Sacks global is an American holding company – an umbrella to luxury stores like Saks Fifth Avenue; Bergdorf Goodman, and Neiman Marcus, a holding company that was founded in July 2024. The company has decided to focus on retaining ‘controlled brands’ out of its portfolio.
On Wednesday during a retail congress event it was announced by executive chairman Richard Baker that the company will be cutting 600 out of its 2660 vendors that don’t fit the portfolio; he said; “We had to right-size our vendor matrix. When we put all these companies together, it turned out we had 2,660 vendors. Too many and terms of many of these vendors weren’t right. We had to reset our expectations for what vendor relationships would look like.”
According to WWD the group will focus on brands with larger margins expecting at least 20% of sales to come from those vendors and their products. Sacks global’s brands tend to be at the back when you look into the fashion industry compare to LVMH and Kerings whose brands are more in the fore front with high profit margin, it’s no surprise the Saks is revisiting its portfolio.
