Saks Incorporated Announces Opening of Saks Fifth Avenue Store in Almaty, Kazakhstan
NEW YORK--(BUSINESS WIRE)-- Retailer Saks Incorporated (NYSE: SKS ) (the “Company”) announced the grand opening of its licensed Saks Fifth Avenue store in Almaty, Kazakhstan today, September 30, 2012.
The tri-level, approximate 91,000 square foot store is located in the Esentai Shopping Mall which is the first of its kind in Kazakhstan. In addition to being anchored by Saks Fifth Avenue, the Esentai Shopping Mall includes a large selection of branded luxury fashion and jewelry stores. The shopping mall is part of Esentai Park, a new mixed-use development which includes luxury residential and commercial towers as well as a five-star hotel which is expected to open in 2013.
The new Saks Fifth Avenue store reflects a modern, streamlined design and features a three-story high, Saks Fifth Avenue logo wall on the facade of the shopping mall.
The Almaty store is congruent with the Saks Fifth Avenue stores in the United States in product and service, while catering to local tastes and preferences. The store includes distinctive offerings from established and emerging American and international designers and offers sought-after collections of fine designer apparel for women and men as well as shoes, jewelry, accessories, handbags, fragrances, cosmetics, intimate apparel, children’s apparel, and select gift items. Some brands that will be offered in the new store include: Alaia, Alexander Wang, Brioni, Celine, Christian Louboutin, Dolce & Gabbana, Giorgio Armani, Gucci, Isaia, Jimmy Choo, Kiton, Lanvin, Loro Piana, Marc Jacobs, Michael Kors, Philip Lim, Ralph Lauren, Tory Burch, and many others.
Saks Fifth Avenue is known for its extraordinary personalized customer service, and the new store will include a VIP Club for both women and men and offer an ongoing calendar of special events such as fashion shows and personal appearances by designers.
Stephen I. Sadove, Chairman and Chief Executive Officer of Saks Incorporated, commented, “We are very happy to open a Saks Fifth Avenue store in the growing and vibrant country of Kazakhstan. We are confident that the residents of and visitors to the country will be pleased with the beautiful store, the wonderful and distinctive merchandise selections, and the exemplary service offered by Saks Fifth Avenue.”
Aygul Amirzhanova, Chief Executive Officer of the VILED Group (the licensee for the store), commented, “We are extremely delighted to make history in Kazakhstan by opening the first Saks Fifth Avenue store in the thriving city of Almaty. The Saks Fifth Avenue store will certainly be a complete solution for all fashion lovers, filled with the latest designs of exceptional quality and offering extraordinary customer service. Our goal is to offer an unrivalled experience with special attention to details. We believe Saks Fifth Avenue will be a great addition to Kazakhstan, making a terrific contribution to the citizens of Almaty and the visitors to the country.”
About the Companies
Saks Incorporated operates Saks Fifth Avenue, which consists of 45 Saks Fifth Avenue stores, 64 Saks Fifth Avenue OFF 5TH stores, and saks.com.
Founded in 1924 with the opening of its Fifth Avenue, New York flagship store – which continues today to be the Company’s landmark store – Saks Fifth Avenue currently operates 45 stores throughout the United States, complemented by licensed stores in Mexico City, Mexico (two stores); Dubai, U.A.E.; Manama, Bahrain; and now, Almaty, Kazakhstan.
VILED Fashion LLP, part of The VILED Group, is the licensee for the Saks Fifth Avenue store in Kazakhstan. The VILED Group was established in 1999 and has become the largest retailer of luxury jewelry and watches in Kazakhstan. The group operates 15 stores in Almaty, Kazakhstan and is the exclusive retailer for more than 30 well-known brands including Cartier, Harry Winston, Vacheron Constantin, H. Stern, Tiffany & Co., and Van Cleef and Arpels.
The information contained in this press release that addresses future results or expectations is considered “forward-looking” information within the definition of the Federal securities laws. Forward-looking information in this document can be identified through the use of words such as “may,” “will,” “intend,” “plan,” “project,” “expect,” “anticipate,” “should,” “would,” “believe,” “estimate,” “contemplate,” “possible,” and “point.” The forward-looking information is premised on many factors, some of which are outlined below. Actual consolidated results might differ materially from projected forward-looking information.
The forward-looking information and statements are or may be based on a series of projections and estimates and involve risks and uncertainties. These risks and uncertainties include such factors as: the level of consumer spending for luxury apparel and other merchandise carried by the Company and its ability to respond quickly to consumer trends; macroeconomic conditions and their effect on consumer spending; the Company’s ability to secure adequate financing; adequate and stable sources of merchandise; the competitive pricing environment within the retail sector; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to relationship marketing efforts of proprietary credit card loyalty programs; appropriate inventory management; effective expense control; successful operation of the Company’s proprietary credit card strategic alliance with Capital One Financial Corporation; geo-political risks; the performance of the financial markets; changes in interest rates; and fluctuations in foreign currency and exchange rates. For additional information regarding these and other risk factors, please refer to the Company’s filings with the SEC, including its Annual Report on Form 10-K/A for the fiscal year ended January 28, 2012, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K, which may be accessed via the Internet at www.sec.gov .
The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Julia Bentley, 865-981-6243
David Pilnick, 212-940-5080
KEYWORDS: United States Asia Pacific North America New York Kazakhstan