In the fashionable city of Düsseldorf, premium brands such as Dolce & Gabbana, Fendi and Versace are common sights. But the signs in the window of Saks Off 5th advertising discounts of up to 60 percent on them are shocking in the world of German retail.
With the domestic launch of the Saks Off 5th outlet chain, which sells last season’s luxury styles at discount prices, the Hudson’s Bay Company (HBC) is turning Germany’s retail branch on its head. “Our combination of coveted brands at great prices is something the German market does not have yet,” said Wayne Drummond, head of Saks Off 5th in Europe in an interview with Handelsblatt. And the executive made an unmistakable challenge to the competition, saying, “We are here to win – customers and market share.”