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☆ Saks CEO: Core luxury consumer is holding up in the U.S., not as much abroad
▼ + stars: | 2024-11-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaks CEO: Core luxury consumer is holding up in the U.S., not as much abroadMarc Metrick, Saks CEO, joins 'Money Movers' to discuss why it feels like the luxury sector is in challenging times, what helped Saks business in years prior, and much more.

Persons: Marc Metrick Organizations: Saks Locations: U.S

☆ Saks CEO on Neiman Marcus deal: It's an 'exciting' time to do it
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaks CEO on Neiman Marcus deal: It's an 'exciting' time to do itSaks CEO Marc Metrick joins 'Money Movers' to discuss why the chief executive put the deal with Neiman Marcus together now, what it says about the future of department stores, and what Amazon's role is in the new company.

Persons: Neiman Marcus, Marc Metrick Organizations: Saks

☆ Saks Fifth Avenue is buying Neiman Marcus with Amazon’s help
▼ + stars: | 2024-07-05 | by ( Nathaniel Meyersohn | Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Saks Fifth Avenue and Neiman Marcus are merging to create a luxury department store empire. “We’re thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman,” said HBC CEO Richard Baker in a release. Saks has 39 stores, while Neiman Marcus, which filed for bankruptcy in 2020, has 36 stores. Neiman Marcus also owns Bergdorf Goodman. Both of them will report to Baker, who becomes the executive chairman of Saks Global.

Persons: New York CNN —, Neiman Marcus, Bergdorf Goodman, “ We’re, ”, Richard Baker, Marc Metrick, Ian Putnam, Baker, Louis Vuitton, Michael Kors, ” Neil Saunders, “, Amazon, Saunders Organizations: New, New York CNN, New York CNN — Saks Fifth, Saks, HBC, Saks Fifth, Saks Global, HBC Properties, Canadian, Brands, Neiman, Capri, GlobalData, Federal Trade Commission, FTC Locations: New York, Hudson’s, Glendale , California, Columbus , Ohio

☆ Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal
▼ + stars: | 2024-07-04 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Saks Fifth Avenue parent HBC said on Thursday it will acquire Neiman Marcus Group in a $2.65 billion deal combining the storied retailers. The combination will establish Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus' namesake department store chain and Bergdorf Goodman. "We're thrilled to take this step in bringing together these iconic luxury names," HBC CEO Richard Baker. "This is an exciting time in luxury retail," Baker added, citing technological advancements that can "redefine" the customer experience. Neiman Marcus Group CEO Geoffroy van Raemdonck called the partnership a "proactive choice in an evolving retail landscape."

Persons: Neiman Marcus, Bergdorf Goodman, We're, Richard Baker, Baker, Marc Metrick, Ian Putnam, Geoffroy van Raemdonck, what's Organizations: Saks Fifth, HBC, Saks Global, Saks, HBC Properties, Investments, Neiman

☆ Two luxury rivals are joining forces — and Amazon is getting in on the action
▼ + stars: | 2024-07-03 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

In a deal that shows just how hard things are getting in the luxury retail space, Saks Fifth Avenue's parent is purchasing rival department store company Neiman Marcus for $2.65 billion, The Wall Street Journal reported. Amazon — which has long tried to boost its luxury offerings as part of its "everything store" concept — and Salesforce are getting in on it, too, with both taking minority stakes in the new company, Saks Global. As e-commerce and the power of luxury conglomerates like LVMH and Kering have grown, department stores are facing diminishing returns. If not, rather than schlep back to the department store, why not go straight to the source, the Loewe boutique? It also makes the new company's leader — Marc Metrick, who runs Saks' e-commerce business — a natural choice.

Persons: Neiman Marcus, Taylor, Macy's, Bergdorf Goodman, Porter, Loewe, — Marc Metrick, Louis Vuitton, Gucci, Saint Laurent, Kering, Neimans, They've, Bernard Arnault's LVMH Organizations: Service, Saks Fifth, Street Journal, Saks Global, Loewe, Saks, Dior Locations: New York

☆ Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.

Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S

☆ Retail return fraud is rising as key holiday deadline approaches
▼ + stars: | 2024-01-29 | by ( Courtney Reagan | ) www.cnbc.com time to read: +5 min

As more consumers shop online and send back more of those orders, retailers have moved to crack down on fraud. Retailers expect 16.5%, or $24.5 billion worth, of holiday returns to be fraudulent this year, according to a survey by Appriss Retail and the National Retail Federation. Shipping back an empty box or a different item than was received, such as a box of bricks instead of a television, is the most common form of return fraud, according to Pitney Bowes' Ramachandran. Zoom In Icon Arrows pointing outwards Source: Appriss Retail/National Retail FederationReturn abuse is more commonThere's also less egregious behavior, often considered return abuse rather than fraud. More than half, or 56%, of consumers confess to "wardrobing," according to a survey from fraud prevention firm Forter.

Persons: it's, Vijay Ramachandran, Pitney, we've, Michael Osborne, Marc Metrick, That's, Pitney Bowes, Ramachandran, fraudsters, Osborne, Doriel Abrahams, Abrahams, Jeff Greenberg Organizations: Pitney Bowes, Retailers, Appriss Retail, National Retail Federation, Appriss, Saks, Shipping, CNBC, National, Federation, Ikea, Universal, Getty Locations: Doral , Miami

☆ Marc Metrick: Luxury Is A State Of Mind
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarc Metrick: Luxury Is A State Of Mind"My ambition was to learn as much as I possibly could." Saks CEO Marc Metrick shares what ambition means to him and what he's learned during his time leading Saks.

Persons: Marc Metrick, he's Organizations: Saks

NEW YORK (AP) — Retailers are kicking off the unofficial start of the holiday shopping season on Friday with a bevy of discounts and other enticements. The group has forecast that U.S. holiday sales will rise 3% to 4% for November through December, compared with a 5.4% growth of a year ago. For the holiday 2021 season, sales for the two-month period surged 12.7%. Many retailers had already ordered fewer goods for this holiday season and have pushed holiday sales earlier in October than last year to help shoppers spread out their spending. But retailers said that many shoppers will be focusing more on deals and will likely wait until the last minute.

Persons: Brian Cornell, There’s, ”, Marc Metrick, Kohl's, Barbara Lindquist, That's, Lindquist, she’ll, “, Sensormatic, Marshal Cohen, ” Cohen, ‘, Anne Organizations: —, Shoppers, Walmart, Saks Fifth, Saks, National Retail Federation, Adobe Analytics, Adobe, Solutions Locations: Hawthorne Woods , Illinois, Panama, U.S

☆ Saks CEO Marc Metrick: Luxury consumer sentiment starting to turn to 'less worse'
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaks CEO Marc Metrick: Luxury consumer sentiment starting to turn to 'less worse'Saks CEO Marc Metrick joins 'Squawk on the Street' to discuss what Metrick's seeing in recent luxury spending data, what's driving the rise in luxury spending, and more.

Persons: Marc Metrick Organizations: Saks

☆ How will we know when Ukraine's long-awaited counteroffensive has started? Experts say look for the Western armor.
▼ + stars: | 2023-05-17 | by ( Jake Epstein | ) www.businessinsider.com time to read: +10 min

But military experts say Kyiv's use of Western armor will signal the start of a larger offensive. "The Ukrainian counteroffensive, I think, is going to start with a bang, literally and figuratively," Mark Cancian, a retired US Marine Corps Reserve colonel, told Insider. Ukraine's expected counterpunch will come on the heels of what turned out to be a lackluster offensive carried out by Russian forces during the winter. The armored vehicles in particular are expected to help Ukraine hit hard and exploit gains quickly with shock, firepower, and mobility. You want to keep the Russian armed forces guessing as to, is this actually the commitment of their main forces?"

☆ SVB collapse was driven by ‘the first Twitter fueled bank run’
▼ + stars: | 2023-03-14 | by ( Jennifer Korn | ) edition.cnn.com time to read: +4 min

New York CNN —The massive amount of customer withdrawals that led to the collapse of Silicon Valley Bank had all the hallmarks of an old-fashioned bank run, but with a new twist befitting the primary industry the bank served: much of it unfolded online. Customers withdrew $42 billion in a single day last week from Silicon Valley Bank, leaving the bank with $1 billion in negative cash balance, the company said in a regulatory filing. “It was the speed, fueled by zero distribution costs for both rumors and withdrawals, that was so destabilizing.”Silicon Valley Bank was arguably uniquely susceptible to those factors given its tech-focused customer base. The next day, the US Federal Deposit Insurance Corporation stepped in and took control of the bank, which only added to the viral panic on Twitter. “THAT IS THE PROPER REACTION.”Hours later, the Biden administration stepped in and guaranteed the bank’s customers would have access to all their money starting Monday.

☆ A string of Russian failures got scores of troops killed in a Ukrainian strike, and Moscow's reaction only made things worse
▼ + stars: | 2023-01-14 | by ( Jake Epstein | ) www.businessinsider.com time to read: +9 min

Scores of Russian troops were killed over the New Year holiday in a Ukrainian HIMARS strike. A string of Russian command failures allowed the deadly attack to happen. If they did, it is unclear if Russian troops were explicitly told not to use their phones and did anyways, or if these rules were actually enforced. It backfired though, as Russian milbloggers expressed anger with Russian military leadership after it came out that Russia's claims were made up. The Ukrainian strike on Makiivka is not the only time where Kyiv has been able to take advantage of Russian command failures during the nearly 11-month-long war, either.

☆ Watch CNBC’s full interview with Saks CEO Marc Metrick
▼ + stars: | 2022-12-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Saks CEO Marc MetrickMarc Metrick, Saks CEO, joins 'Closing Bell' to discuss the state of luxury retail and consumer spending this holiday season.

☆ Saks CEO on consumer spending: The appetite is there for luxury
▼ + stars: | 2022-12-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaks CEO on consumer spending: The appetite is there for luxuryMarc Metrick, Saks CEO, joins 'Closing Bell' to discuss the state of luxury retail and consumer spending at this holiday season.

☆ Fed's standing repo facility a key tool some say could be improved
▼ + stars: | 2022-11-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The Fed’s Standing Repo Facility allows eligible firms, who are mainly large banks, to quickly convert their Treasuries into short-term cash loans. But many experts and market participants say its existence should help if trouble arrives. Focus has gravitated to the Standing Repo Facility given the market fragility as major central banks around the world have pursued aggressive rate increases to lower the highest levels of inflation in four decades. But observers believe the Treasury market might be okay in the face of the trouble in part because the Standing Repo Facility will help ensure liquidity is there for those who need it. Meanwhile, Hammack said one other way the Standing Repo Facility could be made strong is for bank regulators to take it on board when assessing financial firms’ overall liquidity positions.

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