the scale of our multi-brand platform, deep customer insights, refined product assortment and personalized service, we are uniquely positioned to lead the luxury menswear category. We look forward to collaborating with our brand partners to set a new standard in luxury retail." Saks Global is a leader in the American luxury menswear market, with about 50% market share amongst multi-brand retailers. The luxury retailer also dedicates the greatest square footage of space for the category of any U.S. retailer. The company has identified growth potential and untapped customer segments in the luxury menswear market through rising trends including the evolution of masculinity, the rise in spending power in Gen Z and Millennials, the growing trend in casualization and the return to fashion that men have adopted. "The luxury menswear market represents a significant growth opportunity for Neiman Marcus and Saks Fifth Avenue, fueled by a new era of style-conscious consumers with a deep appreciation for quality, craftsmanship and personal expression," said Paolo Riva, Chief Brand Partnerships & Buying Officer, Saks Fifth Avenue and Neiman Marcus. "Our strategy is focused on cultivating and growing our customer base and merchandising for a new customer segment, while continuing to meet the needs of our established clients." The Saks Fifth Avenue and Neiman Marcus menswear customer takes a pragmatic, thoughtful approach to their closet, looking for a stylish uniform of interchangeable pieces that adapts easily to new additions. The luxury retailer is leveraging its talented stylists to inspire and educate the menswear customer to help them build a modern wardrobe across brands and categories, dressing them for all moments of their life. This menswear strategy supports Saks Global's vision, "The Art of You," focused on leveraging data and AI to build the foremost luxury shopping experience and serving customers with what, how and when they want to be served. About Saks Global Saks Global is a combination of world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, as well as a portfolio of prime U.S. real estate holdings and investments. Saks Global is deeply committed to helping luxury consumers discover the most sought-after established and emerging brands from around the world. Powered by data-driven technology and centered on the customer, Saks Global is on a mission to redefine the luxury shopping experience through highly personalized service, with greater opportunities for product discovery across all channels. View original content to download multimedia: SOURCE Saks Global Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Saks Global Team to Outline Men's Strategy at Pitti Uomo
Saks Global is doing its best to mend fences with its vendors. The retailer that encompasses Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman is hosting an event at Pitti Uomo on Wednesday to outline its menswear strategy to the vendor community and press. More from WWD Tommy to Take New York to Florence Kiton Kicks Off Summer Season at Pitti Uomo With KNT x Sacs Bespoke Boat Homme Plissé Issey Miyake Show Is a Love Letter to Italy's Colorful Beauty The team, led by Emily Essner, Saks Global president and chief commercial officer, and Paolo Riva, chief brand partnerships and buying officer for Saks and Neiman's, will join Joo Woo, the newly named senior vice president of brand partnerships and buying for men's, and Bruce Pask, senior director of men's fashion, at Pitti to lay out the company's go-forward plan. In a preview with WWD, the team said it views menswear as its next great growth opportunity. Some 22 percent of Saks Global customers shop menswear, they said, and they are younger than the average shopper, with higher incomes. Overall, the company holds about a 50 percent share of the men's luxury market among multibrand retailers in the U.S. To appeal to this customer, the company is leaning into what Riva described as 'the new uniform,' which is a wardrobe that is more casual than in the past. 'The occasions have not necessarily changed, but the attire within the different occasions has changed and is much broader and flexible,' he said. Men today are more willing to take risks in their wardrobe choices, he continued, but are also seeking 'craftsmanship' and 'timeless items.' In order to service both the existing, more-sartorial shopper, as well as a fashion-forward shopper, Riva said Saks Global will offer 'a better representation of the menswear world through multiple brands and multiple categories,' supported by marketing that will 'educate men on wardrobing and build their confidence.' He added that the men's team is 'looking at various price points and a brand mix that will feel surprising and exciting for this customer,' one that is 'complementary to our hero brands today.' Although he declined to mention names, he said Saks Global sees an 'opportunity for us to develop that entry to the designer world to add to our sartorial assortment.' Essner said six months after the completion of the merger, Saks Global became the largest multibrand luxury retailer in the world with 70 stores and access to 30 million high-worth customers, mainly in the U.S. Although about one-third of the business, or $3 billion, is done online, the vast majority of sales still come from brick-and-mortar, she said, where the company's 3,400 stylists — nearly half of which have $1 million books — work with clients. And enhancing this personal service remains 'a huge priority for us,' she said. The menswear customer, they said, has a greater preference for in-store shopping and tends to seek out advice from sales associates. 'They really value the expertise and guidance of our associates,' Riva said. The team said that while the customer overlap between Saks and Neiman's is 'relatively low,' there's still a lot of brand overlap, but they believe there is 'room to maintain different positionings' at the two chains, according to Essner. She also addressed the 'brand mix rationalization strategy,' which involves a significant reduction in the number of brands that will be carried within the stores. Richard Baker, Saks Global's executive chairman, said some 500 to 600 brands, or 25 percent of the total, would be cut from the mix because they did not meet volume expectations. She said the reduction will have 'a very minimal impact on our top-line sales. At the end of the day, we're making sure that we are more intentional in driving business and growth and brand awareness for the brands that will be with us moving forward — creating more real estate opportunities, creating more financial opportunities through investment, creating more digital real estate opportunities.' But even those vendors that are likely to still be in the mix remain wary. Even before the $2.7 billion merger was completed last year, Saks' vendor payments had been delayed for some time. The retailer subsequently agreed to start cutting checks on merchandise that had already been delivered in past seasons this July, but also instituted 90-day payment terms on new orders. Not surprisingly, that didn't go over well with vendors. Although the retailer did pay its largest designer brands first, it was the smaller and medium-sized vendors — who could least afford the delay — who were hurt the most. Just in the past few weeks, as reported, some of the smaller brands also started to get checks, softening their stance about the retailer. Essner said Saks Global is 'in this for the long haul. There's been a fair bit of noise on us the last few months, but we've got great momentum. The work that we've done around payments has been noisy and challenging. But we have been making good on the payment plans that we have agreed to, and at this point, the vast majority of our brand partners have agreed to that 90-day timing. There's work to be done on both sides to create a luxury retail industry in the United States that works better, and we are ahead of our synergy targets for the year, which helps us be a more-sustainable business, which in turn, serves our partners as well as our customers.' Best of WWD China's Streetwear Whisperer: Peter Zhong Some 600 Exhibitors Expected at Pitti Uomo's 101st Edition Peter Manning Purchased by Longtime CEO Who Plans Expansion 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
Toronto Star
a day ago
- Business
- Toronto Star
Retailers are in trouble and there's more to come: insolvency, restructuring experts
The fall of Hudson's Bay and Saks Fifth Avenue Canada may give the impression that one of the hottest trends this year is the distressed look, but retail and insolvency experts say the company's demise is part of a now-annual pitter-patter they expect to continue. Since the COVID-19 pandemic, they've seen hundreds of retail businesses reach the brink every year. As a result, some restructured, others reduced their store count — and many closed for good.
The Province
a day ago
- Business
- The Province
B.C. mall owner offers $6 million for three Hudson's Bay leases: court documents
The deal would be separate from a bid made for up to 25 other leases held by the Bay and sister companies Saks Fifth Avenue and Saks Off Fifth Published Jun 17, 2025 • Last updated 10 hours ago • 3 minute read Weihong Ruby Liu holds up a sign during her interview with Postmedia at the Tsawassen Mills Shopping Mall on May, 18, 2025. Photo by Richard Lam / PNG The B.C. mall owner hoping to buy dozens of Hudson's Bay leases has offered $6 million to take over three locations in malls that she owns, describing it as just the beginning of a new department store empire. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Ruby Liu's offer puts a $2 million price tag on each of the leases at Tsawwassen Mills in Delta, Mayfair Shopping Centre in Victoria and and Woodgrove Centre in Nanaimo, malls she owns through her real estate business, Central Walk. The deal still needs court approval. It is separate from a bid Liu made for up to 25 other leases held by the Bay and sister companies Saks Fifth Avenue and Saks Off Fifth. The new details about how much money Liu is putting behind her push to move into old Bay properties are in court documents filed by the 355-year-old department store. It asks a judge to approve the deal. The Chinese billionaire and real estate entrepreneur said the initial $6 million was just a sliver of what she could spend on the entire 28-store package and overhaul that the sites need. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'Mayfair Shopping Centre and Woodgrove Centre all require renovations since the equipment in stores was outdated, which requires me to spend at least $30 million on renovations,' Liu said in Mandarin. The goal of the renovations will be to transform the business into a modern retailer she will name after herself and emblazon with a red jewel logo. The stores are expected to include some former Bay vendors, but would also have a product range well beyond the typical assortment for North American department stores. 'We will try to include makeup, jewelry, beautiful clothing, a children's playground, (something for) seniors, tech products and fitness facilities in these three stores,' she said. 'I hope the mall can be a place to eat, drink and have fun.' This advertisement has not loaded yet, but your article continues below. Several former Bay employees she has already hired will help her develop the new brand and revamp the Bay's vast spaces, including some that are in desperate need of repairs. Court records show the oldest of the leases in her three-store deal dates back to 1993 and is linked to Mayfair Shopping Centre in Victoria, where the Bay held a space spanning more than 166,000 square feet. A second lease for a 146,000 square-foot property at the Woodgrove Centre in Nanaimo was signed in 2000 and a third 32,700 square-foot spot for Tsawwassen Mills was occupied by Saks Off Fifth. Hudson's Bay started seeking buyers for its 96 leases in March after it filed for creditor protection and began an ultimately unsuccessful search for an investor or buyer that could keep the company alive. This advertisement has not loaded yet, but your article continues below. Real estate advisers had approached 60 firms in hopes of drumming up interest in the Bay leases. A dozen eventually made offers on a collective 39 locations. In May, Liu was chosen as the successful bidder for up to 28 leases in Alberta, B.C. and Ontario, but neither company has revealed exactly which locations — beyond the three she owns — are part of the deal. Any landlords who own properties that the Bay leased — and Liu wants to move into — must agree to the deal for it to move forward. Landlords were not part of the process that selected who would be given the leases and thus could choose to fight Liu's selection, or compel her to meet the same terms Hudson's Bay and Saks had agreed to. Aside from Liu's deal, Bay lawyers have teased that two other companies interested in some of the department store's properties will be announced soon. Other than Canadian Tire Corp. Ltd., which was selected to purchase the Bay's intellectual property for $30 million, it is unknown who else made a play for leases. Read More Vancouver Canucks Vancouver Canucks Sports Local News BC Lions
