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A Nightmare on High Street

It’s shaping up to be a challenging holiday season for plenty of megabrands and multibrand retailers, but the stakes seem especially high for Saks Global, which is staring down a growing mountain of expensive debt and frustrated vendors still owed back payments.

Richard Baker
In the year since chairman Richard Baker closed the deal to fold Neiman Marcus Group into his operations, Saks Global has had to manage a growing mountain of expensive debt, challenges with vendors who are still owed back payments from before the merger, and drawn-out payment plans for the product that was shipped in 2025. Photo: Marcel Kusch/picture alliance/Getty Images
Lauren Sherman
November 24, 2025

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Luxury brands are incredibly competitive and paranoid, even those operating within the same strategic groups. But they are also incentivized to share some information, at least when it comes to retail performance, often to patch together a broader understanding of the market. Usually this benefits all parties involved. If one brand knows that many of the stores on Avenue Montaigne experienced double-digit year-over-year declines in sales during the past week, that helps put their own disappointing numbers in perspective.