In early January 2026, it was reported that Mark Metrick, CEO of luxury retailer Saks Global, has stepped down unexpectedly. Executive Chairman Richard Baker has taken over the role, holding both positions and overseeing the company’s daily operations. This leadership change stems from the company’s multiple predicaments, including heavy debt, intensified industry competition and a slumping global luxury goods market.

Leadership Change: Chairman Takes Over Overall Operations

On December 5, 2025, Saks Global announced the immediate departure of Mark Metrick as CEO, with Executive Chairman Richard Baker succeeding him. Baker now manages both the board of directors and the company’s daily business. Metrick joined Saks Fifth Avenue in 1995, became its CEO in 2021, and just assumed the role of Saks Global CEO in 2025. The company stated that his resignation was for personal development.

Internal and External Troubles: Heavy Debt Coupled with Fiercer Industry Competition

Saks Global is mired in both internal and external pressures. It took on substantial debt after acquiring Neiman Marcus for $$2.65 billion in the summer of 2024, and the issuance of$$600 million in bonds in August 2025 failed to resolve its core financial issues. Coupled with the increasingly fierce competition in the luxury goods industry, experts predict that the company’s sales will continue to decline in 2026, marking the second consecutive year of lackluster performance.

Sluggish Market: Weak Demand for Luxury Consumption

A November 2025 report by Bain & Company showed that the global economy is struggling. Despite price hikes for luxury goods, consumer purchase intent remains low, and high-net-worth individuals have also become more cautious with their spending. This situation has made it far more difficult for Saks Global to repay its debts and improve its performance. Its parent company, Hudson’s Bay Group, spun off the e-commerce business of Saks Fifth Avenue in 2021 and renamed the company Saks Global after acquiring Neiman Marcus.