Saks Global exited bankruptcy on the evening of Friday, June 26, and did so with a new name. The company that owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman will now be named Exemplar Luxury Group (ELG).
The new name signals where Saks wants to go from here: to pursue growth with a focus on high-touch service for the luxury consumer. “Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three,” CEO Geoffroy van Raemdonck said in a statement. “As the gateway to the US luxury customer, we are uniting coveted brands with unrivaled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem.”
The group has exited bankruptcy with a nearly 75% debt reduction and what the company describes as “sufficient liquidity” to pursue long-term profitable growth. In its next phase, ELG will focus on personalization in order to better serve the luxury consumer, according to the company.
It’s been a long road to get to this point. Saks Global officially filed for bankruptcy in January, kicking off a saga of restructuring under van Raemdonck, who was appointed to the CEO role when Saks filed. This included some store closures (including the majority of its off-price Saks Off 5th locations), tapping additional financing, and repairing relationships with brands.
ELG has not yet communicated which brands it will keep on board under the new structure, what new vendor agreements will look like, nor when, or if, brands will receive still-outstanding payments. That means the future is still uncertain for the breadth of independent and emerging designers — many of whom are still waiting for payments they aren’t confident they’ll ever receive — across ELG’s three retailers.
“We greatly appreciate the commitment of our new owners, who understand the value of our banners and the growth opportunity for Exemplar Luxury Group,” van Raemdonck continued. “It is a new day for ELG, and we are focused on executing our business plan with discipline and investing in the experiences that matter most to our customers. Neiman Marcus, Saks Fifth Avenue, and Bergdorf Goodman have long set the standard for luxury retail in the US, and we are committed to building upon that legacy.”
