Saks CEO Geoffroy van Raemdonck faces ‘battle of – Business News
Saks Global CEO Geoffroy van Raemdonck is dealing with heat over his cozy ties with Moncler, the place he sits on the board although the Italian fashion label is a key creditor to the bankrupt retailer, The Post has realized.
Van Raemdonck’s relationship with Moncler, which is owed $6.3 million within the chapter, is “a clear conflict of interest” in response to a submitting on EthicsPoint – a platform firms use to obtain nameless suggestions and complaints – that was shared with The Post.
“When vendors are paid off during bankruptcy and Moncler is paid a higher percentage than a different vendor would it be due to the presence of Geoffroy?”
Geoffroy van Raemdonck is an impartial director of Moncler whereas additionally serving as CEO of Saks Global. Getty Images
Other problematic eventualities may play out as properly, in response to the creator of the Feb. 12 grievance who wasn’t named.
“If the [Moncler] quilted fleece down bomber jacket is selling faster than expected, will Saks Global be favored to receive the next shipment due to his position?” the grievance requested.
“What happens if Nordstrom merchants feel Saks Global was given preferential treatment by Moncler?” the unnamed creator wrote. “All of these could easily happen regardless of intentions. That’s why he should no longer be on the board.”
The report likewise factors a finger at Moncler CEO Remo Ruffini, claiming, “By keeping Geoffroy on the board, Mr. Ruffini has decided this is not a conflict of interest.”
Italian fashion company, Moncler, is understood for its winter outerwear. eqroy – stock.adobe.com
In a March 5 response to the EthicsPoint grievance, Moncler mentioned it’s “conducting the suitable regulatory company governance and evaluation required in circumstances of this nature.
“We would like to reassure you that we were already addressing the issue you raised with the aim of preventing and managing any potential conflict of interest,” Moncler added.
Milan-based Moncler, the place van Raemdonck has been a director since April 2025, didn’t reply to The Post’s requests for additional remark.
Remo Ruffini is the CEO of Milan-based Moncler. Getty Images
Asked for touch upon Wednesday, a Saks Global spokesperson mentioned the retailer reviewed van Raemdonck’s board affiliations earlier than it employed him in January.
“Protocols are in place under our longstanding conflict of interest policy, which have been discussed with Moncler, and a direct line of communication has been established between the companies to ensure continued compliance,” the Saks spokesperson mentioned.
Van Raemdonck’s obligations to each Saks and Moncler “put him in an awkward position,” mentioned Charles Elson, who’s founding director of the Weinberg Center for Corporate Governance on the University of Delaware.
“As head of a company that owes [Moncler] money he is stuck on both sides,” Elson informed The Post. “He’s obligated to both the bankrupt company and to the company of which he’s a director.”
Saks Global acquired Neiman Marcus in a $2.7 billion deal. Christopher Sadowski
Likewise, for Moncler, “It’s not a good look,” Elson added. “They don’t want to look like they are edging out the other creditors.”
Moncler is “trying to figure out whether it’s embarrassing to them,” Elson added. “The last thing they want is to be embarrassed.”
Saks Global’s employment settlement with van Raemdonck requires the court docket to approve his further curricular duties at Moncler, in response to a submitting final week. The court docket is predicted to rule on the settlement in April.
Moncler mentioned in a report that it was conscious of a potential battle of curiosity with its director, van Raemdonck. KEA – stock.adobe.com
“Would it better that he wasn’t on the board, absolutely,” added Elson. “But it’s a little better because of the judge’s oversight.”
Van Raemdonck joined the Moncler board as an impartial director final spring following his exit because the CEO of Neiman Marcus, which was acquired by Saks Global in an ill-fated $2.7 billion deal. He’d led Neiman Marcus from 2018 to 2024, steering the posh retailer by means of its 2020 chapter.
Saks Global filed for chapter safety on Jan. 14.
