Morgan Stanley states that Brunello Cucinelli stock can withstand the impact of Saks store closures.

LootboxPhobia · 2026-03-09T12:53:53+00:00

Morgan Stanley believes Brunello Cucinelli can handle Saks Global's new store closure plans, with minimal impact on its sales in the United States. The affected stores of this luxury brand are mainly concentrated in Saks Fifth Avenue and Neiman Marcus, and they are performing well in customer transfer. Saks' CEO emphasized the significant contribution of top-tier brands to sales.

LootboxPhobia

2026-03-09 12:53:53

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Investing.com - Morgan Stanley states that Brunello Cucinelli can handle Saks Global’s announced store closures on Friday, March 6, which only affect a small portion of this Italian luxury brand’s sales in the U.S. The investment bank estimates that Brunello Cucinelli (BIT: BC) is impacted by 4 of the 12 new Saks Fifth Avenue store closures. In the previous store closure plans announced in February, the brand was affected by 1 Saks Fifth Avenue and 1 Neiman Marcus store closure.

Morgan Stanley estimates that Brunello Cucinelli’s approximately 6.5% exposure to Saks Global is distributed as follows: about 3.3% from approximately 14 Saks Fifth Avenue stores, 0.8% from Bergdorf Goodman, and 2.5% from about 16 Neiman Marcus stores. The firm notes that these exposures are unevenly distributed across regions, with flagship stores like Saks Fifth Avenue on Fifth Avenue in New York City accounting for a larger share.

Saks Global CEO Geoffroy van Raemdonck, who took office in January 2026, stated in an interview that about 2% of Saks and Neiman Marcus customers contribute roughly 40% of their total merchandise value. He also mentioned that in the most recent fiscal year ending January 31, 2026, the top ten brands accounted for over one-third of sales.

Morgan Stanley considers Brunello Cucinelli one of Saks Global’s top brands, noting that the company is listed as the 14th largest unsecured creditor of the group, behind Kering, LVMH, Capri, CFR, and Zegna. The firm expects affected Brunello Cucinelli customers to shift their spending to other stores, thanks to the brand’s customer relationship management and loyalty.

On Friday, March 6, Saks Global announced the closure of 12 Saks Fifth Avenue and 3 Neiman Marcus stores, further expanding the store closures announced in February, which included 8 Saks Fifth Avenue and 1 Neiman Marcus store. Van Raemdonck, who served as CEO of Neiman Marcus from 2018 to 2024, stated that there is almost no overlap among customers of Saks, Neiman Marcus, and Bergdorf Goodman.

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