Dive Brief:
- Neiman Marcus Group veteran Brandy Richardson will join Saks Global as chief financial officer on Aug. 18, the luxury department store said Wednesday. She succeeds Mark Weinsten, who has been interim CFO since Saks’ $2.7 billion acquisition of Neiman Marcus.
- Richardson spent 15 years at Neiman Marcus in various financial roles but since 2021 has served as CFO of Tailored Brands. Weinsten also served in various posts at Neiman Marcus, including as chief restructuring officer during the retailer’s bankruptcy five years ago.
- Also on Wednesday, Tailored Brands said it has launched a search for a permanent CFO and that, meanwhile, the finance team will report to incoming CEO John Tighe.
Dive Insight:
In a statement, Saks Global CEO Marc Metrick said the company has “great momentum on our journey to redefine luxury shopping” and that Richardson’s experience fits with its goals.
“With her deep background in both luxury retail and finance, Brandy is the right leader to drive Saks Global's financial performance as we execute on our ambitious transformation strategy and capitalize on the significant growth opportunity within the luxury market," he said.
Richardson spent 15 years of her quarter-century career at Neiman Marcus; in a statement Wednesday, she called that time “foundational to my career.”
“I'm energized by the opportunity to return to luxury retail as part of Saks Global during this incredibly exciting time for the company,” she said. “I look forward to helping drive the company's future success by identifying and pursuing opportunities for sustainable, long-term growth."
But she will arrive with Saks Global’s finances under strain. The company is grappling with a debt load, facing outstanding obligations to vendors and chasing synergies from the tie-up with its luxury rival. S&P Global Ratings analysts earlier this month called its recent $600 million financing agreement with existing bondholders “tantamount to a default” and warned of ongoing free operating cash flow deficits.
In early June, Saks Global executives told BMO Capital Markets that the company has mended fences with vendors frustrated with waiting on payments and made progress in its five-year goal to achieve $600 million in savings from its merger with Neiman Marcus.
The bumpy first year or so at Saks Global has left an opening for rivals, particularly Nordstrom and Bloomingdale’s, analysts say.
