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.
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