Vendors Tag

Amid the volatile macroeconomic environment, luxury customers have gotten more “deliberate and value-focused” of their spending. They’re also shifting discretionary dollars more toward wear-to-work clothes and fashion for dining out and parties, and pulling back spending on casual clothes, sneakers and purses. That’s the read on the luxurious consumer from Marc Metric, chief executive officer of Saks, who on Wednesday issued his quarterly letter to vendors updating the business. He said that Saks, the e-commerce operation of the Saks Fifth Avenue brand, saw an 8 percent slide in gross merchandise value in the primary quarter ending April 29, though on a two-year stack, first quarter GMV was up 64 percent. (GMV refers to all of the merchandise sold including owned goods, and...