Demand for Luxury Goods Increasing: Saks CEO
Shares of high-end retailer SaksInc. are up 70 percent from 2009, boosted by sales of such items as custom-tailored shirts, shoes and handbags, and lines unique to the department-store chain, CEO and Chairman Steve Sadove told CNBC Monday.
“We are seeing the consumers out shopping,” said Sadove, of the holiday season and the just-finished Black Friday weekend.
“Certainly the luxury consumers are feeling much better about themselves, and they’re showing that through their pocketbook.”
He said customers look to Saks for exclusive pieces under its own label and brands found only in the chain. Ten to 15 percent of Saks' merchandise fits into that category now, added Sadove; he plans to up that percentage to 20 within the next few years.
Although Saks’ core of customers are American, Sadove said that European tourists are shopping at the store increasingly.