Latest news with #EmilyEssner
Yahoo
12 hours ago
- Business
- Yahoo
EXCLUSIVE: Saks Global Broadens Emily Essner's Role; Mary McGreevy Named Chief Stores Officer
Saks Global has widened the role of Emily Essner, president and chief commercial officer, and has promoted Mary McGreevy to chief stores officer for Saks Fifth Avenue and Neiman Marcus. The changes stem from a 'strategic realignment' to integrate the Saks Fifth Avenue and Neiman Marcus store teams into the central commercial organization, Saks Global disclosed Friday to WWD. More from WWD Saks Global Team to Outline Men's Strategy at Pitti Uomo Saks Global Update: What's on the Minds of Vendors Saks to Open Isabel Marant Pop-up at Flagship With the change, all customer-facing functions for Saks Fifth Avenue and Neiman Marcus, including brand partnerships and buying, merchandise planning, marketing, digital, commercial analytics and customer insights — and now store experience as well — will be part of the Saks Global commercial organization, led by Essner. The switch has led to some other key executive changes. Mary McGreevy has been named chief stores officer for the Saks Fifth Avenue and Neiman Marcus stores, reporting to Essner. McGreevy previously served as regional vice president, South region, for Saks Fifth Avenue and Neiman Marcus. Larry Bruce, president of stores for Saks Fifth Avenue and Neiman Marcus, is leaving the company. McGreevy had reported to Bruce. 'We are continuing to execute on our integration strategy, and with that, we are creating a more unified approach in how we serve customers,' said Marc Metrick, chief executive officer of Saks Global, in a statement Friday. 'By integrating our store teams into the commercial function, we will be better positioned to capitalize on opportunities to better serve our customers, driving growth for our business and that of our brand partners.' Essner reports to Metrick. Essner said in a statement: 'Mary is a results-oriented leader with an impressive track record of delivering customer-centric strategies that accelerate performance and drive impact across our stores. Building on the solid foundation laid by Larry, she brings a distinctive blend of visionary thinking, entrepreneurial spirit and a deep understanding of the evolving needs of today's luxury consumer. With her ability to cultivate high-performing teams and elevate the customer experience, I'm confident she is the right leader to oversee our Saks Fifth Avenue and Neiman Marcus stores in this next chapter and deliver on our ambitious goals.' 'My focus is on supporting and enabling our teams to curate tailored customer experiences that fuel growth,' McGreevy stated. Bruce is credited with pioneering Saks Fifth Avenue's clienteling program and sharpening the company's focus on differentiated client experiences to create loyalty and customer value. Prior to his role overseeing the Saks Fifth Avenue and Neiman Marcus stores, he served as president of the Saks Fifth Avenue stores. 'Larry has played a pivotal role in shaping our business over his 22-plus year tenure,' Metrick said. 'During this time, he has been a wonderful thought partner and a constant source of support. He has shown great leadership during this important integration period for our company, ensuring stability, continuity and a strong foundation for our future as Saks Global.' McGreevy has more than two decades of strategic customer-focused and operational leadership at Saks and elsewhere. Her role has spanned business development, customer engagement and cross-functional partnerships with key brand stakeholders. Her new role does not include Bergdorf Goodman, which has a separate buying and stores team from Saks Fifth Avenue and Neiman Marcus. Since joining Neiman Marcus in 2018, McGreevy has held several leadership spots, where she has played a pivotal role in driving performance across its NorthPark flagship in Dallas and other key markets. 'She has led complex store openings and renovations, evolved selling structures and built high-performing teams that consistently exceeded financial targets,' Saks Global indicated in its statement. 'Earlier in her career, Mary spent over 15 years at Bloomingdale's, where she led store openings and spearheaded initiatives that reshaped the customer experience and selling model for the brand. Her early experience in merchandising, buying and sales continues to inform her leadership style.' Essner was promoted to president and chief commercial officer at Saks Global in December, when Saks Global consummated its $2.7 billion deal to buy the Neiman Marcus Group. Before that, Essner was chief marketing officer for Saks Fifth Avenue for four-and-a-half years, and earlier Saks's senior vice president of marketing and digital for more than three years. Earlier in her career, she was vice president of corporate strategy at the Hudson's Bay Co., director of corporate strategy at Saks Fifth Avenue and a senior associate at McKinsey & Co. Through the integrations of its operations, Saks Global, while looking to operate more efficiently and respond to trends and customer needs faster, is seeking to cut about $600 million in annual costs. This spring, approximately 550 workers were terminated, cutting 3 percent of Saks Global's total workforce following cuts made earlier in the year. Another 500 jobs were also eliminated when Saks closed an owned fulfillment center in Tennessee recently. Best of WWD Macy's Is Closing 66 Stores in 2025 — Here's the List, Live Updates Inside the Demise of Lord & Taylor COVID-19 Spikes Elevate Retail Concerns
Yahoo
5 days 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
5 days 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
Fashion Network
6 days ago
- Business
- Fashion Network
Luxury spending sentiment drops to lowest level since 2023: Saks Luxury Pulse survey
Luxury consumers are growing increasingly cautious with their spending, according to the latest Saks Luxury Pulse survey. The quarterly survey found a notable decline in optimism among high-end shoppers, with just 28% of respondents expressing confidence in the broader economy, a 13% drop from January 2025 and a 17% decrease compared to April 2024. Still, affluent consumers remain somewhat more confident in their personal finances. Among those earning $200,000 or more, 67% reported feeling prepared financially. As a result, the luxury consumer's intent to spend on luxury has softened compared to recent surveys. Only 47% of luxury consumers said they plan to spend the same or more on luxury over the next three months, the lowest figure since Saks began tracking sentiment in April 2023. Among higher-income respondents, this number dipped even further, with only 48% planning to maintain or increase luxury spending, down 15 percent from both the previous quarter and last year. 'As the expert on the luxury consumer, we know that uncertainty in the macroenvironment impacts their intent to spend on luxury. With that in mind, we believe it's our responsibility as the largest multi-brand luxury retailer in the world to adapt to the uncertainty by demonstrating the value of our experience and quality of our luxury assortment,' said Emily Essner, president and chief commercial officer, Saks Global. 'We also know that the luxury consumer is resilient - they are typically the last in and first out of these moments of uncertainty - and we believe they will embrace luxury shopping as economic conditions improve. With that, we see this as an opportunity to double down on our strategy to inspire customers through hyper-personalized shopping experiences.'
Fashion Network
6 days ago
- Business
- Fashion Network
Luxury spending sentiment drops to lowest level since 2023: Saks Luxury Pulse survey
Luxury consumers are growing increasingly cautious with their spending, according to the latest Saks Luxury Pulse survey. The quarterly survey found a notable decline in optimism among high-end shoppers, with just 28% of respondents expressing confidence in the broader economy, a 13% drop from January 2025 and a 17% decrease compared to April 2024. Still, affluent consumers remain somewhat more confident in their personal finances. Among those earning $200,000 or more, 67% reported feeling prepared financially. As a result, the luxury consumer's intent to spend on luxury has softened compared to recent surveys. Only 47% of luxury consumers said they plan to spend the same or more on luxury over the next three months, the lowest figure since Saks began tracking sentiment in April 2023. Among higher-income respondents, this number dipped even further, with only 48% planning to maintain or increase luxury spending, down 15 percent from both the previous quarter and last year. 'As the expert on the luxury consumer, we know that uncertainty in the macroenvironment impacts their intent to spend on luxury. With that in mind, we believe it's our responsibility as the largest multi-brand luxury retailer in the world to adapt to the uncertainty by demonstrating the value of our experience and quality of our luxury assortment,' said Emily Essner, president and chief commercial officer, Saks Global. 'We also know that the luxury consumer is resilient - they are typically the last in and first out of these moments of uncertainty - and we believe they will embrace luxury shopping as economic conditions improve. With that, we see this as an opportunity to double down on our strategy to inspire customers through hyper-personalized shopping experiences.'
