Saks Incorporated Announces Opening of Saks Fifth Avenue Men's Store in Dubai

Business Wire,  June 4, 2008  

Tags: Saks Fifth Avenue

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NEW YORK -- Building upon its two other successful ventures in the Middle East, retailer Saks Incorporated (NYSE: SKS) (the "Company") today announced the opening of a 15,000 square foot Saks Fifth Avenue men's store at The Walk at the Jumeirah Beach Residences in Dubai, United Arab Emirates.

The new men's store will complement an existing 80,000 square foot full-line Saks Fifth Avenue store located in the prestigious Bur Juman Centre in the thriving port city of Dubai in the UAE which opened in 2004. Saks Fifth Avenue in Riyadh, Saudi Arabia opened in 2001.

The Dubai men's store is congruent with the Saks Fifth Avenue men's departments and separate men's stores in the United States in both product and service, while catering to local tastes and preferences. The unique store includes distinctive offerings from established and emerging American and international designers and presents a sought-after collection of fine designer apparel, shoes, and accessories catering to customers with an appetite for advanced fashion as well as those who prefer more classic lines. Apparel and men's furnishings offerings include Dolce & Gabbana, Christian Dior, Lanvin, Duchamp, John Galliano, John Richmond, Ralph Lauren, Charvet, Hickey Freeman, Z Zegna, John Varvatos, Alexander McQueen, Jean Paul Gautier, Rock 'n Republic, Diesel, Citizens of Humanity, and Juicy Couture. The store will also represent a myriad of other offerings including shoes from Prada, Tods, Puma, Dolce & Gabbana, and Dior; fragrances and skincare; leather goods from Tumi, Prada, Dior, and Dolce & Gabbana; cuff links from Tatession, Faberge, and Links of London; and fine watches from Vacheron Constantin, Parmigiani, Roger Dubuis, Favre Leuba, Bell & Ross.

Saks Fifth Avenue is known for its extraordinary personalized customer service, and the Dubai men's store will offer the Fifth Avenue Club (its complementary trademark personal shopping service), luxurious fitting rooms and a lounge with wireless internet connectivity.

Stephen I. Sadove, Chairman and Chief Executive Officer of Saks Incorporated, commented, "We are so excited to expand our presence in the exciting city of Dubai, which has become a great center for tourism and shopping."

About The Walk at Jumeirah Beach Residence

The Walk at Jumeirah Beach Residence is a pedestrian-friendly, unique outdoor retail concept offering shopping, dining, and leisure activities in conjunction with a beachfront setting. The Walk is a shopping boulevard consisting of over 770,000 square feet of retail space, equating to over 350 retail units which are situated at ground and plaza levels. The Jumeirah Beach Residence is a complete upscale urban community located in the heart of new Dubai overlooking the beautiful Arabian Gulf. It features 36 residential towers, four hotel towers, and four beach clubs.

About the Companies

Saks Incorporated currently operates Saks Fifth Avenue, which consists of 54 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and saks.com. The Company also operates Club Libby Lu specialty stores.

Founded in 1924 with the opening of its Fifth Avenue, New York flagship store - which continues today to be the Company's landmark store - Saks Fifth Avenue has grown to 54 stores throughout the United States, complemented by licensed stores in Riyadh, Saudi Arabia; Dubai, U.A.E.; and Mexico City, Mexico. Saks also has announced plans to open its first licensed store in Shanghai, China. Saks Fifth Avenue is one of the most recognized luxury retail brands in the world and has key relationships with the leading fashion houses including Giorgio Armani, Chanel, Louis Vuitton, Dolce and Gabbana, Salvatore Ferragamo, Gucci, Donna Karan, John Varvatos, Calvin Klein, Ralph Lauren, Judith Leiber, Prada, Escada, Carolina Herrera, Oscar de la Renta, St. John, Yves St. Laurent, TOD'S, Ermenegildo Zegna, and Max Mara.

A group of well-established businesses in the Middle East, Al Mana Group, Chalhoub Group, Damas Jewellery, and Kapico Group, formed Style Avenue Middle East in 2003. Style Avenue Middle East has exclusive rights to own and operate Saks Fifth Avenue stores in the United Arab Emirates, Qatar, Kuwait, and Bahrain under the license agreement with Saks Fifth Avenue.

* Al Mana Retail W.W.L, a group of diversified companies with interests in automotive, retail, investments, and real estate.

* The Chalhoub Group, which is synonymous with luxury brands throughout the Middle East. This group owns and operates free-standing boutiques including Louis Vuitton, Chanel, Christian Lacroix, and Ralph Lauren. They are the largest distributor and retailer of cosmetics and fragrances in the Middle East.

* Damas Jewellery, the largest jeweler in the UAE with over 75 locations.

* Kapico Group, a partnership of the Al Ghannam and Handa families of Kuwait, with interests in automotive, engineering and construction, healthcare, and retail.

Forward-looking Information

The information contained in this press release that addresses future results or expectations is considered "forward-looking" information within the definition of the Federal securities laws. Forward-looking information in this document can be identified through the use of words such as "may," "will," "intend," "plan," "project," "expect," "anticipate," "should," "would," "believe," "estimate," "contemplate," "possible," and "point." The forward-looking information is premised on many factors, some of which are outlined below. Actual consolidated results might differ materially from projected forward-looking information if there are any material changes in management's assumptions.