Saks has officially emerged from bankruptcy under the new name Exemplar Luxury Group, supported by a strengthened balance sheet, new ownership and a streamlined retail footprint aimed at supporting long-term growth.
The restructuring provides the company with additional liquidity and backing from its capital partners as it focuses on expanding profitable operations across its luxury retail brands.
Commenting on the milestone, Geoffroy van Raemdonck, Chief Executive Officer of Exemplar Luxury Group, said, “This pivotal moment reinforces the enduring strength of our business, our luxury banners and our team as we look ahead to a bright future guided by our relentless devotion to our customers.” He added that the new corporate name reflects the shared values of the company’s three brands and its commitment to setting the standard for luxury retail.
Exemplar Luxury Group said it will continue operating through an integrated retail model that combines an optimized physical store network with e-commerce and remote selling services. The company also plans to use customer insights to refine product assortments and deliver more personalized shopping experiences.
As part of the restructuring, the company’s board of directors has been reconstituted. Investment firms Pentwater Capital Management and Bracebridge Capital, which supported the restructuring process, will each appoint two representatives to the seven-member board.
Geoffroy van Raemdonck will also serve on the board alongside two newly appointed independent directors:
- Dave Kimbell, former CEO of Ulta Beauty, who has also held leadership positions at PepsiCo and Procter & Gamble, and currently serves on the board of Best Buy.
- Philippe Schaus, former President and Global CEO of Moët Hennessy and former Global Chairman and CEO of DFS Group.
The company said the restructuring positions Exemplar Luxury Group to pursue long-term, profitable growth while continuing to strengthen its luxury retail operations.
