Saks Global is emerging from Chapter 11 bankruptcy as the Exemplar Luxury Group, which the company characterizes as a luxury collective comprising retailers Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman.
The company maintained it has emerged with a substantially strengthened balance sheet, including a debt reduction of almost 75%, sufficient liquidity and the full backing of its capital partners and other key stakeholders. Exemplar will key on driving long-term, profitable growth and leading multi-brand luxury retail in the United States, the company added. Exemplar will continue to leverage its differentiated capabilities, the company noted, including its integrated retail model, anchored by an optimized store footprint, e-commerce platforms and remote selling services.
Exemplar stated it moves forward with a strategy focused on reimagining luxury retail by harnessing customer insights to curate distinct product assortments and deliver personalized experiences tailored to the evolving needs of the luxury customer. It reported it will leverage the expertise of long-time store employees, as well as the potential capabilities of its portfolio of banners.
In conjunction with Exemplar’s emergence from bankruptcy, the company has reconstituted its board of directors under the new corporate structure, with Pentwater Capital Management and Bracebridge Capital, the investment firms that have worked with the company throughout the restructuring process, each appointing two representatives to the seven-person board. In addition, Geoffroy van Raemdonck, former Saks Global CEO and now Exemplar CEO, will serve on the board, along with two independent directors: Dave Kimbell, who previously served as CEO of Ulta Beauty; and Philippe Schaus, former president and global CEO of Moët Hennessy.
“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,” van Raemdonck said. “Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three. 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. We are deeply grateful to our customers, brand partners, capital partners and colleagues, whose loyalty and support have made this possible.”
