High-End Hangover - Saks and Neiman Marcus in Crisis! Can Luxury Retail Recover?

The luxury market is facing a rude awakening, with the global luxury industry, according to Kearney, expected to grow at a slow rate of 1-3% through 2027.

Key markets like China and the U.S. are primarily to blame. Ultra-luxury brands like Hermès are doing well.

Luxury shoppers are experiencing price weariness and are spending more on experiences than on products.

Saks Global, which acquired Neiman Marcus and Bergdorf Goodman, is facing challenges, including an 18-month backlog of unpaid bills to vendors, and plans to close the iconic downtown Dallas Neiman Marcus flagship store.

For more of the story, link here: https://tracydecicco.substack.com/p/high-end-hangover-saks-and-neiman

#retail #luxury #saks #NMG #trd #konposit