Former Chief Merchant at Harrods, Marigay McKee was recently hired as President of Sakes Fifth Avenue following the departures of Chief Executive Officer Stephen Sadove and President Ron Frasch. McKee is credited with turning Harrods into a top-performing luxury retail destination and is now undergoing the same transformation with Saks. The revamp is expected to cost $1.25 billion dollars, which will include high-luxury items and services, new branding, and broadening the Saks customer by bringing in a younger and trendier clientele. McKee ensures not to alienate Saks’ existing clientele, as the company is notorious for being an elegant emporium once frequented by Audrey Hepburn, Grace Kelly and Jackie Kennedy. Our excitement for the store’s arrival at Bloor and Yonge just spiked a bit…
In November, Hudson’s Bay Co. (HBC) acquired the prestigious but loss-making New York Saks store for $2.4 billion. The consolidation of the Hudson’s Bay, Lord & Taylor and Saks brands creates a company that is now operating 320 stores. Saks has already announced an expansion into Canada.
McKee plans to refurbish the company by modernizing the chain and focusing more on trends. The key will be not to extinguish the loyalty current Saks customers have shown for the brand. She will do so by concentrating on cities with large populations of college students and young professionals, as well as bringing in new and emerging as well as international designers from Britain and France. Choosing distinct merchandise for every location and bringing in more exclusive products from designers will differentiate Saks from competing stores.
To cater to the uber-luxury shoppers at Saks, McKee intends to sell goods such as exotic-skin fashions, as well as couture and runway clothing in locations where the richest clients want to spend hundreds of thousands of dollars. This is similar to what she did at Harrods, continually increasing the retailer’s price points.
The governor and CEO of Hudson’s Bay Company, Richard Baker, claims that “Marigay McKee’s experience as an effective world-class leader in the international luxury retail space is well-aligned with our vision for the Saks Fifth Avenue brand. She has a proven track record of success at the highest level of luxury and I’m very excited for her to head up our Saks business at HBC.”
McKee is one of the most influential figures in British fashion, a prominent figure in the front rows of fashion shows at London, Milan and New York fashion weeks, and is a member of the British Fashion Council board.
McKee has stated, “I am delighted to join Hudson’s Bay Company to head up Saks Fifth Avenue and work with their dedicated team. Saks Fifth Avenue is one of the world’s preeminent luxury retailers with a rich history and tradition of exceptional customer service. Saks presents a great opportunity as a world-class brand with new frontiers for development. I’m excited for this unique challenge as we embark on this new chapter at the company.”
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Cover Image from: Businessoffashion and Visit5thAvenue
Article image from: becauseiamfabolous.com
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