“This pivotal moment reinforces the enduring strength of our business, our luxury brands and our team as we look to a bright future guided by our tireless devotion to our customers,” he said. Geoffroy van Raemdonck, CEO of Exemplar Luxury Group. “Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our brands and our commitment to setting the standard of excellence for luxury retail across all three. As the gateway to the U.S. luxury customer, we are uniting coveted brands with unparalleled customer experiences to drive the growth of Exemplar Luxury Group and the broader luxury ecosystem. We are deeply grateful to our customers, brand partners, equity partners and colleagues, whose loyalty and support have made this possible.”
Exemplar Luxury Group, formerly Saks Global, emerged from Chapter 11 with nearly 75 percent debt reduction, stronger liquidity and new owners. The company will focus on profitable growth by combining Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman under an integrated luxury retail model, supported by an experienced leadership team and a reconstituted board of directors.
Solid foundation for the future
As a result of the decisive actions the Company has taken throughout the restructuring process, ELG is on a solid financial footing with an appropriately sized capital structure and the necessary liquidity to support long-term growth and profitability. ELG will continue to leverage its differentiated capabilities, including its integrated retail model, based on an optimized store footprint, e-commerce platforms and remote selling services, to better serve its customers.
Looking ahead, ELG will reimagine luxury retail by leveraging valuable customer insights to curate diverse product assortments and deliver personalized experiences tailored to the evolving needs of the luxury customer. This is driven by a world-class team, including long-serving sales associates who foster long-standing customer relationships and experienced leaders who bring deep institutional knowledge, strong connections with brand partners, and a strategic mindset to guide the company into the future. As ELG seeks to advance its leadership role in the luxury retail ecosystem as the leading gateway to the US luxury consumer, the company is focused on unlocking the full potential of the combined entity.
Van Raemdonck continued: “We greatly appreciate the commitment of our new owners, who understand the value of our brands and the growth opportunity for Exemplar Luxury Group. It is a new day for ELG and we are focused on executing our business plan with discipline and investing in the experiences that matter most to our customers. Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman have long set the standard for luxury retail in the US, and we are committed to building on that legacy.”
Board and government
Along with the emergence of the Company, its Board of Directors has recently been reconstituted. Pentwater Capital Management and Bracebridge Capital, the investment firms that have partnered with the Company throughout the restructuring process, will each have two representatives on the seven-person board. In addition, van Raemdonck and the following two independent directors have been appointed:
- David Kimbellwho previously served as CEO of Ulta Beauty. He also held leadership positions at PepsiCo and The Procter & Gamble Company, and currently serves on the board of directors of Best Buy, Inc.
- Philippe Schauswho most recently served as president and global CEO of Moët Hennessy following his role as global president and CEO of DFS Group, as well as being a member of LVMH's executive committee for more than 12 years.
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Fiber2Fashion News Desk (MS)
