Zegna CEO says talks with Saks Global ongoing, outcome uncertain

MILAN, Feb 2 (Reuters) - Ermenegildo Zegna Group's JN0.F new CEO Gianluca Tagliabue said on Monday that discussions with bankrupt U.S. retailer Saks Global were ongoing with no visibility on their outcome, adding his company was solid enough to deal with the issue.

"We are closely monitoring the situation as Saks works to stabilize its operations and to negotiate terms, also with respect to past due receivables, with all vendors, including ourselves", Tagliabue told analysts in a post-results conference call.

"At this stage, these discussions remain ongoing. Their outcome is still uncertain. Our group has the financial and business strength to absorb this extraordinary event, considering the limited incidence of Saks Global on Zegna group revenues".

Tagliabue said sales to Saks Global account for a low single‑digit share of the group’s revenues.

Zegna group is listed as an unsecured creditor at Saks Global, which filed for bankruptcy protection last month in one of the largest retail collapses since the pandemic.