Saks e-commerce unit planning IPO?

Saks e-commerce unit planning IPO?

THE WHAT? The e-commerce division of Saks Fifth Avenue is preparing to list in the first half of next year, according to a report published by The Wall Street Journal, quoting ‘people familiar with the matter’ as its source.

THE DETAILS The luxury retailer is said to be interviewing underwriters and targeting a valuation of US$6 billion, three times the US$2 billion estimated in March this year upon the sale of a minority stake to Insight Partners.

THE WHY? After parent, the Hudson’s Bay Company, was taken private in early 2020, the Saks digital unit was split off last year in a bid to help boost growth. And it looks like it has worked; GMV rose a meteoric 82 percent between Q2 2019 and Q2 2021 thanks to surging online sales.

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