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 […]
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Saks Global collapse shows struggles of department store model, Kering CEO says
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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)