What: The Saks “ecosystem” of dot-com and stores is sustaining momentum as their assortments grow, diversify and capitalize on a pickup in women’s luxury fashion sales.

Why is it important: Sales at Saks.com, on a gross merchandising value basis for the first quarter of fiscal 2022, increased by 69% compared to the “strong” first quarter of 2021. On a two-year basis, GMV was up by 107%.

The Saks Fifth Avenue “ecosystem,” (Saks.com and the Saks Fifth Avenue stores) GMV was up 50% compared to the first quarter of 2019.

By diversifying the business model, Saks can more quickly add categories and brands it previously did not sell and expand those where it sees opportunities.

Women’s fashion is back in a big way. Respondents shared that they are spending more time in the office, and shopping for both travel and events. Furthermore, across the Saks Fifth Avenue combined digital and physical ecosystem, there is an ongoing appetite for luxury fashion; as such, women’s ready-to-wear, particularly dresses, and accessories were top-performing categories in the first quarter.

Saks is putting in place several initiatives to further customer service and personalization and an array of recent events and experiences to engage customers, including a post-purchase “ambassador” service program for higher-spending customers, a 360-degree campaign featuring Academy Award-winning actress Lupita Nyong’o, and a New York Fashion Week dinner at L’Avenue at Saks.

Saks’ Women’s Fashion is back in a big way