Geoffroy van Raemdonck runs Exemplar Luxury Group, the parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, which was called Saks Global until it left Chapter 11 in June. In his words: a customer who has shopped three times with the same sales associate will "spend 16 times what a customer who’s not in a relationship" spends. He tells Brian Sozzi why he rebuilt the company around that, why it walked away from off-price retail, and how an underfunded merger turned into a deadlock no one could trade out of. Financial figures in this interview are his own.
Timestamps
0:00 "A third of our customers are millennials and Gen Z"
1:37 The four steps from merger to Chapter 11
3:46 Why they walked away from off-price
5:05 What Saks was doing differently from Neiman
7:06 Across the street, and barely any shared customers
8:10 Does a multi-floor department store still make sense
9:20 Restaurants, cafes and the rooms you did not know were there
10:38 The salesperson who is worth 16 times
12:22 Retraining a company that just left bankruptcy
14:04 Winning the brands back
16:26 What surprised him about the luxury shopper
17:30 Why millennials have money now
20:10 What he says to the people who think malls are finished
21:22 Why luxury, after all these years
22:33 Yves Carcelle, and five thank-you notes every morning
#Luxury #Retail #PowerPlayers #YahooFinance
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