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Saks’ CEO Baker to exit luxury retailer ahead of bankruptcy

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5 hours ago

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Bloomberg

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January 14, 2026

Saks Global Enterprises’ chief executive officer Richard Baker is departing less than two weeks after taking over the top job as the beleaguered luxury conglomerate he created prepares to restructure under bankruptcy court protection.  

Bloomberg

Baker, who has been CEO and also executive chairman of the department store chain, had been finalizing his exit over the past few days, according to people familiar with the situation who asked not to be identified because the move hasn’t been announced yet. 

Geoffroy van Raemdonck, currently a board member of Moncler SpA, is currently negotiating for a role at the company, according to people familiar with the matter. 

Founded more than 150 years ago, Saks is close to filing for Chapter 11 bankruptcy protection, according to the people, to address mounting losses and a substantial debt load. 

Saks, Baker and van Raemdonck didn’t immediately respond to requests for comment. 

Van Raemdonck was CEO of Neiman Marcus Group from 2018 until 2024. He saw the luxury retailer through a pandemic-era bankruptcy and then its emergence and subsequent recovery. He stepped down when Saks acquired it. 

Saks’ debt has weighed on the company, which operates its flagship Saks Fifth Avenue stores as well as Bergdorf Goodman and Neiman Marcus. 

Baker, a longtime real estate investor, was announced as the company’s new CEO on Jan. 2, succeeding Marc Metrick.

Baker was chairman of Hudson’s Bay Co. when it bought Saks Fifth Avenue in 2013 and was the key architect of Saks’ acquisition of rival Neiman Marcus Group for $2.65 billion in 2024, creating Saks Global.
 



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Saks Global files for bankruptcy after Neiman Marcus takeover leads to financial collapse

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19 minutes ago

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January 14, 2026

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By

Reuters

Published



January 14, 2026

High-end department store conglomerate Saks Global filed for ‌bankruptcy protection late on Tuesday in one of the largest retail collapses since the pandemic.

Saks

Saks Fifth Avenue, an affiliate of Saks Global, listed $1 billion to $10 billion in assets and liabilities, according to court documents filed in U.S. Bankruptcy Court in Houston, Texas.

Saks Global did not respond to a request for a further comment.

The move cast uncertainty over the future of U.S. ‌luxury fashion barely a year after a takeover that brought Saks Fifth Avenue, Bergdorf ​Goodman and Neiman Marcus under the same roof.

A retailer long loved by the rich and famous, from Gary Cooper to Grace Kelly, Saks fell on hard times after the Covid pandemic, as competition from online outlets rose, and ‍brands started more frequently selling items through their own stores.

Saks Global was close to finalizing a $1.75 billion financing package with creditors that would allow its stores to remain open, two people familiar with the negotiations told Reuters earlier on Tuesday.

The financing would provide an immediate ⁠cash infusion of $1 billion through ‌a debtor-in-possession loan from an investor group led by Pentwater Capital Management in ​Naples, Florida, ‍and Boston-based Bracebridge Capital, the people said.

An additional $250 million in financing would also be available through an asset-backed loan provided by the ‌company’s ‌banks, the people said. The luxury retailer would have access to another $500 million of financing from the investor group once it successfully exits bankruptcy protection, the sources added.

A host of luxury brands were among the unsecured creditors, led by Chanel and Gucci owner Kering at about $136 million and $60 million respectively, the court filing said.

The world’s biggest luxury ⁠conglomerate, LVMH, was listed ⁠as an unsecured creditor at $26 ​million. In total, Saks Global estimated there were between 10,001 and 25,000 creditors.

In 2024, parent company Hudson’s Bay had bet on scale by merging it with rival Neiman Marcus, creating the entity now known as Saks Global. The $2.7 billion deal was built on ‍about $2 billion in debt financing and equity contributions from investors including Amazon, Salesforce, and Authentic Brands.

Amazon and Authentic Brands were listed in the court filing as equity investors.

© Thomson Reuters 2026 All rights reserved.



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Dice Kayek donates iconic designs to major international museums

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2 hours ago

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January 14, 2026

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January 14, 2026

Dice Kayek has announced the donation of several iconic pieces from its archive to major international museums, including the Denver Art Museum, The Museum at FIT in New York, the Palais Galliera, the Musée de la Mode de la Ville de Paris, and the Musée des Arts décoratifs. 

Dice Kayek donates iconic designs to major international museums. – Dice Kayek

Curatorial teams from the Denver Art Museum, The Museum at FIT, the Palais Galliera, and the Musée des Arts décoratifs were invited to select works directly from the Dice Kayek archive, with each institution choosing pieces to support upcoming exhibitions and strengthen their permanent collections. 

The donations build on Dice Kayek’s longstanding recognition by museum institutions, following previous acquisitions by London’s Victoria and Albert Museum and the Los Angeles County Museum of Art.

Launched by sisters Ece and Ayse Ege, the Dice Kayek brand has forged a reputation over the past two decades for its carefully crafted universe. Characteristic styles and techniques include handmade embroidery, the art of folding to create volume through construction, and a unique approach to contrasting fabrics. 

“These are one-of-a-kind pieces, there are no others in the world, there aren’t even any patterns to reproduce them,” said Ece.

“When I create a dress from a dream, you really have to think, calculate and examine to turn the beauty of the impossible into reality. It’s not just textile, clothing, it’s something else, an art of transformation.” It’s very important for us to pass on these gifts,” added Ece.

“It’s our way of bearing witness to the whole creative process, so that future generations can discover these unique pieces.”

Notably, the Denver Art Museum selected four sculptural silhouettes from the acclaimed “Istanbul Contrast” collection that have been exhibited internationally and were notably shown at the Victoria and Albert Museum in 2013.

The Museum at FIT chose a look from the Spring-Summer 2015 collection, while the Palais Galliera selected six handmade silhouettes, including dresses, a coat dress, and a suit with matching shoes, drawn in part from “Istanbul Contrast,”. The Musée des Arts décoratifs also chose six silhouettes, including Turkish Delight I and Istanbul by Night II.

Copyright © 2026 FashionNetwork.com All rights reserved.



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Drake’s October’s Very Own inks capital investment from A.R.I.

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2 hours ago

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January 13, 2026

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January 14, 2026

October’s Very Own (OVO) on Tuesday announced it has received capital investment from firm Applied Real Intelligence (A.R.I.), as the Canadian streetwear brand looks to increase its reach globally.

OVO

The U.S.-based investment firm highlighted the “demand for culturally authentic brands right now” adding that the “timing couldn’t be better for OVO,” a lifestyle brand founded by Aubrey “Drake” Graham, Oliver El-Khatib, and Noah “40” Shebib, in Toronto, in 2008.

“Recently, Human Made, the streetwear brand partially owned by Pharrell Williams, went public at nearly $500 million and was reportedly 60 times oversubscribed,” said Dr. Zack Ellison, A.R.I.’s founder and managing general partner.

“It’s a clear signal that investors see tremendous value in brands that blend creativity, community, and cultural credibility. OVO is uniquely positioned within that movement, combining global influence across fashion, music, sports, and a cultural and lifestyle presence that sets it apart.”

Since its inception nearly 20 years ago, OVO has evolved from a music collective into a fully-fledged lifestyle company with retail stores across Toronto, Mississauga, Ottawa, Calgary, and British Columbia, along with international locations in Los Angeles, New York, Las Vegas, and London.

Under the leadership of CEO Derek “Drex” Jancar, OVO will continue to scale its global e-commerce business, expand partnerships, and grow its physical retail footprint, with the help of the new A.R.I. funds, according to a press release.

“OVO represents the next generation of Canadian entrepreneurship,” said Dr. Ellison. “Drake, Oliver, and 40 created something culturally unparalleled, and Drex is now scaling that vision with remarkable discipline and strategic clarity. It’s a rare combination, and one that A.R.I. is proud to support.”

Financial terms of the investment were not disclosed.

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