Manhattan’s Saks Fifth Avenue flagship store celebrated its new take on the men’s business with a swanky party featuring NBA player James Harden last week.The party was held in the newly renovated men’s section on the seventh floor. , the addition of over 125 new men’s brands to Saks.com, including Rhone, Loewe and Jacquemus, and the launch of a new men’s brand ambassador program called The Saks Man.
The company’s chief merchandising officer, Tracy Margolyes, said the new investment in menswear was inspired by the category’s “strong growth” over the past few years. declined to provide specific revenue figures.
“While we continue to focus on expanding our online offering and creating an unparalleled selection of men’s fashion and accessories on Saks.com, our stores are dedicated to Saks. It remains an important part of the Fifth Avenue ecosystem: “New York’s new men’s floor enhances the power of the in-store experience and demonstrates Saks’ reputation as an authority on fashion.”
The new 7th floor men’s section will include 19 shop-in-shops from big brands such as Bottega Veneta and Gucci, as well as Celine’s first shop-in-shop called Celine Homme. It also features Palm Angels’ first-ever shop-in-shop and the first-ever shop-in-shop by Alexander McQueen Creative Director Sarah Burton.
Louis DiGiacomo, senior vice president of menswear and GMM at Saks, said that as Saks’ menswear business grows, its in-store presence will continue to evolve. Saks plans to add more major brands to his ready-to-wear section for men, including Louis Vuitton, Martine Rose and Maison Margiela. in the next three months. Additionally, the floor features a central atrium space, where installations from different brands and artists rotate every few months.
On the digital side, Saks.com, which spun off from physical stores in 2021, also significantly expanded its men’s catalog. There are buzzing brands like Jacquemus and Junya Watanabe, plus a particular focus on activewear brands like Rhone, Fair Harbor, Sease and Alo Yoga. According to Grand View Research, men’s activewear is a fast-growing category he expects to reach $450 billion by 2028.
Finally, Saks launched a new invitation-only brand ambassador program called The Saks Man. Harden is its first member. The ambassador promotes Saks’ marketing his campaigns to his own audience and attends and hosts Saks’ events, including his party at the opening of his men’s section on the 7th floor. Other early ambassadors include NBA player Quentin Rhimes and activist Saad Amer. The structure of the program is almost identical to her Saks Social Club, a female ambassador program launched in 2021.
The move comes at a tenuous time for Saks Fifth Avenue. Its parent company, Hudson’s Bay His Company, went private in 2019, and the company has not shared financial details. But two weeks ago he laid off 100 people after Saks.com reportedly doubled its headcount since 2021. Most of the people who lost their jobs were in the tech sector.
HBC split Saks.com at a time when e-commerce revenue was booming, turning Saks.com into a privately held company jointly owned by HBC and investment firm Insight Ventures. However, e-commerce growth has slowed significantly since then. Headcount reductions are becoming a popular way to contain spending when inflation and reduced spending reduce revenues.
However, management said the men’s business was a positive sign, with DiGiacomo saying that December 2022 was a banner month for Saks men’s clothing sales, surpassing December 2019 sales.
In general, menswear has grown rapidly over the last three years, with the market expected to reach $547 billion by 2026, according to Euromonitor. Saks has increased its investment in menswear over the last few years. DiGiacomo called menswear an “explosive category” in his 2018 interview with Glossy.
Menswear stylist Taylor Davies told Glossy last year that menswear is where fashion has been booming in recent years. We opened a store and in 2020 hired Highsnobiety’s Jian DeLeon as Head of Menswear and invested in menswear.
“Guys care more about what they’re wearing,” Davis said.