Olivier (2:16)

I think it's really about, you know, coming back to the origins. What we want to build right now with the team is actually rebuilding the next golden age of Bloomingdale's. We heard about a lot about Bloomingdale's in the 70s, in the 80s was. It was really the place to go. And actually, you know, right now what we're trying to build is really recreating this destination, Bloomingdale's. And we're an icon, but we have to reinvent ourselves. It's also what Josh is doing with Burberry. This is what we're aiming to do at Bloomingdale's with one key focus is actually enhancing, bringing back customer experience, customer delight in our stores. And really based on building relationship, connections, etc. This is what is making us different.

Roman (2:55)

So what do you want your stores to be? And not just the flagship? I know the flagship is always going to be the jewel. It's always going to have the best of everything. But as you look at your stores around the countries, the ones that are in smaller cities, smaller markets, what do you want those stores to be?

Olivier (3:08)

You know, my dream, I think for both our brand partners and our customers to be the destination when you come to New York, but also our local stores in the different regions, it's really to be the destination. My secret dream is actually when customers on Saturday noon close their the door of their house, the first thing, thing that actually they think about is actually coming to Bloomingdale's whether they spend or not. Just spending time enjoying being there, connecting with people, seeing new things, newness, you know, finding a small product, a big product, but just being stunished by what's happening. That's what I would love people to feel.

Roman (3:42)

Do you feel customers still want to come physically into stores like this particular department stores?

Olivier (3:46)

I should say, yeah, I'm absolutely convinced about that. You know, it's not because we're living in a digital world. Like actually people will stay, you know, in their home, not leaving their house and just being, you know, on their couch, on their sofa, with their computer. I think people need connection, they need relationship even more than before. Now that we have these digital devices and all these social medias, etc. I think people seek for relationship. And this is what we're refocusing on right now is bringing experiences. Not only great products, but really bringing experiences that create the conditions of relationship. People wants to connect and we want them to connect.

Roman (4:21)

At Bloomingdale's, I want to talk about the relationship that you have with your brand partners. Because when we talk about the evolution of the department store, one thing that hurt it was the idea that a lot of brands started selling on their own, whether their own stores or eventually obviously with their own e commerce operation. So there was another channel for people to get Burberry or to get Chanel or whatever other products they want. But you've still maintained those partnerships in a very strong way. And I am curious as to what the balance is in making sure that those dollars flow through Bloomingdale's.

Olivier (4:50)

You know, Roman, historically, I think over the past probably 30 years, I think particularly US department stores probably lost a bit their DNA. And probably the strategy of the department stores and the strategy of the brands probably diverged a bit. Our goal right now is to bring them back together and realign the strategy of the brand and the strategy of department store. What does that mean? It means that actually the brands invested a lot, not only on products and newness, but on experiences, storytelling, marketing, branding. And we were obsessed about optimizing our financial model, about investing in digital, investing in data. I think we have to bring back these experiences to the customer. We want to cascade these brand storytelling to our customers. This is why we need to invest in all stores. This is why we need to give space to our brand partners. This is why we have to keep bringing innovation and newness in all stores to keep the excitement going on.

Roman (5:41)

I want to talk about this particular holiday season. I mean, times are a little bit challenging economically and there's been a lot of talk about how much capacity the consumer has to spend. Are you feeling optimistic about what people will spend on this year?

Olivier (5:55)

You know, I'm actually cautiously optimistic. The trend over the past few months has been amazing at Bloomingdale's. So we feel pretty strong, you know, we feel pretty strong about our customers, feedbacks about our partner, feedback about the current trend that we're experiencing. And we're building such a great event for this holiday season that we're convinced that it will resonate very, very well with the customer. You know, the customer now, three years ago, was all about luxury, high luxury, etc. We can feel that customer changes, the behavior changes in a bit, a bit more to high, low, to contemporary, to luxury. And you know what, this is exactly what Bloomingdale is about. So we feel very, very strong about this holiday season.

Roman (6:32)

How are you anticipating having to have any sort of meaningful discounts, sort of above and beyond? What would normal be normal for the holiday season.

Olivier (6:40)

This is not what we're planning. I think, you know, we feel very, very strong about the storytelling that we're cascading about, you know, telling the story of the brand, telling the story about this happy together, about, you know, these activations we're bringing in the store. The excitement, the vibration, the energy in the store is absolutely amazing. And I'm convinced that actually it will resonate very, very well with what customers are expecting for this holiday season.

Roman (7:01)

This gets to the idea of what exactly you're selling, because when I hear you talk, you don't seem like you're selling a product, you're selling an ethos or a lifestyle or whatever you want to do. And that's got to be difficult because you're also selling something that can change, you know, in a minute. You know, customers just decide they want to feel something different. So how do you sort of. Do you keep up with that? Do you follow them or do you try to lead?

Olivier (7:21)

Yeah, I think that's a great point. We're selling products first.

Roman (7:24)

Yeah.

Olivier (7:24)

But I think it's how we're selling this product that matters. I think the selection that the buyers and fashion directors have done is absolutely amazing. We have curated gift shops, you know, with low price point, highest price point, with the Trend and Newness, etc. They spent a year actually selecting the right products. And I'm very, very proud about the exclusive products, about the selection that we've made, because I'm convinced that actually there is something for everyone at Bloomingdale's. It's also what's making Bloomingdale's very special compared to other department stores, is actually truly believe that actually everyone can find something to buy and to gift at Bloomingdale's. But you're right, our job is to be always at the edge, always, you know, finding the new trends, discovering the new trends. Our teams are flying the world to find the new upcoming trend and to bring it to our customer. New brands, small brands, big brands. It's very important that actually we keep bringing this trend because this is exactly what our customers are looking for.

Roman (8:15)

I'm curious with some of the newer brands, the upstarts that are looking to sort of break in. I know certainly here at the flagship, just walking through it, I seen you've embraced a lot of, you know, what would normally be obscure brands and sort of brought them to the public's attention. How do you find those folks? Do they come to you or do you sort of search them out?

Olivier (8:31)

I think it's these where there's two things. You know, I think this is where we have to open to a world. You know, when you're talking about just being American leading an iconic British brand and me being French, I think right now it's actually the market is global and it's very important that we keep our eyes wide open on what's happening in the world. So yes, we're very much paying attention to American brands and new US brands, but we actually open our eyes on the world when it's coming to new brands. And really our fashion directors and our buyers are very, very, very connected. You know, traveling the world to find these small brands, emerging trends in different countries could be in Korea, in Japan, in Europe. So it's very interesting what's happening right now. And you have so many now with digital world, social media, you have so many emerging trends, new brands, niche brands and it's very exciting to be part of this world right now.

Roman (9:22)

Is there a sense when we talk about the re emergence of Bloomingdale's in terms of its sales growth that that is sustainable long term based on the current strategy you have in place?

Olivier (9:33)

Absolutely, because it's not a short or small event that is happening right now. It's actually we're working on the underlying strategic pillars that actually are bringing these roles. What is coming about when we're talking about great brand and great product selection. What is coming about customer experience? What is about top customer relationship that we're building right now, all these fundamentals and great marketing events we're working on what is making Bloomingdale's special and more relevant on the market. We're not working on a trend or short term trend. It's really with a long term vision about building this new golden age of Bloomingdale's. So getting great products with a great environment, with great marketing activations and building amazing relationship with the customer. I think that is for ever.

Roman (10:18)

Who do you think is your primary competitor?

Olivier (10:21)

We have actually right now the competition is multifold. When you think it could be pure players, online, small DTC brands, it could be social media social. Of course, traditional department stores are part of that. So it's an ecosystem. But you know, it's important not to be too spread and unfocused, looking at too many players. We're very clear on what is our vision, what is making us different and where we want to go. And this is what really matters. All the energy, all the teams and all our partners right now are actually working with us to achieve this vision that we're having for the future of the world.

Roman (10:58)

What's the balance between retail selling in the physical retail stores and your e commerce strategy?

Olivier (11:03)

I think it's very complementary. For me, of course digital will keep growing. It's a fast growing channel for us and it's been the case for many years. I think we are seeing more and more transactions happening online. But for me, Raymond, the best way to actually invest online is keep investing in the stores. The best branding investment we can make as a department store is investing in the store. When you close your eyes and you think about your best Bloomingdale experience, you will never think about a box in front of your door. Yeah, you will think about a moment in the store where you found a great product you weren't expecting sold by someone that actually, you know, created a relationship with you and you had such a great moment that what is the best investment for us in terms of branding, even about digital?

Roman (11:47)

Digital investment, because that's something that's always intrigued me because the e commerce experience to by default is basically transactional. Most people do it for convenience. And going into a store much more experiential. Either you want the help or you want just the feeling of being able to browse and just find what you want by happenstance, which is a little bit different. As to what people do online, they usually go on with a very specific purpose, looking for a very specific thing. Those seem like two kind of completely different businesses.

Olivier (12:12)

I think these behaviors are changing a bit now. People are browsing, exploring online. They want also some inspiration. This is why also we're evolving our digital platform to go to be a bit more editorial, more inspirational and then it's very complementary to the store experience. What matters is to have a perfect alignment between your digital platform, social media, e commerce platform, app and your physical experience that what really matters because it's part of the same story. So people are browsing, looking online, then coming to stores, sometimes shopping in the store, sometimes shopping back on the online. But it's a very seamless experience experience. And this is really what matters.

Roman (12:47)

Obviously in the holiday season a lot of attention gets showered upon Bloomingdale primarily for the window unveiling and everything else. Once the holidays are over. How do you sort of keep that momentum going?

Olivier (12:58)

I think, you know, it's a. Yes, holiday moment is a special moment. And when you love department store, you love that moment. This is the moment where actually customers, brand partners, colleagues are all together and celebrating this, this great moment. This is the peak season in terms of sales. But it is a peak season in terms of experience, in terms of joy, and this is what we want to bring to our customers. Ultimately, we're selling products that people don't really need, so they feel good and we want them to feel good. So it's such a great moment. But actually the momentum that we're saying didn't start for holiday. It started, you know, months and years ago. And we just keep the pace right now. So we have new events, we have new marketing activation that are coming, we have new brands coming in the store right now, we have new ideas. So I think it's just a kickoff of what's coming. And 2026 is going to be a great year for Bloomingdale's.

Roman (13:45)

I want to just talk a little bit about the window displays, not only what you're doing tonight for the big unveiling, but year round. I mean, you obviously have a nice rotation over the year. And I know people who will deliberately make sure they walk down 3rd Avenue or Lexington Avenue and they're out of their way on their way to work or wherever, just to see those windows. Where does the inspiration for that come? Is that a decision that you are involved in making or do you leave that to your creative team?

Olivier (14:08)

No, I think our creative teams come, you know, each time they're coming, we know is four or five ideas and we have a creative committee and we select what are the most relevant ones because it has to be relevant for our customers. It has to be relevant from a product and assortment perspective because we want to bring exclusive products, collabs, etc. Which is very important to create more differentiation. It has to make sense from an activation, energy, vibe, etc. It has to be in the moment. It's a complex process and we are involving all different functions of the company. It's a year and a half process. We already know what's going to happen in 2026. We're already working what's going to happen in 2027. So it's a long and very exciting process.

Roman (14:47)

I haven't had a chance to see the windows for tonight. I assume you've had a sneak peek of what's behind there. What gets you excited for what we're going to see tonight?

Olivier (14:55)

I think it's really, you know, what making us exciting is actually. So the moment is going to be unique. So it's about music, joy and, you know, being together that it's really important. That is really what we're celebrating, especially with what's happening in the world, you know, with Some tension. We think that actually this happy together moment holiday that we're building is really meaningful for our customers. These windows are very, very special. We know we're an iconic building in New York and really want people to come see what's happening at Bloomingdale's in the windows on the facade. And then check here, what's happening where we are with the Burberry carousel and all the newness that's happening in the store. We're starting the renovation. We started the renovation of this building a couple of months ago, and you can start to see coming to life right now on the shoe floor, on the luxury to wear floor. We have much more to come, but you can start to feel what's going to be the future of Bloomingdale's in 59th Street.

Roman (15:46)

Well, what is. I've seen some of those renovations. I mean, we should point out for our viewers, the Bloomberg world headquarters overlooks Bloomingdale's. I can look out our window and see that construction. What is that space supposed to be?

Olivier (15:58)

You know, we want to. You know, on this one, we really want to build the best department store in the U.S. i mean, it's a humble ambition that we want to achieve, but it's really bringing Bloomingdale's to the international standard of department stores, really creating a destination not only for us and New Yorkers or US Shoppers, but for international shoppers. We want them to come and check what's happening at Bloomingdale's. And this is exactly with this vision that we're renovating this 59th street flagship. So we started from the top shoe floor with now luxury Readywear. And you're gonna see it's gonna be like a total reinvention of the codes of Bloomingdale's. So we are not forgetting the legacy and what we used to be, but it's really bringing this flagship to its new era. So that's going to be very, very exciting. And we have more to come. We also have more brands coming in. So, you know, we opened like Louboutin four weeks ago. We have a big new opening at Chanel, a duplex townhouse that we're going to build in. We're building in this building and just opening today. That's very, very, very exciting.

Roman (17:02)

All right, well, Olivier, you've done a lot so far. I know it's a busy time for you, and congratulations on everything that's transpires tonight and into the holiday season. I don't know if you made your wish list yet for. For Christmas anything on your list?

Olivier (17:15)

Absolutely. But I think the best for me would be like, you know, the joy in the business and everything that happening and everything, you know, everything being happy together. That's really what we want to do. All right, thank you, Ramon.

Roman (17:24)

Thank you very much.

Olivier (17:25)

Happy holiday.

Roman (17:25)

Happy holiday.

Olivier (17:26)

Thank you.

Roman (17:26)

Thank you.

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