On the Glossy Podcast, senior fashion reporter Danny Parisi and editor-in-chief Jill Manoff break down some of the biggest fashion news of the week. This week, we’re talking about the state of Saks Global and bringing you some takeaways from the Glossy E-Commerce Summit in Miami. Later in the episode (17:16), we host a roundtable discussion with luxury leaders about the state and future of the luxury sector.
First, we break down two big pieces of news regarding Saks. The company is reportedly looking to form a joint venture to operate Bergdorf Goodman. It also secured over $300 million in new financing to help it get back to a liquid state. But Saks still reportedly owes more than $700 million in overdue payments to its brand partners. Saks’s non-payment was a frequent topic of conversation at the Glossy E-commerce Summit held in Miami this week. We share some of our takeaways from the event, including how brands are meeting the demand for content and planning for the holidays.
And lastly, Jill Manoff led a discussion with Bradley Carbone, deputy CEO of luxury retailer Luisaviaroma; Joëlle Grunberg, a partner at McKinsey and head of its apparel and fashion division in North America; and Tanner Graham, CEO and co-founder of the luxury branding agency General Idea. The conversation touched on how luxury is faring, how its reliance on China may have held it back in recent quarters, and how the divide between a high-net-worth luxury customer and a more aspirational customer is impacting the segment.
