Following the closure of its $2.4 billion acquisition by Canada’s Hudson Bay Co., high-end retailer Saks has set out to shake things up across its swath of luxury department stores and outlets.
Richard Baker, the CEO of Hudson’s Bay Company, told the Wall Street Journal that he wants to bring tonier goods to his Saks stores, like $48,000 Louis Vuitton handbags and $2,000 Christian Louboutin sneakers while mussing up its Saks Off 5th outlets to better appeal to bargain shoppers.
“Our outlet stores look too much like department stores,” Baker said. “Nordstrom Rack is a mess, and customers love it.”
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