THAT WHAT? Saks Fifth Avenue’s e-commerce division is preparing to be included in the list in the first half of next year, citing “people familiar with the matter” as its source, according to a report published by the Wall Street Journal.
THE DETAILS The luxury retailer is said to be interviewing insurers and targeting a valuation of $ 6 billion, three times the estimated $ 2 billion in the sale of a minority stake in Insight Partners in March this year.
WHY? After the parent company, Hudson’s Bay Company, was privatized in early 2020, the digital unit was spun off from Saks last year to fuel growth. And it looks like it worked; GMV rose a meteoric 82 percent between Q2 2019 and Q2 2021 thanks to rising online sales.