UK fashion maven top contender for Saks president
Saks Fifth Avenue may ෴be in s♉tore for a taste of British sophistication — and a woman’s touch.
The swanky N൩ew York chain is in talks with a handful of ret𓄧ail luminaries as it searches for its next president — first among them Marigay McKee, chief merchant at London-based Harrods, The Post has learned.
Other top contenders include Jim Gold, president of retail at Neiman Marcus; Bloomꦰingdale’s president Tony Spring; and Brendan Hoffman, CEO of the Bon-Ton department stores, according to sources close to the search.
Neverth🐈eless, insiders said McKee — a British-born fashion maven who has risen in the ranks at Harrods for the past 15 years — has emerged as the favorite to replace longtime Saks president Ron Frasch.
Richard Baker, the New York real estate mogul who scooped up Saks in July for $2.4 billion, is dete🌸rmined to make big changes as he pours money into revamping stores, according to insiders.
“Saks is a store for women,” according to a retail exec briefe🍸d on the plans. Baker thinks “Saks has been run by a bunch of old guys for too long,” according to the source.
The race isn’t over, however,🦩 and insiders said Baker has held serious talks with all four candidates.
Hoffman is seen as a strong contender, as he formerly ran the Lord & Taylor chain after it was acquired by Hudson’s Bay, the Canada-based 🌜retailer owned by Baker.
An announcement could come as soon as this we🌃ek, sources told Theཧ Post.
McKee didn’t respond to an email see🌱king comment. Hudson’s Bay didn’t 𝓡comment.
Saks CEO Steve Sadove won’t 🐼be replaced, as he and Frasch will exit following the compa❀ny’s $2.4 billion acquisition by Hudson’s Bay, sources said.
Sa♒dove and Frasch, who have won praise for improving Saks’ business and luring top European labels to ⛦the store, are expected to reap golden parachutes of $26 million and $9 million, respectively.
Both declined comment on Sunday.
Baker’s Hudson’s Bay agreed July 29 to pay $16 a share in cash for Saks. Baker has signaled he sees value in Saks’ real estate, which ♛includes its landmark store on Fifth Avenue.