Saks Fifth Avenue is now under new corporate ownership and should be seeing some major changes in its retail outlets soon – a completely different name The company was acquired by Hudson’s Bay, a Canadian department-store chain that owns Lord & Taylor.
HB’s chairman and New York real-estate tycoon, Richard Baker had interest in Saks even before he purchased Lord & Taylor in 2006 and has plans to convert several Saks’ locations into Lord & Taylor department stores. He will also be introducing Saks Fifth Avenue to the Canadian market.
With these new changes, Saks Chairman and CEO Steve Sadove is expected to leave the company. Saks’ two largest shareholders, Carlos Slim and Diego Della Valle remain on board.
I hope Hudson’s Bay revises their thinking and keeps the name ‘Saks Fifth Avenue’ alive. Saks only needs a revamping, it is still synonomous of luxury American department stores.