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Saks Global prepares for bankruptcy after missing debt payment, WSJ reports

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Reuters

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January 2, 2026

Saks Global is preparing to file for bankruptcy in the coming weeks after missing a debt payment tied to its Neiman Marcus acquisition, the Wall Street Journal said on Wednesday, citing people familiar with the matter.

A Neiman Marcus store in Garden City, New York – Photo: Yuki Iwamura/Bloomberg

The parent of high-end department store chain Saks Fifth Avenue failed to make an interest payment of over $100 ⁠million due on Tuesday on its bonds, and is in talks with its creditors to secure financing for ⁠the bankruptcy process, the report added. Saks Global did not immediately respond to a Reuters request for comment.

The company has been struggling to revive demand in the US as rising ‍inflation ‌and a weakening labor market have curbed discretionary spending, including on luxury ⁠items. Over the past year, ‌the company was looking to sell a minority stake ‌in luxury retailer Bergdorf Goodman to help reduce debt, a Saks Global spokesperson told Reuters in September.

During this period, it also aimed to raise cash through the sale of assets like a Beverly Hills ‍property, the Wall Street Journal report said. In August 2025, Saks Global completed a debt restructuring that included about $600 million in new money and ‌an exchange ⁠of its $2.2 ​billion senior secured notes.

Hudson’s Bay Company created the ⁠firm in ​July last year following its $2.65 billion acquisition of department store chain Neiman Marcus. The move combined Saks Fifth Avenue, Neiman Marcus, and other luxury ​retail and real estate assets to better compete with department store operators such as Nordstrom, Bloomingdale’s, and Macy’s.

The deal ⁠was funded by new investors ⁠such as Amazon, Authentic Brands Group, Salesforce, and others, along with $2.2 billion in senior secured notes and an asset-based credit facility.

© Thomson Reuters 2026 All rights reserved.



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Nicolas Ghesquière and Ralph Toledano named in French New Year’s honours list

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January 2, 2026

Nicolas Ghesquière and Ralph Toledano were among leading figures in French fashion who have been recognised in the nation’s annual New Year’s honours list.

Nicolas Ghesquière has held the role of women’s creative director at Louis Vuitton since 2013

 
Ghesquière, the women’s creative director of Louis Vuitton, was named Knight of the Legion of Honour, a high-level decoration in France, in the official list released on Thursday.
 
While Toledano, the former president of Fédération de la Haute Couture et de la Mode (FHCM), was promoted to be Officer of the Legion of Honour. He had already been made a Knight in 2003.

Reacting to the news, Toledano told Fashion Network: “This promotion is a new evidence of the exceptional support by the Macron administration to French fashion.”
 
“Fashion is my passion, and this award comes in recognition of the accomplishments realised with amazing brands and designers. I consider that creativity must always be front and centre, made by exceptional teams, to whom I owe everything,” added Toledano who in a storied career has previously been president of the house of Karl Lagerfeld; CEO of Guy Laroche, where he appointed Alber Elbaz designer; and of Chloé during Phoebe Philo’s most beautiful moments of invention.
 
“I think that it also rewards the achievements of my tenure as president of the Federation de la Couture et de la Mode, and notably the merger between IFM and l’ École de la Chambre Syndicale de la Couture Parisienne (FHCM’s predecessor) into l’ Institut Français de la Mode,” concluded Toledano, currently chairman of Victoria Beckham.
 
The list also revealed that three noted female figures in French luxury had also been promoted to Knight. Céline Brucker, general manager of L’Oréal France; Nathalie Célia-Kock-Chevalier, managing director of Bucherer France; and Diana Widmaier Picasso, co-founder and artistic director of jewellery house Mené.
 

Copyright © 2026 FashionNetwork.com All rights reserved.



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Saks CEO Marc Metrick steps down

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Bloomberg

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January 2, 2026

Saks Global Enterprises’ chief executive officer Marc Metrick is stepping down from his role as the cash-strapped high-end retailer considers its restructuring options, including a Chapter 11 bankruptcy filing. 

Marc Metrick spent almost three decades at Saks – Saks x Loewe

Metrick will be replaced by the department-store chain’s executive chairman Richard Baker, according to a statement Friday. Baker will hold both the CEO and chairman roles. 

Metrick is leaving the company in order to pursue new opportunities, according to the statement. 

The switch-up comes as Saks is weighing a potential bankruptcy after struggling financially over the past year despite raising billions of dollars from investors to finance a turnaround plan centred on the acquisition of Neiman Marcus

Just days ago, Bloomberg reported that Saks is seeking to negotiate a deal with creditors after skipping an interest payment totalling more than $100 million that was due to bondholders. The company is contemplating raising emergency funds, selling assets or, as a last resort, filing Chapter 11 bankruptcy.

A filing would come just months after Saks restructured its debt in June, imposing steep losses on some creditors and taking on new, senior debt in an effort to fund what it called a “transformation strategy.”
 



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Dior launches Spring-Summer 2026 global campaign, shot by David Sims

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January 2, 2026

Creative director Jonathan Anderson’s recoding of Dior’s archive is candidly and theatrically shot by David Sims in the brand’s new global campaign for Spring-Summer 2026. This season, Dior has gathered an eclectic cast with actors Greta Lee, Louis Garrel, and Paul Kircher, footballer Kylian Mbappé, and models Laura Kaiser, Sunday Rose, and Saar Mansvelt Beck.

Kylian Mbappé, shot by David Sims for Dior – Dior / David Sims

 
At once casual and theatrical, the campaign harnesses body language, ambience, and environment to share Anderson’s character-driven interpretation of Dior’s signature tailoring and nostalgic glamour. With a mix of colour and black and white images conceived as visual sketches, Sims highlights the garments’ architecture while creating a sense of calm.
 
Styled by Benjamin Bruno, the campaign presents Anderson’s fresh take on Dior’s design archive as a relaxed, wearable, and versatile wardrobe. Red carpet ready looks are shot with theatrical flair, giving the impression of an actor rehearsing for an upcoming role at home, while more casual ensembles mix textures to create a lived-in look.

Greta Lee, shot by David Sims for Dior
Greta Lee, shot by David Sims for Dior – Dior / David Sims

 
Poppy Bartlett’s set design presents an aristocratic setting with parquet flooring, linens, boiserie, and eclectic yet minimalist furniture choices. The uncluttered backdrops are designed to keep the images concise and meaningful, encouraging the models’ personalities to do the talking.

“The Dior clique appears to embrace a liberated sense of style, willing to play with clothing and accessories,” announced the brand in a press release. “Style is how these individuals conduct themselves: the intuitive sense they have when their appearance feels right, and how they dress up each day to become a new character.”

Dior's lived-in styling creates a 'model off duty' feel
Dior’s lived-in styling creates a ‘model off duty’ feel – Dior / David Sims

 
The campaign also highlights Dior’s latest It bags, from the tassel-covered Lady Dior to the soft Dior Crunchy along with the Dior Cigale, featuring its signature mini bow, and the Diorly. Some new iterations of these handbags are given their own frame in the campaign, hanging from a music stand or casually placed on an ornate table.

Copyright © 2026 FashionNetwork.com All rights reserved.



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