New York—Hudson’s Bay Company confirmed Monday that Marigay McKee will soon be president of Saks Inc. when HBC’s $2.4 billion deal to buy Saks closes before the end of the year.
The news came hours after Saks Inc. announced that current Chairman/CEO Stephen Sadove and President/Chief Merchandising Officer Ron Frasch would depart when the deal closes.
McKee joins Hudson’s Bay Company and Saks Inc. with an extensive resume in the luxury retail sector and more than 20 years of management and merchandising experience. As Chief Merchant of Harrods, she has overseen the planning and implementation of the merchandising and creative strategies since 2011. She has served on the company’s board of directors since 2005, where she worked closely with the company’s shareholders and owners to set the strategic vision for the organization.
“Marigay McKee’s experience as an effective world-class leader in the international luxury retail space is well-aligned with our vision for the Saks Fifth Avenue brand,” said Richard Baker, chief executive of Hudson’s Bay Company. “She has a proven track record of success at the highest level of luxury and I’m very excited for her to head up our Saks business at HBC.”
McKee joined Harrods in 1999 and was appointed general merchandising manager of Beauty in 2000. Over the next several years she added responsibilities for accessories, jewelry and womenswear. McKee was given responsibility for all beauty and fashion merchandising in 2007, where she doubled key businesses, and drove profit and growth strategies. She also oversaw brand and merchandising strategy, marketing and visual merchandising. McKee is a member of the British Fashion Council board, chairman of the BFC/Vogue Fashion Fund Mentoring Committee, a luxury advisor to the Financial Times, and has done consultancy work in Russia with TSUM and Mercury Group.
“I am delighted to join Hudson’s Bay Company to head up Saks Fifth Avenue and work with their dedicated team,” said McKee. “Saks Fifth Avenue is one of the world’s preeminent luxury retailers with a rich history and tradition of exceptional customer service. Saks presents a great opportunity as a world class brand with new frontiers for development. I’m excited for this unique challenge as we embark on this new chapter at the company.”
New Organizational Structure
Besides bringing in McKee, Hudson’s Bay Company plans a new management structure to support its Saks Inc. acquisition along with its Hudson’s Bay and Lord & Taylor businesses.
HBC is also creating an office of the chairman, consisting of CEO Richard Baker and Chief Operating Officer Donald Watros. Senior executives in the company’s retail businesses, along with other key holding company executives and the heads of certain shared services units will report to the office of the chairman.
Additionally, Marc Metrick, currently executive vice president of HBC, will become chief administrative officer reporting to the office of the chairman. In his new role, Metrick’s principal responsibility will be integrating the Saks business into the HBC portfolio.
Meanwhile, Jennifer de Winter, currently EVP, Director of Stores for Saks, Inc. will take on the role of EVP, Chief Merchandising Officer of Saks Fifth Avenue, reporting to McKee.
“Our team is structured to ensure business as usual at Saks Fifth Avenue. We will continue to focus on customer service and fashion leadership, along with ensuring a seamless transition both internally and externally,” Baker said. “Don and Marc were formerly executives at Saks Inc., and bring with them a total of nearly 25 years there. Combined with Jennifer’s 18-year history with the company, we have a strong bench of executives with a deep appreciation for Saks’ culture, traditions and strengths.”