The Glossy Podcast
Week in Review: Saks Fifth Avenue struggles to pay vendors, Gucci sues retail partners
Nov 24, 2023
This podcast discusses the struggles of luxury retailer Saks Fifth Avenue to pay its vendors and Gucci's lawsuits against retailers selling counterfeit products. It explores the challenges faced by multi-brand retailers, the importance of technology in inventory management, and the reputational impact of counterfeit products on brands. It also examines the difficulties department and specialty stores face in the luxury industry.
17:57
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Quick takeaways
- Late payments by Saks Fifth Avenue expose the fragility of luxury retail relationships and raise concerns about industry financial practices.
- Gucci's lawsuits against retailers highlight the ongoing battle luxury brands face in protecting their image and cracking down on counterfeit products.
Deep dives
Controversy Surrounding Saks Fifth Avenue Late Payments
Saks Fifth Avenue has been facing controversy over late payments to brands, leading to rumors and concerns about the retailer's financial stability. Brands have reported delays in receiving payments, with the delays getting longer over time. This has led to some brands considering Saks Fifth Avenue a credit risk, resulting in Merchant, a firm overseeing wholesale orders, no longer ensuring orders to the retailer. The late payments by an established luxury retailer raise questions about the industry's financial practices and its ability to maintain business relationships.
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