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
Brunello Cucinelli Resumes Saks Shipments, Sees No 2026 Impact
Resumed Shipments and Financial Outlook
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 Bankruptcy Context
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.
Longstanding Department Store Ties
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.
Early 2026 Sales Trend
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.
Payments and Spring/Summer 2026 Shipments
"From the end of January, we resumed regular shipments of our Spring/Summer 2026 collection, receiving regular payments," the company said.
Upcoming Meeting with Saks Executives
Cucinelli said he would meet with Saks executives in Milan next week.
Impact of Store Closures
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.
Shift to a More Selective Network
It welcomed Saks Global's shift toward a more selective network.
Provision in 2025 and 2026 Guidance
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)
