Saks Global collapse shows struggles of department store model, Kering CEO says

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)