Dive Brief:
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The ongoing executive shakeup at Saks Global has come to Bergdorf Goodman, acquired as part of the $2.7 billion deal last year to take over Neiman Marcus Group. Various promotions and departures were confirmed by the iconic New York retailer to Retail Dive on Wednesday.
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Chief merchant Yumi Shin has left; Nordstrom said it did not have any updates to share when asked to comment on rumors that she will join the now-private retailer. Chief Retail Officer Melissa Xides’ last day will be Nov. 26, having accepted a president role in the hospitality industry.
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Bergdorf is evaluating its merchandising leadership strategy in the wake of Shin’s departure, and has promoted two merchants, George Fountas and Young-Su Kim, in the meantime.
Dive Insight:
Saks Global has long touted the potential for synergies through its combination of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, off-pricer Saks Off 5th and home goods retailer Horchow. The five-year goal is for the tie-up to slice away $600 million in costs.
The retailer told BMO Capital Markets analysts earlier this year that it’s ahead of the game on its five-year goal, about $100 million higher than the original target, and is slated to achieve $285 million in run-rate synergies by the end of this fiscal year, nearly double the 2025 run-rate.
That has meant downsizing and a whirlwind of executive changes, including several high-profile departures. The company began announcing a series of layoffs last year, most recently this spring, reorganized its merchandising team about a year ago and then its store operations team over the summer.
The executive comings and goings have continued in the second half of the year. Among them are Saks Global merchant James Newell, who joined Bloomingdale’s last month, and merchant Will Cooper, who had been at Saks Fifth Avenue for two decades. Chief Operating Officer Rob Brooks and Chief Transformation Officer Bill Bine are taking their leave with no plans to replace them. Saks Global President and Chief Commercial Officer Emily Essner left in October, a few months after her role was expanded and days after she unveiled a new support program for high-powered salespeople.
As part of the executive changes confirmed Wednesday, Fountas is now senior vice president and general merchandise manager of women’s ready to wear, shoes, beauty and its “Little BG” children’s wear. Kim is now senior vice president and general merchandise manager of men’s and men’s fashion director. Both report to President Tracy Margolies, the Bergdorf spokesperson said.