Saks Global’s new CEO Geoffroy van Raemdonck faces the urgent task of repairing ties with luxury brands as the retailer restructures under bankruptcy. Court filings show Chanel is owed $136 million (RM550 million), while Kering is owed about $60 million (RM242 million).
Saks Owes Chanel, Kering and LVMH
Other creditors include Capri Holdings, Mayhoola, LVMH, and Richemont, each with claims near $30 million (RM121 million). These debts are unsecured, meaning repayment may be minimal under Chapter 11.
Saks insists it will continue “go‑forward payments” and keep stores open, including Saks Fifth Avenue and Neiman Marcus. Brunello Cucinelli expressed confidence in the new leadership, though lawsuits and cancelled shipments highlight mounting vendor frustration.
Follow us on:
Read More News at #latestmalaysia #BusinessNews and #WorldFuture
