Saks Global CEO Faces Conflict of Interest Concerns

Geoffroy van Raemdonk, the CEO of Saks Global, is under scrutiny for his close ties with Moncler, an Italian fashion brand that is a key creditor amid Saks’ bankruptcy, as reported by the Post.

Van Raemdonk’s relationship with Moncler, which owes him $6.3 million, raises serious questions about potential conflicts of interest. A recent filing to EthicsPoint, a platform for anonymous complaints, pointed this out, stating, “If vendors are repaid during bankruptcy and Moncler is compensated at a higher rate than others, is that due to Geoffroy’s influence?”

The anonymous complaint from February 12 also suggested that other troubling scenarios might arise. For instance, it questioned whether, if Moncler’s popular quilted fleece down bomber jackets were selling quickly, Saks Global might receive priority for shipments simply because of van Raemdonk’s position.

The author raised concerns about perceptions among Nordstrom franchisees, who might think Saks was getting special treatment from Moncler. “All of this could happen regardless of intent, which is why he should no longer be on the board,” the complaint asserted.

Furthermore, the report criticized Moncler’s CEO Remo Ruffini for allowing van Raemdonk to remain on the board, implying this decision indicates a lack of concern about potential conflicts of interest.

In response to the complaint on March 5, Moncler stated that it maintains appropriate corporate governance and assessments in such circumstances. They added, “We want to assure you that we are working on these issues to manage potential conflicts of interest.”

Van Raemdonk has been a director at Milan-based Moncler since April 2025, but no further comments were provided by the company when requested by the Post.

A spokesperson for Saks Global noted on Wednesday that van Raemdonk was considered for a board position before his hiring in January. They emphasized that established protocols based on long-standing conflict of interest policies were in place, and communication lines between Saks and Moncler are open to ensure compliance.

Charles Elson, a director at the University of Delaware’s Weinberg Center for Corporate Governance, commented on the situation, saying van Raemdonk’s responsibilities to both Saks and Moncler place him in a difficult situation. “He has obligations to the bankrupt company and to the companies where he serves as a director,” Elson explained.

Concerning Moncler, he added, “It doesn’t look good. They want to avoid being seen as circumventing other creditors.” Elson noted that Moncler is likely assessing whether this situation is detrimental to their reputation.

The latest filings reveal that van Raemdonk’s employment agreement with Saks Global mandates court approval for his role at Moncler, with a ruling expected in April.

Elson remarked, “It would probably be better without him on the board. Yet, with the judge’s oversight, the scenario has improved somewhat.”

Van Raemdonk joined Moncler’s board as an independent director last spring, after leaving his role as CEO of Neiman Marcus, which Saks Global acquired in a questionable $2.7 billion deal. He had led Neiman Marcus from 2018 until its bankruptcy in 2020.

Saks Global filed for bankruptcy protection on January 14.