US’ Exemplar Luxury Group eyes growth after restructuring

Exemplar Luxury Group (“ELG” or the “Company”), formerly Saks Global, the luxury collective that comprises leading multi-brand luxury retailers Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, announced the successful completion of its restructuring process and emergence from chapter 11 under new ownership. With a substantially strengthened balance sheet, including a nearly 75% debt reduction, sufficient liquidity and the full backing of its capital partners and other key stakeholders, ELG is focused on driving long-term, profitable growth and leading multi-brand luxury retail in the U.S.”This pivotal moment reinforces the enduring strength of our business, our luxury banners and our team as we look ahead to a bright future guided by our relentless devotion to our customers,” said Geoffroy van Raemdonck, Chief Executive Officer, Exemplar Luxury Group. “Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our banners 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 unrivaled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem. We are deeply grateful to our customers, brand partners, capital partners and colleagues, whose loyalty and support have made this possible.”

Exemplar Luxury Group, formerly Saks Global, has emerged from Chapter 11 with nearly a 75 per cent reduction in debt, stronger liquidity and new ownership.
The company will focus on profitable growth by combining Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman under an integrated luxury retail model, backed by an experienced leadership team and a reconstituted board.

Strong foundation for the future

As a result of decisive actions the Company has taken throughout the restructuring process, ELG has a solid financial foundation with a right-sized capital structure and the liquidity necessary to support long-term growth and profitability. ELG will continue to leverage its differentiated capabilities, including its integrated retail model, anchored by an optimized store footprint, e-commerce platforms and remote selling services, to best serve its customers.

Looking ahead, ELG will reimagine luxury retail by harnessing rich customer insights to curate distinct product assortments and deliver personalized experiences tailored to the evolving needs of the luxury customer. This is powered by a best-in-class team, including long-tenured selling associates who foster lasting customer relationships, and experienced leaders that bring deep institutional knowledge, strong connections with brand partners and a strategic mindset to guide the Company into the future. As ELG looks to advance its leading role in the luxury retail ecosystem as the premier gateway to the U.S. 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 banners 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 U.S., and we are committed to building upon that legacy.”

Board and governance

In conjunction with the Company’s emergence, its Board of Directors has been newly 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 named:

• Dave Kimbell, who previously served as CEO of Ulta Beauty. He has also held leadership positions at PepsiCo and The Procter & Gamble Company, and currently serves on the Board of Best Buy, Inc.
• Philippe Schaus, who most recently served as President and Global CEO of Moët Hennessy after his role as the Global Chairman and CEO of DFS Group, while being a Member of the Executive Committee of LVMH for over 12 years.

Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.

Fibre2Fashion News Desk (MS)