"For the second time in his career, luxury executive Geoffroy van Raemdonck has been tasked with fixing an iconic department store company brought low by financial engineering. In 2018, he was hired to fix Neiman Marcus Group, which was struggling to to keep up with shifting consumer trends and unprofitable under the weight of heavy debt from years of private equity ownership."
"On Tuesday, Van Raemdonck was appointed CEO of Saks Global, the same day as the luxury department store giant, which includes Neiman Marcus Group (and its Bergdorf Goodman division) and Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection. Saks Global is the result of a $2.7 billion deal in 2024 masterminded by real estate scion Richard Baker-one that failed spectacularly because of the confluence of slumping sales and sky-high debt, leaving in its wake angry vendors, empty shelves, and AWOL consumers."
Geoffroy van Raemdonck has been appointed CEO of Saks Global as the company, including Neiman Marcus and Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection. The conglomerate traces to a $2.7 billion 2024 acquisition by Richard Baker that collapsed amid slumping sales and heavy debt, producing supply disruptions, angry vendors, and lost customers. Van Raemdonck previously led Neiman Marcus through the pandemic and returned it to profitability. He emphasizes emotional connection with customers and a philosophy of "leading with love." He now faces the challenge of restoring inventory, vendor relationships, customer trust, and financial stability.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]