Headlines

No More Saks Brand

Luxury retailer said it will discontinue private label development

Published

19 years ago

July 8, 2005

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Saks Fifth Avenue Enterprises (New York) has announced plans to close its private label brand and its product-development division by the end of September, citing its strategy to focus on upscale designer merchandise.

Parent company Saks Inc. (Birmingham, Ala.) said it will provide assistance to the 15 employees in Saks Fifth Avenue’s product development division.

“The discontinuation of our private label brand is consistent with our merchandising strategy,” said Ronald Frasch, vice chairman and chief merchant of Saks Fifth Avenue Enterprises. “In the future, our private label initiatives will be more aligned with this overall vision of the company and will be developed by our internal merchant team in conjunction with our existing trading partners.”

The company also announced that June same-store sales increased 6 percent, topping Wall Street estimates on growth from the Saks Fifth Avenue segment as well as results from its Saks Department Store Group.

For the monthly sales reports by companies like Wal-Mart, Neiman Marcus, Target and Gap, visit the Retail Financial Reports channel on this web site.

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