Business

UK fashion maven top contender for Saks president

Saks Fifth Avenue may be in store for a taste of British sophistication — and a woman’s touch.

The swanky New York chain is in talks with a handful of retail luminaries as it searches for its next president — first among them Marigay McKee, chief merchant at London-based Harrods, The Post has learned.

Marigay McKee is the chief merchant for the London-based department store, Harrod’sGetty Images

Other top contenders include Jim Gold, president of retail at Neiman Marcus; Bloomingdale’s president Tony Spring; and Brendan Hoffman, CEO of the Bon-Ton department stores, according to sources close to the search.

Nevertheless, insiders said McKee — a British-born fashion maven who has risen in the ranks at Harrods for the past 15 years — has emerged as the favorite to replace longtime Saks president Ron Frasch.

Richard Baker, the New York real estate mogul who scooped up Saks in July for $2.4 billion, is determined to make big changes as he pours money into revamping stores, according to insiders.

“Saks is a store for women,” according to a retail exec briefed on the plans. Baker thinks “Saks has been run by a bunch of old guys for too long,” according to the source.

The race isn’t over, however, and insiders said Baker has held serious talks with all four candidates.

Hoffman is seen as a strong contender, as he formerly ran the Lord & Taylor chain after it was acquired by Hudson’s Bay, the Canada-based retailer owned by Baker.

An announcement could come as soon as this week, sources told The Post.

McKee didn’t respond to an email seeking comment. Hudson’s Bay didn’t comment.

Saks CEO Steve Sadove won’t be replaced, as he and Frasch will exit following the company’s $2.4 billion acquisition by Hudson’s Bay, sources said.

Sadove and Frasch, who have won praise for improving Saks’ business and luring top European labels to the store, are expected to reap golden parachutes of $26 million and $9 million, respectively.

Both declined comment on Sunday.

Baker’s Hudson’s Bay agreed July 29 to pay $16 a share in cash for Saks. Baker has signaled he sees value in Saks’ real estate, which includes its landmark store on Fifth Avenue.