Saks off 5th to open five stores in Germany
American fashion outlet Saks off 5th has confirmed plans to enter the German market in 2017. The move follows the acquisition of department store chain Galeria Kaufhof by Saks parent company, Hudson’s Bay, in September 2015.
Five stores are scheduled to open next year, with the inaugural outlet set to launch in summer in Dusseldorf.
The openings will introduce Hudson’s Bay proposition of discount designer fashion to Germany for the first time. Although retailers such as TK Maxx already operate in the outlet sector, the off-price designer fashion segment still remains untapped.
“We see great opportunities for the premium off-price shopping experience offered by Saks Off 5th as a new concept in the retail market,” said Jerry Storch, CEO of the company. “Saks Off 5th will complement our existing German department store banners and will further accelerate the growth of HBC Europe.”
The Dusseldorf store will become the company’s flagship in Germany, while four further stores are set to be opened in units currently trading under the Sportarena brand. These are located in Frankfurt, Stuttgart, Heidelberg and Wiesbaden.
According to a statement, the European business will be managed out of Cologne with Wayne Drummond as General Manager.
Up to 40 stores are planned to open in Germany over time.
Saks Off 5th operates more than 100 stores in the United States and Canada. The company is also expected to launch in the Netherlands in 2017.
Copyright © 2022 FashionNetwork.com All rights reserved.