America's 10 Highest-Paid CEOs of 2011 (and How They Earned It)
The Richest Woman in the World: How Gina Rinehart Earns her Billions
Upscale shoppers aren't doing enough for Saks (SKS) this holiday season. The luxury retailer, which has been struggling with sales for the past two years, is moving into less expensive products as a way to bring customers in the door, even though it's putting its brand at risk. If the wealthy continue to stay at home, Saks will have to look for revenue where it hasn't had to play in the past.
Brand experts, according to a Reuters report, don't think it's a good idea for Saks to stray from its traditional area of expertise. Pushing lower-priced items and using gift cards and coupons to bring people inside -- not to mention discounting -- could cost the company in the long term. Milton Pedraza, chief executive of the Luxury Institute, told Reuters, "All these tactics erode the halo effect of a luxury brand."
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
