Saks Inc., citing “widespread weakness” in women’s apparel and the precipitous decline in shopping by the affluent, reported a net loss of $42.8 million for the third quarter ended Nov. 1.
The performance, in stark contrast to a year ago when Saks earned $21.6 million and seemed to be enjoying the fruits of turnaround efforts, triggered a strong response: spring receipts are planned to be down by at least 15 percent, cost-cutting efforts are being intensified, capital expenditures are being slashed, and every brand sold at the store is subject to reevaluation. Some could be taken off the matrix.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"