Saks' CEO Steve Sadove says that he is optimistic about the luxury market and that they're seeing a strong purchase performance from new customers. For the second quarter the high-end department store posted a net loss of $24.6 million, or 17 cents a share, versus a prior-year net loss of $51.9 million, or 38 cents a share.
Among the top selling brands, Chief Merchandising Officer Ron Frasch says that the Zegna shop will be the largest volume point of wholesale in the world for that brand. Saks is also paying attention to its own private label merchandise and is currently refining it.
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