Saks Fifth Avenue says goodbye to Mexico

The famous American luxury fashion chain, Saks Fifth Avenue, is leaving Mexico after the decision of Grupo Sanborns not to renew the contract with the company that owns the brand originally from New York.

According to Forbes magazine, Sanborns informed employees that the store located in Santa Fe will close in October of this year.

Likewise, they were informed that they will not lose their jobs, since a Sears store will open instead, replacing the New York brand.

Carlos Slim’s company decided not to renew the contract for the use of the brand, which represents an expense of 500,000 dollars per year, according to the agreement reached by Grupo Sanborns in 2006.

The famous luxury brand arrived in Mexico that year after an agreement with Grupo Sanborns for the use of brands for an initial term of 15 years with the option to renew for 10 years.

Saks Fifth Avenue currently has only one branch in Mexico, located in Santa Fe, which opened in 2007.

Subscribe here to receive our newsletters, access exclusive content, read our news without ads, and much more!

Trending news of PVDN

  • Woman’s corpse found handcuffed and gagged in Puerto Vallarta hotel room A woman was found dead Tuesday afternoon inside a Puerto Vallarta hotel. Under the established protocols, personnel from the Regional Prosecutor’s Office began an investigation around the discovery of the lifeless body, which was generated after the report that inside a hotel room, located on Avenida México and Guerrero, in the Las Mojoneras neighborhood, the…
  • Jalisco Nueva Generación Cartel controls 78% of money laundering in Mexico The Jalisco Nueva Generación Cartel (CJNG) has placed itself at the head of the Mexican drug economy, establishing the largest number of businesses to launder money, and unlike other cartels, it went from the real estate business, typical of drug trafficking, to diversifying into money laundering businesses. that few would suspect. An investigation by MILENIO,…
  • Mexico’s army will remain on the streets and beaches of Mexico until 2028 It was on Tuesday, October 4, when the Senate of the Republic approved the reform to the National Guard, which establishes that it will be used in public security until 2028 under the direction of the Secretary of National Defense ( Sedena ). After a debate of more than eight hours, the senators of the…
  • The United States is going after American citizens in Mexico, and Latin America, trying to evade taxes The Internal Revenue Service’s Criminal Investigation unit said on Thursday it has located 79 tax evasion fugitives in Mexico, Belize, El Salvador, Guatemala, and Honduras in the first year of a new extradition initiative. The effort was made possible by a change in Mexico’s tax laws in 2020 that made tax evasion a felony offense…
  • Mexico’s president slams the nomination of Ukrainian president Zelenski for the Nobel Peace Prize Staying to true form in his disdain for Ukraine, Mexican President Andrés Manuel López criticized the members of the European Parliament who nominated his Ukrainian counterpart, President Volodímir Zelensky, for the Nobel Peace Prize this year. During the morning press conference on October 5, the Mexican president affirmed that there are other people who deserve…
Puerto Vallarta News

Compare Listings

Title Price Status Type Area Purpose Bedrooms Bathrooms
error: Please contact PVDN if you wish to reprint something from this website