Italy's Cucinelli says it resumed shipments to Saks at end-January
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The Saks Fifth Avenue flagship store, after the store filed for bankruptcy protection, in New York City, U.S., January 14, 2026. REUTERS/Brendan McDermid
By Valentina Za
MILAN, Feb 18 (Reuters) - Italian luxury group Brunello Cucinelli said it resumed shipments to Saks Global at the end of January, receiving regular payments, and saw no financial hit in 2026 from the U.S. luxury retailer's bankruptcy.
Saks Global - owner of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH - filed for Chapter 11 creditor protection in mid‑January as it struggled under a debt load stemming from Saks owner Hudson's Bay Company's acquisition of Neiman Marcus in late 2024.
"Saks, Neiman Marcus and Bergdorf Goodman are three great brands with beautiful locations ... We've never lost a dollar with them ... I don't want to say anything about their merger decision, for us it's three distinct brands," Executive Chairman Brunello Cucinelli told analysts.
The company has worked with Saks, Neiman Marcus and Bergdorf Goodman for more than 30 years under a retail strategy heavily reliant on department stores.
The three chains have accounted for 7%-8% of sales in recent years, Cucinelli said.
It said sales of its products at all the chains continued to grow in early 2026, with clients spending more overall and per single item.
"From the end of January, we resumed regular shipments of our Spring/Summer 2026 collection, receiving regular payments," the company said.
Cucinelli said he would meet with Saks executives in Milan next week.
The recent closure of some Saks Global stores has only a "marginal" effect on Cucinelli's distribution, the company said, because its business has historically been concentrated in the most important locations.
It welcomed Saks Global's shift toward a more selective network and top-end luxury customers.
Cucinelli booked an extraordinary provision of 8.1 million euros in 2025 related to the bankruptcy. It said there would be no impact on 2026, when it expects to post an around 10% rise in revenue at constant exchange rates.
(Reporting by Valentina Za; Editing by Kirsten Donovan and Deepa Babington)
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