Brunello Cucinelli said it restarted deliveries to Saks Global at the end of January and has been receiving regular payments since, a move the Italian luxury group presented as removing immediate financial strain linked to the U.S. retailer’s Chapter 11 filing.
Saks Global - the owner of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH - sought Chapter 11 protection in mid-January as it wrestled with heavy indebtedness connected to Hudson’s Bay Company’s acquisition of Neiman Marcus late in 2024. Despite that bankruptcy process, Cucinelli reported no impact on its 2026 financials.
Executive Chairman Brunello Cucinelli emphasized the distinct nature of the department store partners, saying they are long-established names and important locations for his label. In his remarks to analysts he said:
"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,"
The company pointed out a decades-long relationship with these department stores, noting it has worked with Saks, Neiman Marcus and Bergdorf Goodman for more than 30 years under a retail strategy that has been heavily reliant on department-store distribution.
Operationally, Cucinelli said sales of its products across all three chains continued to expand in early 2026, with customers spending more both in aggregate and per item. The firm confirmed that from the end of January it resumed regular shipments of its Spring/Summer 2026 collection and was receiving regular payments for those deliveries.
Management indicated that recent closures of some Saks Global stores have had only a "marginal" impact on its distribution footprint, explaining this is because Cucinelli’s business is concentrated in the most important locations. The company welcomed what it described as Saks Global’s move toward a more selective store network.
On the accounting front, Cucinelli recorded an extraordinary provision of 8.1 million euros in 2025 tied to the bankruptcy. The company said this charge would not affect 2026 and maintained its outlook for roughly a 10% increase in revenue next year at constant exchange rates.
Looking ahead, Cucinelli said it planned to meet with Saks executives in Milan next week to discuss matters further.
Contextual notes
The details above reflect the company’s own statements about its commercial ties with Saks Global and the financial actions it has taken in response to the retailer’s restructuring. Management’s view is that long-standing relationships and concentration in key locations have limited distribution disruption and short-term financial exposure.