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Saks Global Enterprises said Friday that the departure of CEO
Marc Metrick is effective immediately, and that he will be
replaced by Executive Chairman Richard Baker. Baker will
continue to serve as executive chairman.
In addition to debt from Saks' $2.65 billion acquisition of
Neiman Marcus in the summer of 2024, the company is facing
increasing competition from a fragmenting luxury goods sector.
Hudson’s Bay Co., the Canadian owner of Saks Fifth Avenue, split
off the luxury retailer’s e-commerce business, Saks.com in 2021.
After acquiring Neiman Marcus three years later, Saks Fifth
Avenue changed its name to Saks Global.
Saks Global, based in New York City, completed a $600 million
notes offering in August in an effort to bolster its liquidity
following the Neiman Marcus acquisition.
The company is trying to winnow down its heavy debt load with
global sales of luxury goods that are expected to contract for
the second straight year in 2026. Wealthier customers have
rebelled against extravagant price hikes on goods that haven't
drummed up much excitement, in addition to growing anxiety about
the global economy, according to a new study by Bain & Co.
consultancy released in November.
Metrick joined Saks Fifth Avenue in 1995 and held a variety of
positions at Saks and Hudson’s Bay. He was named CEO of Saks
Fifth Avenue in 2021 and CEO of Saks Global in 2024.
The company said Friday that he is stepping down to pursue new
opportunities.
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