Under the leadership of new parent company Hudson's Bay Co., Saks is saying goodbye to safe fashions and hello to more unique—and more expensive—items.
According a report in The Wall Street Journal, the retailer is growing the store's high-end offerings, ramping up its orders for brands such as Chanel and Gucci. It's a significant change in strategy for Saks, which offered customers more affordable luxuries following the recession.
"Our customers already have everything they really truly need," Saks' new president Marigay McKee told the Journal. "We really have to offer rarer, more unique things."
Following Hudson's Bay Co.'s fourth-quarter earnings report Thursday, Citi analyst Oliver Chen said in a research note that he believes Saks, which saw its same-store sales gain 3.1 percent in the quarter, may benefit from a boost in the wealth effect.
To read the full report from The Wall Street Journal, click here.