Saks Global Exits Bankruptcy as Exemplar Luxury Group

Saks Global (New York) has emerged from Chapter 11 bankruptcy under new ownership and a new name, Exemplar Luxury Group (ELG). 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 said in a news release that it is focused on driving long-term, profitable growth in the U.S. via its Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman banners.

“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 ELG CEO Geoffroy van Raemdonck. “… 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…”

Looking ahead, ELG said it “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.”

In conjunction with the company’s exit from bankruptcy, its board of directors has been reconstituted. Pentwater Capital Management and Bracebridge Capital – the investment firms that partnered with the retailer 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 to the board:

* Dave Kimbell, who was previously CEO of Ulta Beauty and earlier held leadership positions at PepsiCo and The Procter & Gamble Co., and currently serves on Best Buy Inc.’s board;
and

* Philippe Schaus, who most recently served as President and Global CEO of Moët Hennessy. Before that, he was Global Chairman and CEO of DFS Group, while also being a member of the executive committee of luxury giant LVMH for over 12 years.

During the bankruptcy process, Saks Global closed 12 Saks Fifth Avenue and three Neiman Marcus full-line locations, along with most Saks Off 5th and all Last Call stores. The newly christened Exemplar Luxury Group consists of 32 Neiman Marcus stores, 13 Saks Fifth Avenue locations and the sole Bergdorf Goodma flagship in New York.