It’s a classic New York story. Almost three decades after starting her career at Bergdorf Goodman as an intern, Tracy Margolies is back again, this time as the venerable retailer’s new president.
The move was revealed on Monday, when Saks Global said it finalized its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion.
“Tracy’s deep expertise and track record of leading results-driven strategies will propel Bergdorf Goodman into the future while honoring its unique legacy. I am confident she is the right person to lead this storied business’ next chapter and look forward to what Bergdorf Goodman will accomplish under her leadership,” said Marc Metrick, CEO of Saks Global, in a statement. (Margolies succeeds Darcy Penick.)
Before her most recent stint at Saks, where she spent nearly a decade as chief merchandising officer, Margolies was SVP and GMM of beauty, contemporary 5F, footwear and handbags at Bergdorf. But it was her first chapter at the department store, years earlier, that really defined her path.
“I remember being hands on with everything. I was like a sponge. I spent a lot of time on the floor like a shopkeeper, being a manager and looking at schedules, and really getting to know the sales associates,” said Margolies in a 2023 interview, when she was inducted into FN’s Hall of Fame.
A force behind many of the game-changing initiatives at both Saks and Bergdorf, Margolies has been immersed in shoes since 2005, when she left Bergdorf for Saks the first time, to be the VP and DMM of women’s footwear.
Twenty years later, after moving back and forth between the two department stores, Margolies is heading back up Fifth Avenue again. This time, the retailers will both be part of a new powerhouse that will dramatically reshape the landscape during a critical time for the shoe business.
There’s no doubt Margolies will continue to be a champion for footwear designers as she steps into her new role.
“It’s so important to have passion. If you’re passionate and you love what you’re doing, you’ll be successful. If you’re looking for something long-term, it’s not about a job, it’s about a career,” she said last year, while offering some sage advice for the next generation. “Have as many different experiences as possible. I tried different categories of business and it gave me a macro perspective. Work for as many people as possible — learn the good, bad and ugly. You learn what you want to do as a manager and how you want to treat people. I live by the golden rule. I really believe that.”
