Saks Fifth Avenue e-commerce unit aims for $6bn IPO: WSJ

Saks Fifth Avenue e-commerce unit aims for $6bn IPO: WSJ
Getty Images
Short Url
Updated 18 October 2021
Follow

Saks Fifth Avenue e-commerce unit aims for $6bn IPO: WSJ

Saks Fifth Avenue e-commerce unit aims for $6bn IPO: WSJ
  • The deal valued the Saks e-commerce business, called Saks, at $2 billion

The e-commerce business of luxury department store Saks Fifth Avenue is preparing for an initial public (IPO) offering and targeting a $6 billion valuation, the Wall Street Journal reported, citing sources.


The company is interviewing potential underwriters this week for an IPO that could take place in the first half of next year, according to the report.


Saks said it does not comment on rumors or speculation in a statement to Reuters.


Earlier this year, Hudson's Bay Co (HBC), the owner of Saks Fifth Avenue, launched the luxury department store's e-commerce segment as a separate business following investment from U.S. private equity firm Insight Partners in the online business.


The deal valued the Saks e-commerce business, called Saks, at $2 billion, HBC said.