Saks Global is implementing significant changes to its vendor strategy due to financial pressures following the acquisition of Neiman Marcus. With a current portfolio of 2,660 brands, it plans to cut 500 to 600 brands to streamline operations. Executive chairman Richard Baker emphasized the importance of focusing on 'controlled brands', which offer greater control over merchandising and profits. This shift reflects a broader trend in retail towards vertically integrated models and aims to strengthen brand identity while managing inventory more effectively, potentially impacting many smaller brands reliant on department store sales.
It's not about the number of brands-it's about the right brands, which highlights Saks Global's focus on quality over quantity in their vendor strategy.
Controlled brands, which we co-develop, allow us to provide stronger control over merchandising, marketing, and margins, indicating a strategic shift from third-party products.
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