Saks Global Enterprises, the private company that owns luxury retailers Saks Fifth Avenue and Neiman Marcus, has reported a leadership change. Marc Metrick, who had been serving as CEO, has stepped down from his position effective immediately. Executive Chairman Richard Baker has taken over the CEO responsibilities while continuing in his role as chairman.
The company is currently contending with substantial debt, most notably incurred from its $2.65 billion purchase of rival retailer Neiman Marcus in the summer of 2024. Alongside these financial obligations, Saks Global operates in a highly competitive and increasingly fragmented luxury goods sector.
In 2021, Hudson’s Bay Co., the Canadian parent company of Saks Fifth Avenue, separated the luxury retailer’s e-commerce platform, Saks.com. Following the acquisition of Neiman Marcus three years later, Saks Fifth Avenue underwent a rebranding to become Saks Global. The New York City–based company also raised liquidity through a $600 million notes offering in August, aiming to strengthen its balance sheet after the Neiman Marcus acquisition.
Financial pressures are compounded by market conditions: global sales in the luxury goods industry are projected to decline for the second consecutive year in 2026. Increased caution among affluent consumers has been attributed to resistance against steep price increases for goods that have not generated significant enthusiasm, as well as broader economic uncertainty, according to a November study by Bain & Co. consultancy.
Marc Metrick began his career with Saks Fifth Avenue in 1995, advancing through various roles within both Saks and Hudson’s Bay. He was appointed CEO of Saks Fifth Avenue in 2021 and then CEO of Saks Global in 2024. The company stated that his departure is to allow him to pursue new opportunities.