Saks Global collapse shows struggles of department store model, Kering CEO says
ReutersFeb 10, 2026 9:35 AM
PARIS, Feb 10 (Reuters) - Luca De Meo, the CEO of Gucci-owner Kering PRTP.PA, said on Tuesday the crisis at high-end department store conglomerate Saks Global shows that the distribution model of department stores needs to be reinvented.
Speaking to reporters after presenting the group's annual results, De Meo said that Kering further needed to cut its reliance on wholesale.
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