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After spending eight years in the control of an Arabian investment company, Saks three-plus years ago fell into the hands of Robert Bradley Martin, who knew how to turn around troubled middle-market retailers in the U.S. South and Midwest (see " Inside Track" on next page).
FORBES: He Stoops to Conquer
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Denise Incandela, president of Saks Direct told WWD the company plans to lure those bargain-hunting fashionistas over to full price merchandise on saksfifthavenue.com by displaying tantalizing product shots of new items on the Fashion Fix site.
FORBES: Saks Slides Into Competitive Position With Its New Dedicated Flash Sale Site
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Investing superstar Steven Cohen still owns some Saks shares, but he reduced his stake in the company by 75% last quarter.
FORBES: Saks Vs. Macy's: Why Is Saks Getting The Cold Shoulder?
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Prince Waleed bin Talal , a Saudi prince whose company interests encircle Euro Disney, Michael Jackson, Saks Fifth Avenue, the George V hotel in Paris and Canary Wharf in the Docklands of London, has built up a 5% stake in Apple Computer in recent weeks.
ECONOMIST: Fowl
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Saks sales are up, its profit margins have widened, and the company mostly talks optimistically about the holidays and the New Year.
FORBES: Saks Vs. Macy's: Why Is Saks Getting The Cold Shoulder?
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In addition to expanding its Saks Fifth Avenue OFF 5TH offerings of luxury goods at lower prices, the company plans to open four new stores this year.
FORBES: Saks Slides Into Competitive Position With Its New Dedicated Flash Sale Site
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Saks management has been adept at merchandising and marketing and it is helping to offset this headwind and keep the company growing.
FORBES: Saks Inc. - Attracting New Luxury Consumers from Around the World