Authentic Brands Group has partnered with the owners of the historic Saks Fifth Avenue store in New York to create an organization called Authentic Luxury Group.
The company aims to provide “accessible” luxury brands to the world, and aims to expand by incorporating its brands into the lifestyle and real estate fields. ALG will be joined by Barneys New York, Judith Leiber Couture, Hervé Leger and Vince.
The group says it wants to maximize the potential of its brands across “fashion, retail, digital, hospitality, real estate, art and travel”.
ALG and Saks Global, which also owns the Saks Fifth Avenue and Saks Off Fifth brands, plan to grow through licensing and distribution across all of these areas, with Barneys New York poised to accelerate growth. This is the first brand in the world.
Part of the brand’s expansion will be through lifestyle development. One existing example is Barneys New York Residences, a luxury holiday apartment that opened in Tulum, Mexico, earlier this year. Barneys’ other recent projects beyond selling clothing include a pop-up store in New York that offers a combination of art and fashion alongside a coffee truck operated by Fred’s.
Jamie Salter, founder, chairman and chief executive officer of Authentic, said: “The creation of ALG represents a successful long-standing collaboration with Saks, which began with our first licensing agreement for Barneys New York. Building on our complementary strengths, ALG will further develop our brands by: By creating a multi-faceted environment where we can reach more people through a wide range of services and experiences, we share our excellence and strategic vision and are at the forefront of modern luxury. ”
The final agreement for the establishment of ALG is expected to be signed soon.
