How ritzy retailer Saks Fifth Avenue is driving mom-and-pop cosmetics companies to brink of destruction READ MORE: Why two luxury retail giants are joining forces to stave off closure By Bethan Sexton For Dailymail.Com Published: 16:47, 8 August 2024 | Updated: 17:09, 8 August 2024 e-mail View comments Independent companies claim that they are being ripped off by ritzy retailer Saks Fifth Avenue. Traders say they are owed tens of thousands of dollars in some cases, after the department store failed to pay up for orders.
This is despite the iconic brand turning over $6 billion in sales last year, according to the Wall Street Journal . Reports Saks had been stiffing suppliers first emerged last year, around the time its parent company HBC was negotiating a $2.65 billion deal to buy rival Neiman Marcus.
Among those speaking out is Emiliano Shnitzer-Bartocci, who claims Saks Off Fifth, the store's discount brand owes his company CTE Watch $40,000. Independent companies including Luna Bronze founded by Maddy Balderson (pictured) claim that they are being ripped off by ritzy retailer Saks Fifth Avenue. You have the money to do an acquisition, but you can't pay the people that you owe?' Shnitzer-Bartocci told the WSJ.
'They sold the merchandise we've given them. They've made money on it, and yet they still haven't paid us back.' Saks Fifth Avenue signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores with online behemoth Amazon h.