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Chanel, Kering, and LVMH owed about $225 million by bankrupt Saks

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Bloomberg

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January 14, 2026

Saks Global Enterprises’ delayed payments to luxury brands played a key role in accelerating the retailer’s decline and pushing it into bankruptcy. Brands pulled back on shipments or cancelled orders during the past year or so, leaving Saks’ stores looking less than luxurious. Now, court documents from its Chapter 11 filing just after midnight on Wednesday give greater insight into why brands were so wary: Some are owed tens of millions of dollars.

Saks has a list of brands to which it owes money – Shutterstock

Making peace with the world’s top luxury brands will be crucial for incoming chief executive officer Geoffroy van Raemdonck because it needs them to keep shipping goods as it tries to restructure its finances. At the top of the list is Chanel Ltd., which is due $136 million, according to court documents in Texas where Saks filed for bankruptcy. Next is Kering SA- owner of brands including Gucci and Balenciaga– at about $60 million. 

Other creditors with claims of about $30 million include Capri Holdings Ltd., which owns Michael Kors and Jimmy Choo; Mayhoola LLC, owner of Valentino along with Kering; LVMH, owner of Louis Vuitton and Christian Dior; and Compagnie Financière Richemont SA, owner of Cartier and Van Cleef & Arpels. The brands didn’t immediately respond to requests to comment. 

Debts owed to brands and other vendors that provide merchandise and services are unsecured claims in bankruptcy court. That kind of liability is generally only repaid pennies on the dollar in Chapter 11.

Saks Global said in a statement Wednesday that it expects to be able to make “go-forward payments” to vendors. The company’s stores, which include Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, will remain open through the bankruptcy proceedings, the company added. 

The former head of Neiman Marcus Group before its acquisition, van Raemdonck is bringing along several colleagues from his Neiman days, including Brandy Richardson as chief financial officer and Darcy Penick as chief commercial officer.

Brunello Cucinelli SpA, which is owed $21.3 million, said it has confidence in the new management. The company believes the Saks team “will be able to guide this storied department store with great distinction,” Brunello Cucinelli, founder of his eponymous brand, said in a statement Wednesday. 

Saks Fifth Avenue was already falling behind on payments to brands that were sending it merchandise when its parent company acquired rival Neiman Marcus Group in December 2024. That deal was financed by about $2 billion in bonds that Saks Global Enterprises, as the new company was called, soon struggled to pay off- further delaying and extending what vendors were owed. 

Some vendors worried about not getting paid and cancelled their shipments or demanded more onerous payment terms, which made Saks’ financial situation even worse. Less merchandise made stores look a bit bare, which turned off shoppers and sped up its decline. A few brands have sued: New York City-based Jovani Fashion Ltd. filed suit in October, saying Saks and Neiman owe it $295,651 plus interest for merchandise.



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eBay Circular Fashion Fund returns with $300k looking for innovative eco firms in Europe, North America

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January 14, 2026

eBay’s Circular Fashion Fund is returning for a fourth year as the digital retail giant continues to reinforce its “long-term commitment to advancing circularity in the fashion industry”. 

eBay

This year, the programme is expanding its reach across the EU, Switzerland and Canada, opening applications to more businesses and start-ups “developing innovative solutions that extend the life of clothing and reduce textile waste”.

The annual programme, first launched in 2022 supporting entrepreneurs tackling the fashion and textile industry’s environmental footprint, from production to end-of-life, now want to select eight businesses with each receiving $50,000 (£37,000) in funding, alongside mentoring to help develop and scale their ideas.

One standout business will also be named the Global Winner of the Circular Fashion Fund, with the opportunity to receive an additional $300,000 investment from eBay Ventures.

With this expansion, eBay’s total global funding through the programme is set to reach $1.9 million by the end of 2026. 

Alexis Hoopes, vice-president and global head of fashion at eBay, said: “Over the past three years, we’ve seen scalable solutions emerge in areas like textile recycling, resale and repair — but these businesses need capital and support to grow. With this expansion, we’re helping more founders build the infrastructure to make circular fashion an integral part of the fashion industry.”

Applications for the 2026 Circular Fashion Fund are now open and will close on 8 March.

Copyright © 2026 FashionNetwork.com All rights reserved.



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Pitti Uomo double bill: Hed Mayner and Shinya Kozuka

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January 15, 2026

Pitti Uomo 109 staged a double bill of designer runway shows on Wednesday: Hed Mayner with some very fine conceptual and exploratory tailoring, and Shinya Kozuka, with a glove-inspired avant-garde display.
 

Hed Mayner: Tel Aviv tailoring

Mayner, an Israeli-born designer who for the past couple of years has divided his time between Tel Aviv and Bergamo, presented an impressive collection of enveloping clothes and twisted silhouettes that broke plenty of fresh sartorial ground.

Hed Mayner fall/winter 2026 collection – FashionNetwork.com

Hed cuts clothes away from the torso and body, so they hang with a certain unexpected authority. Take his nipped-at-the-waist matinee idol coats that are finished with oversize sleeves worthy of a highwayman. Or consider his marvelous jackets, with sleeves that curve away, and shoulders that taper ahead. And you could not help admiring the cloak-meets-houndstooth topcoat combinations; or the superb flowing trench coat that Hed paired with silver sequin sweatpants and shirt.
 
“I wanted to create a sort of parallel universe, where the clothes work alongside the body, rather than over it,” explained Mayner, in a pre-show briefing.

With his high forehead and vertically ascending mop of hair, it would be easy to mistake Hed Mayner for a physicist. His clothes do reek of experimentation. Though he is certainly no mad scientist – as his experiments generally work, and often with great drama.

Hed Mayner fall/winter 2026 collection
Hed Mayner fall/winter 2026 collection – FashionNetwork.com

Hed showed 10 female looks and 25 looks for guys in this show, and the gals had a brainy, yet tough air about them too. Like the very snazzy pinstripe skirt suit or the brilliantly curvaceous worn. Leather biker jacket, whose shoulders ended halfway down the biceps. All told, this was a master class in bravura tailoring, that still managed to have plenty of commercial credibility.
 
Ever since his debut show in Paris in 2017, Mayner has been a consistently interesting designer, of considerable talent. And even if the odd look in this show was frankly absurd, like his pleated suede cone-shaped dresses, that only added to the sense of occasion.
 
All staged inside the Palazzina Reale di Santa Maria della Novella – a distinguished example of 1930s Rationalist architecture, finished with trompe l’oeil frescoes made to look like tapestries recounting Roman and Florentine history.
 
Making for a memorable fashion statement, by an Israeli designer who fully exploited the opportunity and honor of showing in Pitti, the world’s best organized fashion salon and trade fair, bar none.
 

Shinya Kozuka: Weird in a warehouse

The opening of Wednesday’s two shows in Pitti was by Shinya Kozuka, marking the Japanese designer’s international catwalk debut.

Shinya Kozuka fall/winter 2026
Shinya Kozuka fall/winter 2026 – FashionNetwork.com

 
The invitation was a white cotton glove, and the inspiration was Japanese photographer Koji Ishii’s well-documented habit of taking photos of lost gloves found on the street.
 
But if the well-spring of the collection was intriguing, the clothes often felt contrived and convoluted.
 
In his defense, Kozuka is clearly a clever print maker. His assemblages of wild deer, moose, wild crows and campaniles seen in scarves or soft cotton shirts looked great. But a series of ragged, baggy denim shorts; lump snow-pint tops and bulky coats failed to impress. 
 

Shinya Kozuka fall/winter 2026 collection
Shinya Kozuka fall/winter 2026 collection – FashionNetwork.com

A collection presented inside the Magazzino, meaning warehouse, of the Fortezza da Basso – the giant medieval fortress that is the nerve center of Pitti – the show-space space was decorated in a fake snowscape. 
 
Kozuka didn’t take any bow at the finale. And the applause was the weakest we have ever heard in over 100 runways shows in Pitti.
 

Copyright © 2026 FashionNetwork.com All rights reserved.



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Boss to showcase NovaPoly sustainable yarn development at Australian Open this month

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January 15, 2026

It may not feel like tennis weather in the Northern hemisphere but with Australia’s summer in full flow, the Australian Open is making global headlines and also showing the material tech that will have a big impact in Europe and the Americas later this year.

Boss

This month, at the year’s first major international tennis tournament, Boss is debuting NovaPoly yarn: a recycled alternative to virgin polyester “with the potential to inspire industry progress in textile innovation and advanced performance”.

Developed in collaboration with Jiaren Chemical Recycling and NBC LLC, it’s claimed to be “more than just a yarn” and is “an example of Boss’s commitment to shaping the future of fashion”.

It features a special additive that speeds up degradability in comparison to conventional polyester fibres, making it biodegradable in an anaerobic active microbial environment. 

The Boss brand’s ambassadors will showcase the yarn in its tennis styles during play in Melbourne this month with Taylor Fritz and Matteo Berrettini set to wear key yarn pieces on the court, including jerseys, shorts, and caps. 

Hugo Boss said “this marks an important moment” in the brand’s journey as it “reinforces its position as a forward-thinking brand, complementing the company’s ongoing efforts to develop alternatives to conventional polyester and polyamide fibres and aligning with its commitment to driving progress through innovation and advanced materials”.

The fibre is made from recycled textile waste sourced from both pre- and post-consumer phases and modified with an additive.  

Boss will “highlight the craftsmanship and forward-thinking approach of NovaPoly yarn through authentic storytelling, athlete endorsements, and dynamic visuals in the collection’s campaign”.

Designs using the fibre will also be available online, in its stores, and through select wholesale retail partners globally from this month.

Copyright © 2026 FashionNetwork.com All rights reserved.



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