Two opposing realities surround the formation of Saks Global: a narrow vocal segment predicts failure, while leadership execution centers the U.S. consumer within the global luxury ecosystem. The December merger of Saks and Neiman Marcus, led by Marc Metrick, creates substantial U.S. luxury retail scale. Scale enables growth; operational efficiencies reduce costs; technology brings innovation; and strategic investments enable personalization and elevated service. The combined platform increases choice, governs price increases, provides space for emerging designers, and supports the competitiveness and creativity of the U.S. luxury market. The Federal Trade Commission approved the deal quickly as beneficial for the U.S. economy and consumers.
For nearly 35 years I have been advising the CEOs and leadership teams of retailers and consumer businesses on strategies for transformation and success. Along the way I have had a front-row seat to the global forces remaking the luxury retail sector. Today I find myself confronting two very different realities regarding one of the most consequential deals of our time: the formation of Saks Global.
The combination of Saks and Neiman Marcus into a single entity last December - with Saks' veteran Marc Metrick at the helm, who I have worked with over the years - represents one of the most significant developments in U.S. luxury retail in decades. Scale drives growth, operational efficiencies reduce costs, much needed technology brings innovation, and strategic investments enable personalization and service at the level of luxury customers expect.
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