Press Release |
Saks Incorporated Announces Opening of Saks Fifth Avenue in Jeddah, Saudi Arabia
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Jeddah is Second Licensed Saks Fifth Avenue Store in Saudi Arabia and Fifth in Middle East NEW YORK--(Business Wire)-- Retailer Saks Incorporated (NYSE: SKS) (the "Company") announced the opening of its second licensed store in Saudi Arabia, further expanding its international presence. The three-level, 44,900 square foot store is located in the Sari City Centre (Star Avenue), an upscale development in Jeddah. Jeddah, located on the coast of the Red Sea, is the major urban center of western Saudi Arabia and is home to over 3.4 million people. The Jeddah store will be operated by Fashion Village Trading Company, which also operates the Saks Fifth Avenue store in Riyadh that opened in 2001. Fashion Village Trading Company is chaired by Talal I. ALMaiman, the Executive Director for Development and Domestic Investments at Kingdom Holding Company, which is owned largely by HRH Prince ALWaleed Bin Talal. The Jeddah Saks Fifth Avenue store is congruent with the Saks Fifth Avenue stores in the United States in both product and service, while catering to local tastes and preferences. The store includes distinctive offerings from established and emerging American and international designers and presents a sought-after collection of fine designer apparel for Men, Women, and Children, as well as jewelry, shoes, accessories, handbags, fragrances, cosmetics, bridal, and intimate apparel. Saks Fifth Avenue is known for its extraordinary personalized customer service, and the Jeddah location includes numerous in-store amenities such as skin care treatment rooms, luxury fitting rooms, and the Fifth Avenue Club, its complimentary personal shopping service. The store will also offer a continuous schedule of special events such as fashion shows and personal appearances by designers. Stephen I. Sadove, Chairman and Chief Executive Officer of Saks Incorporated, noted, "We are very pleased to bring Saks Fifth Avenue to Jeddah, which is an extraordinary tourist and shopping destination. We have worked closely with Fashion Village Trading Company to bring an exceptional array of luxury brands and experiences to both the residents of and visitors to Jeddah." Sadove concluded, "While our principal focus remains on improving the operations of our domestic stores, the opening of choice international licensed locations can expand the reach of our brand and generate a supplemental income stream for the Company." About Saks Saks Incorporated currently operates Saks Fifth Avenue, which consists of 53 Saks Fifth Avenue stores, 51 Saks Off 5TH stores, and saks.com. Founded in 1924 with the opening of its Fifth Avenue, New York flagship store - which continues today to be the Company`s landmark store - Saks Fifth Avenue has grown to 53 stores throughout the United States, complemented by successful licensed stores in Riyadh, Saudi Arabia; Dubai, U.A.E. (two locations); Manama, Bahrain; and Mexico City, Mexico. Saks Fifth Avenue is one of the most recognized luxury retail brands in the world and has key relationships with the leading fashion houses including Giorgio Armani, Chanel, Louis Vuitton, Dolce and Gabbana, Salvatore Ferragamo, Gucci, Donna Karan, John Varvatos, Calvin Klein, Ralph Lauren, Judith Leiber, Prada, Escada, Carolina Herrera, Oscar de la Renta, St. John, Yves St. Laurent, TOD`S, Ermenegildo Zegna, and Max Mara. Forward-looking Information The information contained in this press release that addresses future results or expectations is considered "forward-looking" information within the definition of the Federal securities laws.Forward-looking information in this document can be identified through the use of words such as "may," "will," "intend," "plan," "project," "expect," "anticipate," "should," "would," "believe," "estimate," "contemplate," "possible," and "point." The forward-looking information is premised on many factors, some of which are outlined below.Actual consolidated results might differ materially from projected forward-looking information if there are any material changes in management`s assumptions. The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties.These risks and uncertainties include such factors as: the level of consumer spending for apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company`s proprietary credit card strategic alliance with HSBC Bank Nevada, N.A.; geo-political risks; changes in interest rates; and fluctuations in foreign currency and exchange rates.For additional information regarding these and other risk factors, please refer to the Company`s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended February 2, 2008, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed via EDGAR through the Internet at www.sec.gov. Management undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise.Persons are advised, however, to consult any further disclosures management makes on related subjects in its reports filed with the SEC and in its press releases. Saks Incorporated Julia Bentley, 865-981-6243 or David Pilnick, 212-940-5080 www.saksincorporated.com Copyright Business Wire 2009