Saks Global Faces Challenges as New CEO Takes the Helm

January 7, 2026 - 01:38

With vendors angry and luxury shoppers deserting in droves, the department store chain's new CEO, Richard Baker, faces a tough slog. The once-thriving retailer is grappling with the fallout from risky deal-making that has left it teetering on the edge of financial instability. As luxury consumers shift their spending habits and competitors ramp up their offerings, Saks Global is feeling the pressure.

Baker, who stepped into the role amid growing concerns about the company's direction, must navigate a complex landscape filled with discontented suppliers and a dwindling customer base. The luxury retail market is notoriously fickle, and the recent missteps have led to a significant decline in foot traffic and sales.

To turn things around, Baker will need to implement a strategic vision that reassures both vendors and shoppers alike. The stakes are high, and the future of Saks Global may depend on his ability to restore confidence and reinvigorate the brand in a challenging economic environment.