Brand knowledge: Saks Incorporated

Saks Incorporated (NYSE: SKS) is a fortune 500 company that is best known for the high-end department store Saks Fifth Avenue. However, their stores (brands) also include OFF 5th, saks.com, and Club Libby Lu, a ‘tween’ (ages 6 – 12) specialty store chain for girls. Today, Saks Incorporated operates 54 Saks Fifth Avenue stores, 48 OFF 5th, and 90 Club Libby Lu stores across the United States. Of course, Saks.com is online, making it accessible to the world.

The history of Saks Incorporated goes all the way back to 1924, when Horace Saks, of Saks & Co, teamed with Bernard Gimbel, of Gimbel Bros., to open Saks Fifth Avenue in New York City. Saks Fifth Avenue grew well over the years with new stores added across the US. In 1990, Saks Fifth Avenue was sold for $1.6 billion to Investcorp, a Bahrain-based international investment group that also owned Gucci Group and Tiffany & Co. In 1992, Clearinghouse (called OFF 5th since 1995) was opened, due to difficult financial circumstances, as an outlet store for Saks Fifth Avenue merchandise. In 1994 Saks Fifth Avenue acquired four I. Magnin stores, in a bid to gain presence in the Western US States. In 1995, Saks Fifth Avenue opened the largest store in Beverly Hills, Saks West. The following year, 1996, the holding company, Saks Holdings, went public.

In September 1998, Saks Holdings merged with Proffitt's, Inc., based in Birmingham, Alabama, which already owned department store chains Carson, Pirie, Scott, and Parisian. The newly merged firm was named Saks Incorporated.

In May 2003, Saks Incorporated acquired Club Libby Lu, a store chain ‘that encourages girls to express their imagination and individuality’.

Saks Incorporated has over 12,300 employees and had revenues of $3.282 billion for the fiscal year ended January 2008.

Saks Incorporated's Wiki

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