NEW YORK--(BUSINESS WIRE)--Retailer Saks Incorporated (NYSE: SKS) (the “Company”) announced the planned opening of a licensed Saks Fifth Avenue store in Almaty, Kazakhstan in August 2012.
The tri-level, approximate 91,000 square foot store will be located in the Esentai Shopping Mall which will be the first of its kind in Kazakhstan. In addition to being anchored by Saks Fifth Avenue, the Esentai Shopping Mall will include a large selection of luxury fashion and jewelry brand stores. The shopping Mall will be part of Esentai Park, a new mixed-use center which includes luxury residential and commercial towers as well as a five-star hotel.
The Almaty Saks Fifth Avenue store will be congruent with the Saks Fifth Avenue stores in the United States in product and service, while catering to local tastes and preferences. The store will include distinctive offerings from established and emerging American and international designers and present 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. Saks Fifth Avenue is known for its extraordinary personalized customer service, and the new store will include its signature Fifth Avenue Club for both men and women and offer an ongoing calendar of special events, such as fashion shows and personal appearances by designers.
The Saks Fifth Avenue store in Almaty will reflect a modern, streamlined design and will feature a three-story high, state-of-the-art digital video screen on the façade of the building.
Stephen I. Sadove, Chairman and Chief Executive Officer of Saks Incorporated, commented, “We are so excited to bring our first store to this part of the world and believe that Almaty, Kazakhstan, with its rapidly expanding affluent population, will be a great fit for Saks Fifth Avenue. We hope that the residents of and visitors to Almaty will enjoy our differentiated, world-class selection of luxury brands and services.”
Aygul Amirzhanova, Chief Executive Officer of the VILED Group, 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 entire country.”
About the Companies
Saks Incorporated currently operates Saks Fifth Avenue, which consists of 46 Saks Fifth Avenue stores, 57 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 has grown to 46 stores throughout the United States, complemented by licensed stores in Mexico City, Mexico (two stores); Riyadh and Jeddah, Saudi Arabia; Dubai, U.A.E.; and Manama, Bahrain. Saks Fifth Avenue is one of the most recognized luxury retail brands in the world and has key relationships with the leading fashion houses including Giorgio Armani, Chanel, Louis Vuitton, Dolce and Gabbana, Salvatore Ferragamo, Gucci, Donna Karan, Calvin Klein, Ralph Lauren, Judith Leiber, Prada, Escada, Carolina Herrera, Oscar de la Renta, St. John, Yves St. Laurent, TOD’S, Jimmy Choo, Christian Louboutin, Ermenegildo Zegna, Theory, Cartier, David Yurman, Elie Tahari, Tory Burch, Akris, Burberry, and Max Mara, among many others.
VILED Fashion LLP, part of The VILED Group, is the licensee for the planned 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.
Forward-looking Information
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 HSBC Bank Nevada, N.A.; 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 for the fiscal year ended January 29, 2011, 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.