Saks Fifth Avenue is an American luxury department store chain owned by multinational corporation Hudson's Bay Company, which operates the flagship store and corporate headquarters in Midtown Manhattan, New York City.
Saks Fifth Avenue is the successor of a business founded by Andrew Saks in 1867 and incorporated in New York in 1902 as Saks & Company. Saks died in 1912, and in 1923 Saks & Co. merged with Gimbel Brothers, Inc., which was owned by a cousin of Horace Saks, Bernard Gimbel, operating as a separate autonomous subsidiary. On September 15, 1924, Horace Saks and Bernard Gimbel opened Saks Fifth Avenue in New York City.
On July 29, 2013, the Hudson's Bay Company (owners of the competing chain Lord & Taylor) announced it would acquire Saks Fifth Avenue's parent company for $2.9 billion. Plans call for six or seven Saks Fifth Avenues to open in major Canadian markets, using either existing Hudson's locations or new construction. Expansion into Canada is expected to challenge The Canadian Holt Renfrew chain and undermine Nordstrom's plans to enter Canada.
The chain's strategy for international expansion focuses on underserved luxury markets. Its first international location, operated under license by SFAE, opened in Riyadh, Saudi Arabia, courting the wealth of the oil-rich Middle East. Other locations now include the United Arab Emirates, Bahrain, and two stores in Mexico City.
On January 6, 2014, Marigay McKee, who came from Harrods, is president of Saks Fifth Avenue.