Saks Global news and archive

Saks Global survey shows luxury consumers feeling less optimistic

Luxury consumers in the US are feeling notably less optimistic about the economy, according to the latest Saks Global Luxury Pulse survey, and the intent to spend on luxury “has soften”. The quarterly survey, which analyses luxury consumers’ attitudes towards spending and the economy, found that luxury consumer optimism about the economy...

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Saks Global secures 350 million dollars in financing commitments

Saks Global, the newly formed retail group comprising Saks and Neiman Marcus, has announced that it has secured 350 million dollars of financing commitments from SLR Credit Solutions. This reflects progress against its previously announced measures to strengthen its balance sheet, the company said in a release. Anticipated the close on or before...

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ABG and Saks top executives on new luxury group: "Necessary for American fashion industry"

US fashion companies Authentic Brands Group and Saks Global announced their collaboration, ‘Authentic Luxury Group’, in 2024. At the World Retail Congress in London, chief executive officer Jamie Salter (CEO Authentic) and Richard Baker (executive chairman Saks) shared further details about the collaboration. The joint interview, led by congress...

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Report: Saks Global working with advisors on liquidity and financing strategies

US luxury department store chain Saks Global enlisted financial and legal consultants to secure its liquidity. As industry magazine Women's Wear Daily (WWD) reported on Monday, the company is working with financial experts from Bank of America and PJT Partners, as well as law firms Willkie Farr & Gallagher and Kirkland & Ellis. While PJT...

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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 confirms closure of Neiman Marcus Dallas store

Neiman Marcus’ Downtown Dallas store is set to close March 31, Saks Global has confirmed in a press release. The company, which is currently in the process of merging its operations with the newly acquired Neiman Marcus Group (NMG), responded to circulating rumours that suggested otherwise. This comes despite reports that officials for the City...

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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 completes the acquisition of Neiman Marcus

Saks Global, a luxury retail and real estate company, has finalized its acquisition of Neiman Marcus Group (NMG) for a total enterprise value of 2.7 billion dollars. Saks Global portfolio now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH, each continuing to serve customers under their own brand. Commenting on the...