Saks Global Enterprises, owner of Saks Fifth Avenue and Bergdorf Goodman, has missed a major bond payment as leverage and changing consumer behavior expose vulnerabilities in the luxury retail model.

Effective January 1, 2026, the UAE’s expanded ban on single-use plastics has driven broad adoption of sustainable alternatives by retailers, manufacturers and residents, marking a key milestone in the country’s sustainability strategy.

After years of aggressive increases, brands confront slowing demand and shifting expectations.