For over a century, Saks Fifth Avenue represented a manifestation of American aspiration — a luxury icon whose flagship on New York’s Fifth Avenue served as a vital crossroads for the global fashion industry. But even the most storied institutions are not infallible. On Jan. 13, the newly formed Saks Global — parent company of Saks, Neiman Marcus, and Bergdorf Goodman — filed for court-supervised restructuring.
Saks Global’s crisis was largely self-inflicted. The acquisition of Neiman Marcus, coupled with slow payments to vendors resulted in a deepening inventory crisis.
As debt obligations mounted and cash reserves dwindled, Saks fell further behind on vendor payments, prompting suppliers to freeze shipments. Without new merchandise to sell, revenue plummeted, trapping the retailer in a terminal liquidity crunch. It was caught up in a downward spiral that left its industry reputation in tatters.
Now, just four months into Chapter 11, the company’s new CEO Geoffroy van Raemdonck is leading a turnaround effort to salvage its reputation and restore trust with its customers and the wider industry.
In this special episode of The BoF Podcast, BoF’s retail editor Cathaleen Chen (@kittykewlcat ) and Imran Amed (@imranamed ) sit down with van Raemdonck to unpack his plans for a big turnaround.
🎙️ Listen now #linkinbio #TheBoFPodcast
đź“· Saks Global
For years, @Revolve was fashion retail’s byword for influencer marketing, particularly around its over-the-top Coachella event. But as the Instagram aesthetic matures and the cost of human-led marketing rises, the company is pivoting. The new mandate? To become as much an AI powerhouse as it is a party-hosting fashion giant.
In a recent conversation with Retail Editor Cathaleen Chen (@kittykewlcat ), Revolve founders Michael Mente and Mike Karanikolas argued that AI isn’t just a buzzword for the board; it’s the engine that will sustain their multi-billion dollar dominance.
Chen joined The Debrief to talk about how Revolve is pushing the limits of how AI can be used in retail, and whether its strategy is working.
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đź“· @Revolve
Nearly a year after President Donald Trump’s “Liberation Day” tariffs sent shockwaves through the fashion industry, the Supreme Court ruled he did not have authority to impose the sweeping levies. For an industry that imports billions of dollars in clothing, footwear and accessories into the US each year, the decision initially felt like relief. But that optimism narrowed almost immediately as new tariffs were introduced at 10 percent, with Trump indicating they could be raised to 15 percent over the weekend.
BoF reporters Marc Bain (@marcbain_ ) and Cat Chen (@kittykewlcat ) unpack what this means for prices, refunds and the supply chain.
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đź“· Pexels
my big wet january in no order: lizards, liza, new shoes, new watch (jk), pink eye, industry, boris watching heated rivalry, cooking at home, billiards, clowns etc
Saks’ bankruptcy was widely expected, yet still felt like a shock to the fashion system.
The department store giant’s Chapter 11 filing outlines $1.75 billion in restructuring finance and $3.4 billion owed to as many as 25,000 creditors — including $136 million to Chanel alone. Who will get paid, and what Saks looks like at the other end of the bankruptcy process, is an open question.
Former Neiman Marcus chief Geoffroy van Raemdonck will lead the reset. As BoF’s retail editor Cat Chen (@kittykewlcat ) puts it, Saks will need to “shrink in order to grow,” curb discounting, and rebuild trust through clientelling and service.
🎙️ Listen now #linkinbio #TheDebriefPodcast
