"It's an area where van Raemdonck certainly has relevant experience: In 2018, he became CEO of Neiman Marcus Group (which included Bergdorf Goodman), then struggling under the weight of heavy debt from years of private equity ownership. This time around, as CEO of Saks Global, which also piled on debt stemming from the $2.7 billion union in 2024, he'll have an even tougher job with multiple chains to fix."
"During his six years running Neiman Marcus, he succeeded in protecting its market share from the industry headwinds facing luxury department stores andreturned it to profitability. As CEO of Neiman Marcus Group, he often called his management philosophy "leading with love," a term that often won him snickers at conferences. What it really meant was making sure luxury was not merely transactional but more about a deeper connection with the consumer,"
Saks Global filed for Chapter 11 bankruptcy protection after piling on debt from a $2.7 billion union in 2024 and facing cash crunches and delayed vendor payments. Geoffroy van Raemdonck will lead the turnaround, bringing experience from restoring Neiman Marcus to profitability while protecting market share amid industry headwinds. His management philosophy emphasized emotional connections with wealthy customers through personalized service and fashion leadership. The turnaround must address stale or low inventory, mend relationships with beleaguered suppliers—especially smaller vendors hurt by delayed payments—and stabilize multiple chains while luxury rivals struggle despite strong consumer spending and risky prior dealmaking.
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