Bergdorf Goodman Names Lanessa Elrod President as Tracy Margolies Steps Aside

Lanessa Elrod, most recently CEO of Louis Vuitton Americas, will become president of Bergdorf Goodman effective Monday, parent company Exemplar Luxury Group announced Thursday. She succeeds Tracy Margolies, who led the luxury retailer for two years and moves to executive adviser at Exemplar, reporting to CEO Geoffroy van Raemdonck. Elrod is a longtime luxury department store buyer with prior stints at all three Exemplar banners: Bergdorf, Saks Fifth Avenue and Neiman Marcus. Bergdorf, celebrating its 125th anniversary this year, largely held its position as an Upper East Side luxury stalwart while Exemplar — formerly Saks Global — struggled after Saks acquired Neiman Marcus for $2.7 billion. Saks Global entered bankruptcy court in January and exited in June as Exemplar Luxury Group, cutting debt by roughly 75% to under $1 billion. Last year analysts, including Bloomberg Intelligence's Mary Ross Gilbert, said Saks Global was seeking a buyer for a 49% stake in Bergdorf Goodman.