Saks in Talks to Sell Stake in Bergdorf Goodman

Saks Fifth Avenue—colloquially known as Saks—is a storied American luxury department store chain, recognized globally for its upscale merchandise, innovative retail strategies, and enduring influence on the fashion industry[1][2]. Today, Saks operates both its flagship luxury stores and the off-price Saks Off 5th chain, catering to a broad range of customers seeking designer apparel, accessories, beauty products, and home goods[1][2]. The brand is now part of Saks Global, a newly formed entity that also includes sister brands Bergdorf Goodman and Neiman Marcus, reflecting its continued evolution in the competitive luxury retail landscape[1]. ## History Saks traces its origins to 1867, when Andrew Saks opened the first store in Washington, D.C.[1][2]. The business expanded to New York City’s Herald Square in 1902, and in 1924, the iconic flagship store debuted on Fifth Avenue—a landmark that would become synonymous with luxury shopping[1][3]. The brand’s growth accelerated after merging with Gimbels, a major department store group, allowing Saks to expand nationally and establish itself as a destination for the affluent[1][3]. Over the decades, Saks pioneered concepts such as in-store boutiques, custom tailoring, and resort stores, and was an early adopter of direct mail sales with its Folio catalog in 1970[3][4]. ## Key Achievements Saks has been a trailblazer in luxury retail, introducing the first resort store in Palm Beach, Florida, and expanding into major markets like Chicago, Miami Beach, and Beverly Hills by the late 1930s[3][4]. The creation of Saks Off 5th in 1990 marked a strategic move into the off-price segment, broadening the brand’s reach[1][4]. Saks was also an early entrant into e-commerce, launching Saks.com to complement

**Bergdorf Goodman: A Legacy in Luxury Retail** Bergdorf Goodman is a renowned luxury department store located on Fifth Avenue in New York City. Founded in 1899 by Herman Bergdorf, the store became a partnership with his apprentice, Edwin Goodman, in 1901. After buying out Bergdorf in 1903, Goodman transformed the business into a pioneering force in ready-to-wear fashion, revolutionizing the industry by offering high-quality, exclusive garments to the American market[4][5][6]. **History and Milestones:** - **Early Years:** Bergdorf Goodman introduced ready-to-wear in 1914, making it a hub for both American and French fashion. The store moved to its iconic location on Fifth Avenue in 1928[4][5]. - **Expansion and Acquisitions:** In 1972, Bergdorf Goodman was sold to Carter Hawley Hale Stores. Later, in 1987, it was spun off as part of the Neiman Marcus Group, along with Neiman Marcus and Contempo Casuals[1][3]. - **Modern Developments:** The men's store opened in 1990 across from the main location. Today, Bergdorf Goodman is celebrated for its luxury offerings and influence in the fashion world[3][8]. **Key Achievements:** - **Innovation in Fashion:** Bergdorf Goodman was the first American couturier to offer ready-to-wear, setting a new standard for luxury fashion. - **Luxury Retail Leadership:** The store has been instrumental in showcasing emerging designers and hosting exclusive events, contributing significantly to New York City's fashion scene[5][6]. **Current Status:** Bergdorf Goodman continues to be a cornerstone of luxury retail, known for its high-end designer apparel and exclusive goods. With an estimated annual sales of $600 million and over 160,000 visitors per month, it remains a premier destination for fashion enthusiasts[7]. **Notable Aspects:

Neiman Marcus is a storied American luxury department store chain, widely recognized as a pioneer in upscale retailing and a symbol of high fashion and exceptional customer service[1][3][7]. Founded in Dallas, Texas, in 1907 by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband Al Neiman, the store quickly distinguished itself by focusing on quality, exclusivity, and personalized service, catering to the “opulently wealthy” with unique and fashionable merchandise[1][7]. From its inception, Neiman Marcus was designed to be more than a clothing store—it was a destination for fashion advice and trendsetting, quickly becoming a cultural touchstone in Dallas and beyond[2]. The company’s early years were marked by resilience and innovation. Despite opening just before the Panic of 1907 and surviving devastating fires in 1913 and 1946, Neiman Marcus consistently rebounded, expanding its offerings to include men’s and children’s apparel, accessories, and home goods[2][3]. In 1927, it launched the first weekly retail fashion show in the U.S., and by the 1930s, it was staging elaborate events that drew national attention, such as the “One Hundred Years of Texas Fashions” gala[3]. The store’s reputation for excellence was cemented by endorsements from fashion icons like Edna Woolman Chase of Vogue, who declared it her “dream” store[3]. Neiman Marcus has long been at the forefront of retail innovation. It was an early adopter of catalog sales (the famed “Neiman Marcus Christmas Book”) and embraced e-commerce as the digital era emerged[1]. The Neiman Marcus Group, formed in 1987 after a corporate spin-off, grew to include Bergdorf Goodman, Last Call clearance stores, and the Horchow home furnishings brand[1][5]. The group also held interests in luxury accessories and cosmetics brands,

**The Wall Street Journal (WSJ)** is a premier American daily newspaper specializing in business, financial, and economic news. Founded on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser—pioneers who also created the Dow Jones Industrial Average—the WSJ emerged directly from the heart of Wall Street and the New York Stock Exchange. Its initial format evolved from "flimsies," small financial bulletins hand-delivered to traders, into a comprehensive four-page newspaper that quickly became a vital source of market and business information[1][2]. Over its long history, the WSJ has distinguished itself through rigorous financial reporting, editorial independence, and a mission to provide clear, factual business news. It is recognized as one of the United States’ newspapers of record, serving not only business professionals but also readers interested in national and international news, politics, technology, real estate, and culture[2][3]. The WSJ has been a pioneer in digital journalism, launching its online edition in 1996, which has since grown substantially; digital subscription numbers nearly doubled from 980,000 in 2007 to over 1.9 million by 2019, offsetting declines in print circulation[1]. This digital expansion has helped maintain its position as one of the world’s largest newspapers by circulation, currently approaching three million daily readers worldwide[1]. Notable for its authoritative reporting and analysis, the WSJ has earned multiple Pulitzer Prizes, underscoring its impact on journalism and public understanding of complex economic issues. With headquarters in New York City, the WSJ remains influential in shaping business and technology discourse, offering in-depth news, commentary, and market insights essential for professionals, investors, and policymakers[1][2][3].