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Hudson’s Bay to turn Saks.com into standalone business after deal to sell stake for $500-million Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Hudson’s Bay Co. ULC is selling a stake in Saks.com and making it a separate company, paving the way for a possible public offering for the e-commerce business.
New York-based venture-capital company Insight Partners has agreed to pay US$500-million for a minority stake in the new company, Saks.com LLC, while HBC will hold a majority stake.
HBC sells stake in Saks online business for US$500M, makes it a separate company bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Raises $500 million from Insight Partners to create preeminent luxury ecommerce platform, valuing Saks at $2 billion
Marc Metrick to serve as CEO and board member of new company
Sebastian Gunningham to join Saks board and serve as advisor
NEW YORK–(BUSINESS WIRE)–HBC and leading growth capital investor, Insight Partners, have entered into a partnership that establishes Saks Fifth Avenue’s ecommerce business as a standalone entity, which will be known as Saks. Insight Partners has made a $500 million minority equity investment in Saks, valuing the business at $2 billion. The retailer’s 40-store fleet will operate separately as an entity referred to as SFA, which remains wholly owned by HBC. As separate but related sister companies, Saks and SFA will be better able to appropriately plan for and invest in their respective service models.