Authentic and Saks Global (Saks Fifth Avenue and Saks Off 5th) have partnered on a new joint venture called Authentic Luxury Group (ALG), housing Barneys New York, Judith Leiber Couture, Hervé Léger, and Vince.
In a media release, the companies noted that ALG will “redefine and expand the modern luxury experience for customers worldwide and serve as an incubator for brand growth through new strategic licensing agreements and distribution channels across sectors, including fashion, retail, digital, hospitality, real estate, art, and travel.
Barneys New York will be the first brand positioned for accelerated growth under the ALG platform. ALG will also extend its brands beyond fashion and into lifestyle categories, similar to the Barneys New York Residences, which opened in Tulum, Mexico earlier this year. ALG will also showcase “prestigious destinations” through exclusive real estate partnerships to develop branded luxury residences, condos and hotels.
Jamie Salter, founder, chairman, and CEO of Authentic, said, “The creation of ALG represents years of successful collaboration under our initial licensing agreement with Saks for Barneys New York. Building on our complementary strengths, ALG will further cultivate our brands by creating a multifaceted environment that reaches a broader audience through a wide range of offerings and experiences. Our shared commitment to excellence and strategic vision positions us at the forefront of modern luxury.”
Richard Baker, executive chairman of Saks Global, said, “With ALG, we are able to further our efforts to serve the full continuum of luxury consumers. We always strive to use our platform to give both established and emerging brands greater opportunities to extend their reach in luxury fashion, and this new platform will do just that. We are proud to further enhance our partnership with Authentic and leverage our collective capabilities to unlock access to new audiences and reimagine the luxury experience.”
The formation of ALG is subject to the finalization of definitive agreement documentation.
HBC announced the formation of Saks Global in connection with its proposed acquisition of Neiman Marcus Group, the parent company of Neiman Marcus and Bergdorf Goodman. The acquisition remains subject to customary closing conditions. Following closing, Authentic will make a minority investment in Saks Global.
