Luxury Retailers Sax It is reportedly a warning That supplier may take a little time to receive payment.
As the Wall Street Journal (WSJ) It has been reported On Friday (February 14th), Sachs issued a note to its supplier on Valentine’s Day Aim Reassure them about their outstanding bills.
Retailer that acquired Neiman Marcus last year $2.7 billion dealsaid I would pay for the new order within 80 days of receipt, whole Past payments will be covered in 12 installments starting in July.
“I understand and sympathize with the past 18 months and the challenges associated with payments,” says Saks Global CEO Mark Metric I wrote it. “Our expectations are This provides the clarity and certainty you’ve been looking for. For that reason, we I’m looking for it I look forward to seeing the product flow return to normal levels. ”
The news follows reports from last summer that Sachs had I missed hundreds Vendor payments. According to the WSJ, some small suppliers are suing retailers to collect payments. Sax says it is committed to meeting its obligations and late payments. It was the result of The company’s efforts to navigate the macroeconomic environment.
Spending on gorgeous items I have it In China, particularly, the slowdown has been entirely slowed. It was Consumers are showing more attention, the report said. This includes complex plans to reinvigorate sales at high-end American department stores and brands.
“On the other hand, some major brands and more LVMHcontinues to experience the growth of certain segments such as fashion and cosmetics. Burberryteeth I’m suffering from poor performance In major markets, Pymnts wrote earlier this month.
“While high-income consumers still remain an important source of demand, they are becoming more price sensitive and increasing the value and quality of luxury purchases.”
Some experts say the industry is facing an “existential crisis” and the report adds, leading the industry to change the value of young shoppers and rethink “strategic and cultural positioning.” It’s claiming.
Last year, the Saks-Neiman Marcus contract brought together luxury retail brand Neiman Marcus. Bergdorf Goodman, Sachs Fifth Avenue and Sax from 5th placeaffiliated with Saks Global. The company said at the time that its flagship facilities on Sachs Fifth Avenue and Neiman Marcus had an asset value of $7 billion.
Amazon It played a role in the same way, Make a bet In the new company, luxury retail divisions may set up opportunities for chains to think and act like Amazon. Streamlined logisticsinventory and supply chain operations,” wrote Karen Webster, CEO of Pymnts, last summer.
