Published by Global Banking & Finance Review®
Posted on February 10, 2026
1 min readLast updated: February 10, 2026
Add as preferred source on GoogleKering CEO Luca De Meo highlights the collapse of Saks Global as a sign that the department store model needs reinvention, with a focus on reducing wholesale reliance.
PARIS, Feb 10 (Reuters) - Luca De Meo, the CEO of Gucci-owner Kering, 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.
(Reporting by Tassilo Hummel; Writing by Gianluca Lo Nostro; Editing by Bart Meijer)
A financial crisis is a situation where the value of financial institutions or assets drops rapidly, leading to a loss of confidence among investors and consumers, often resulting in economic downturns.
Corporate strategy refers to the overall plan and direction that a company takes to achieve its goals, including decisions about resource allocation, market positioning, and competitive advantage.
Consumer perception is how customers view and interpret a brand or product based on their experiences, beliefs, and attitudes, which can significantly influence their purchasing decisions.
Sustainability in business refers to practices that meet current needs without compromising the ability of future generations to meet theirs, often focusing on environmental, social, and economic impacts.
Retail trade involves the sale of goods and services to consumers for personal use, typically through various channels such as physical stores, online platforms, and direct sales.
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