Stephen Sadove, Executive Chairman, CEO; President, Chief Merchandising Officer; Saks Inc.
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Stephen Sadove, Ron Frasch
Executive Chairman, CEO; President, Chief Merchandising Officer; Saks Inc.
2008 Rank: 19
After a very challenging 2008, the luxury department store is continuing to shape its offerings. Under Sadove, 57, and Frasch, 61, key footwear initiatives this year included boosting the number of contemporary brands and exclusives, introducing private label and expanding elements of the 10022-SHOE salon concept across the chain. In fact, the company’s Dadeland Mall location in Miami unveiled the designer shoe concept in July. In September, Sadove announced the retailer’s first exclusive collection for men, encompassing apparel, accessories and footwear, for fall ’09. Available in 48 of the 53 full-line Saks stores, as well as online, the assortment is expected to grow in the coming seasons. Still, despite a serious cost-cutting program, the company reported continued losses for the second quarter, with an outlook that included further-reduced inventory levels and expected comp sales declines.
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