Harrods boss poised to join Saks Fifth Avenue

Marigay McKee, chief merchant at Harrods, one of Britain's most famous department stores, is in line to be named as the new president of Saks Fifth Avenue.

The appointment of Ms McKee, who has run Harrods as chief merchant alongside managing director Michael Ward since 2011, would further highlight the global standing of Britain's luxury goods industry as London Fashion Week draws to a close.

The move would involve Ms McKee swapping one of London's best-known shops for one of New York's.

Saks is in the process of being taken over by Canadian retailer Hudson's Bay Company, which has agreed to pay $2.8bn (£1.8bn) for the business.

A Harrods spokesman said: "After 14 years of loyal service to Harrods, Marigay McKee will leave her role of chief merchant to pursue new opportunities.

"Marigay has been instrumental in developing Harrods’ exceptional department and brand portfolio, which has been intrinsic to positioning the store as a leading International destination for luxury.

"She leaves behind a very strong team and an inspirational legacy which we look forward to building upon. We wish Marigay all the best for her future career."

In a statement on Monday, Saks confirmed that its chairman and chief executive, Stephen Sadove, and its president and chief merchant, Ronald Frasch, would be leaving the business.

Saks said: "Steve and Ron have been a great team over the last nine years. They are admired and respected throughout both the company and the retail industry."

Richard Baker, chief executive of Hudson's Bay Company, added: "Marigay McKee's experience as an effective world-class leader in the international luxury retail space is well-aligned with our vision for the Saks Fifth Avenue brand.

"She has a proven track record of success at the highest level of luxury and I'm very excited for her to head up our Saks business at HBC."