This change follows the departure of Marc Metrick, who has decided to leave his position as CEO after nearly 30 years to pursue other opportunities.

Metrick said: "I began my career at Saks in 1995 and have had the privilege of serving in many roles across merchandising, marketing, and strategy. From building a world-class team to establishing Saks.com as a leading luxury ecommerce platform, I am proud of what we accomplished together. I am deeply grateful to my colleagues, partners, and the entire Saks community for their support and collaboration over the years."

Under the new role, Baker will oversee all luxury retail operations at the company and will collaborate with the management team to guide Saks Global’s ongoing transformation.

Baker said: “I look forward to continuing to work with our highly experienced management team, valued partners, and other stakeholders to secure a strong and stable future for our company. Across Saks Global, with our deep industry expertise, well-established relationships within the luxury sector, and talented employees, we will strengthen our position so that we can capitalise on the many opportunities we see for our company in the luxury market.”

Headquartered in New York City, Saks Global operates several luxury retail brands, including Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow.

Its portfolio features 70 full-line luxury locations, off-price stores, and five separate e-commerce platforms.