Saks Fifth Avenue, Neiman Marcus parent targets male shoppers
A multi-brand luxury retailer is unveiling a new menswear strategy for two of its banners.
Saks Global is rolling out what it calls a "data-driven" strategy for its Saks Fifth Avenue and Neiman Marcus banners. According to the company, the initiative is designed to enable growth potential with curated menswear assortments and an expansive reach; and focuses on providing interchangeable pieces that can adapt to new additions.
"At Saks Global, we are on a mission to reinvent the luxury shopping experience so that each customer's experience is unmistakably their own," said Emily Essner, president & chief commercial officer, Saks Global. "With the scale of our multi-brand platform, deep customer insights, refined product assortment and personalized service, we are uniquely positioned to lead the luxury menswear category."
[READ MORE: Saks Global: Luxury shoppers to keep spending; crave personalization]
Saks Global holds about 50% market share amongst multi-brand menswear retailers. The company says it also dedicates the greatest square footage of space for the menswear category of any U.S. retailer.
According to Saks Global, it has identified growth potential and untapped customer segments in the luxury menswear market through trends including the evolution of masculinity, the rise in spending power in Gen Z and millennials, the growing trend in casualization and a return to fashion that men have adopted.
"The luxury menswear market represents a significant growth opportunity for Neiman Marcus and Saks Fifth Avenue, fueled by a new era of style-conscious consumers with a deep appreciation for quality, craftsmanship and personal expression," said Paolo Riva, chief brand partnerships & buying officer, Saks Fifth Avenue and Neiman Marcus. "Our strategy is focused on cultivating and growing our customer base and merchandising for a new customer segment, while continuing to meet the needs of our established clients."
Saks Global says this menswear strategy supports "The Art of You," a corporate initiative focused on leveraging data and AI to “build the foremost luxury shopping experience and serving customers with what, how and when they want to be served.”
Saks Global is a combination of luxury retailers including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Off 5th, as well as a portfolio of U.S. real estate holdings and investments.
