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By the Numbers

6.6%

That’s how much producer prices rose between May 2020 and May 2021, according to the U.S. Labor Department. The rise in prices is the largest increase on record.

Today’s Quote/Unquote

“I am honored to join the Saks board and to be a part of a company that is paving the future of luxury retail. This is an exciting opportunity for me to combine two of my personal passions — a love of fashion and teaming up with brands that have the potential to lead while making an impact on the communities they serve. I look forward to working with the Saks team, and to having a direct impact on the company’s future success, the fashion community and its customers.”

— NBA All-Star James Harden, who plays for the Brooklyn Nets, on being appointed as an independent board member to Saks’ e-commerce business, a standalone business that’s separate from Saks Fifth Avenue department stores. Harden made a minority investment in the business. Saks said Harden’s appointment is part of its strategy to become the “preeminent luxury e-commerce platform.” Saks’ Executive Chairman Richard Baker said, “With experience in growing businesses and as someone who values self-expression through fashion, I am confident that [Harden] will bring a distinct point of view that will help us better deliver for our customers.”

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