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Sad Saks

More layoffs are coming to Saks Global, and C.E.O. Geoffroy van Raemdonck is projecting confidence as he continues to streamline operations. The question he needs to answer, though, is why anyone would shop at Saks Fifth Avenue or Neiman Marcus if there’s a Bottega Veneta flagship down the street.

Geoffroy van Raemdonck
According to Saks Global, C.E.O. Geoffroy van Raemdonck’s team is beating both internal sales goals and inventory plans, and has enjoyed an increase in retail sales month to month since the turnaround began in earnest. Photo: Noam Galai/Getty Images for Parsons School of Design
Lauren Sherman
May 4, 2026

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Over the weekend, I made the same pilgrimage as dozens of other fashion people in town for the Met Gala: I visited the Adventure of Domenico Gnoli show at Lévy Gorvy Dayan on 64th Street, then walked down to Bergdorf Goodman to have a look around. I had no intention of buying anything, in part because a silk blouse from Chloé is $2,150. I know the American market is thriving, but I’m not sure how when everything is cheaper in Europe, especially with the detax. Aren’t rich people savvy enough to hop on a plane to Paris and do their shopping there—or at least have their people figure it out?