What: Saks CEO Marc Metrick recently addressed the state of the luxury market, emphasizing its long-term potential for growth.

Why it is important: The article provides insights into the perspective and growth strategies of Marc Metrick, as well as his view on the long-term potential of the luxury market.

Metrick highlighted Saks' "three horizons" of growth: international potential, Barneys and the 2023 holiday season. He believes that luxury consumers are more resilient during economic downturns, often being the last to cut back on spending and the first to recover. Saks also plans to expand internationally, with a digital-first approach to entering new markets and partnering with local stakeholders. Metrick also discussed the importance of using AI and analytics to prevent fraud and enhance the shopping experience. While he did not specify any explosive or significant plans for Barneys at Saks, Metrick emphasized a careful and measured approach to its development. They are committed to nurturing and expanding the concept but will proceed cautiously. The focus is on seizing strategic opportunities and ensuring the long-term success of Barneys at Saks.

Saks’ CEO, Marc Metrick on Saks and the luxury market