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A Brief History of Saks Fifth Avenue

Working alongside various partners on a multitude of transactions, Robert V. Glaser had a role as a member of one of the teams responsible for notable investments, one of these investments being American luxury department store Saks Fifth Avenue.

Founded in 1898 by businessman Andrew Saks, Saks Fifth Avenue was originally known as Saks & Company when it was incorporated in New York in 1902. Andrew Saks passed away a few years later in 1902 and Saks & Co. would go on to merge with American department store Gimbel Brothers, Inc., owned by Bernard Gimbel, a cousin of Horace Saks. Together, Gimbel and Horace Saks launched Saks Fifth Avenue in New York City on September 15, 1924.

In 1926, Bernard Gimbel’s brother Adam became president of Saks Fifth Avenue after Horace Saks died suddenly. During this period, Saks expanded beyond New York into Chicago, Miami Beach, and even Beverly Hills in 1938. By the time the 1930s came to an end, Saks Fifth Avenue had ten stores around the country and expansion continued into the 1950s.

In the 1990s Saks expanded by launching the “Saks Off 5th” outlet store. Today, there are over 100 stores around the world.

This update is by Robert V. Glaser. Glaser is an industry veteran with decades of experience in banking, private equity, and more. His experience includes his many years working for global manager of alternative investment products Investcorp and he also dedicates his time to various charitable causes including YoungArts Foundation, Chapman Partnership, and more. You can learn more about Robert by visiting the Robert V. Glaser Business or Robert V. Glaser Giving websites.