The Saks “ecosystem” of dot-com and stores is sustaining momentum as their assortments grow, diversify and capitalize on a pickup in women’s luxury fashion sales.
That’s the key message in the latest quarterly letter to vendors from Marc Metrick, chief executive officer of Saks Inc., the e-commerce operation of theWhile major retailers including Target, Kohl’s, Abercrombie & Fitch and Walmart have reported higher costs, inflationary concerns and reduced outlooks for the year, Metrick stayed upbeat in his letter and away from macro issues.
The Saks e-commerce business is majority-owned by the Hudson’s Bay Co. The Saks stores operation is wholly-owned by HBC, which does not publicly report profitability.GMV pertains to sales of merchandise procured through traditional wholesale buying as well as through other means such as consignment, concession, or leased shop, without actually owning the merchandise.
“While fashion remains at our core, we are continuing to grow our assortment with the expansion of categories that are relevant to our customers’ lifestyles. This includes home and kids, both of which performed well, achieving significant growth during the quarter,” Metrick wrote. The CEO also indicated that the company is building its consumer data set and expanding customer acquisition efforts and investments, including its reach in video campaigns and podcast advertising as well as launching advertising on TikTok.
Metrick also noted the New York flagship “reemerged” as a top performer, driven by higher spending from top customers, including strong sales within the Fifth Avenue Club, which is the personal shopping service. Menswear on the seventh floor is being renovated. Tourism and the office population has increased in the city this year.
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