What We Lose When We Lose Department Stores
The bankruptcy of Saks Global is bad news for smaller designers in particular. Plus: Remembering Valentino
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The fashion world has for years been dominated by the multinational giants — LVMH, Kering, Chanel, etc. — that not only make luxury clothes but also sell them directly to consumers at branded boutiques. The big losers in this evolution have been department stores, as was evidenced last week when Saks Global Enterprises, the largest multibrand luxury retailer in the world, filed for bankruptcy protection in Texas. The company owns department stores including Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.