Butterfly Effect | Issue 09
From Saks’ fall to Ssense’s return, from brooches at Boucheron to feathers at Chanel—this week shimmered with red-carpet sequins, retail games, and foundational restructuring.
Musical Chairs
In a blink-and-you-miss-it moment, Richard Baker—who stepped in as CEO of Saks after Marc Metrick’s recent exit—is now out, making Dario Vitale’s stint at Versace look downright lengthy by comparison.
Baker, now infamously known for acquiring Neiman Marcus and Bergdorf Goodman while leveraging Saks to the hilt, reportedly spent last week stitching the terms of his own exit. Whether that hand-off will be seamless is doubtful—unless he proves a better tailor than he was chairman.
Waiting in the wings? Geoffroy van Raemdonck, the former Neiman Marcus CEO who helmed their 2020 bankruptcy and officially stepped in with his own team this week. Could this signal hope for Neiman’s? Here’s hoping—I still have many friends and former colleagues there.
In tandem with Baker’s departure, Saks filed Chapter 11 Wednesday—ending weeks of speculation, quieting rumors of full liquidation (Chapter 7), and shedding light on the retailer’s mounting debts to vendors including Christian Louboutin, Jimmy Choo, and Chanel.
But it’s not just vendors left holding the (very expensive) bag—Amazon, who floated the retail giant a $475 million life preserver, is none too pleased. They took to the courts to block Saks Global’s proposed $1.75 billion loan to finance its Chapter 11 filing. On Thursday, the courts denied Amazon’s request. But this was merely Amazon’s opening move—and what else they have up their sleeve remains to be seen.
And now the question remains: with van Raemdonck back at the helm, can the embattled retailer steady its course and weather the storm—or are there still icebergs in the water?
Here’s hoping the violins aren’t playing.
A Ssense of Relief
Happy (early) Valentine’s Day to Ssense—the Canadian luxury retailer (and longtime CBC favorite)—which filed for bankruptcy in August 2025 but now appears poised for rebirth. Founders Rami Atallah and his brothers, Firas and Basel, have officially won the bid to reclaim the company, with a deal expected to close February 13.
That means no new ownership—and no dramatic shake-up in customer experience, vendor relations, or internal operations. Just (hopefully) a smooth, stylish emergence from bankruptcy protection.
At last, a flicker of optimism. With new leadership at Saks Global, Matches Fashion resurfacing, and Ssense back under familiar hands, luxury might—finally—be stepping out of retail’s long shadow.
Tariffs be damned. Let the ripple begin.
And the Golden Globe Goes To
The Golden Globes didn’t disappoint. Heralding the start of the 2026 awards season, the red carpet delivered both levity and luxury—with fashion houses debuting their newest collections, and stars stepping out in style.
Selena Gomez was a vision of old-school Hollywood glamour in Chanel by Matthieu Blazy—a black-and-white sheath crowned in frothy white feathers. Breathtaking.
Colman Domingo, arguably best dressed of the night, stunned in an impeccably tailored black-on-black Valentino, finished with Boucheron brooches—a chef’s kiss of precision and polish.
Other standouts?
• Jacob Elordi, clean and classic in double-breasted Bottega Veneta
• Teyana Taylor, sculptural perfection in Schiaparelli Haute Couture—bold cutouts, crystal-encrusted thong
• Ayo Edebiri, elegant in off-the-shoulder velvet Chanel (Blazy again), accented with Chanel brooches and an emerald Tiffany & Co. ring—Danielle Goldberg always nails the assignment
• Eva Victor, also styled by Goldberg, wore custom red Loewe—so striking it made even a neutrals-lover (hi, me) reconsider her palette
Victor’s look echoed Chloe Malle’s quip on The Run Through:
“What’s black and white and red all over?”
Apparently: the Globes.
And yes—Justine Lupe deserves a nod in peach-toned, tiered, sheer vintage Armani Privé. A little risqué, a lot of impact. Adore!
Curtain Close
Sequins fall. Stocks slip.
But reinvention?
She’s always in the game.
And retail? She’s still playing to win.