Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessSaks Fifth Avenue spinoff e-commerce unit prepares for IPO with $6B evaluation,...

Saks Fifth Avenue spinoff e-commerce unit prepares for IPO with $6B evaluation, WSJ says

Add to Favorite
Added to Favorite

 

On Sunday, the Wall Street Journal reported that Saks Fifth Avenue retail luxury store’s spinoff e-commerce business was in the process of launching an Initial Public Offering (IPO) next year. The Journal cited sources who said that the valuation would be at $6 billion. Just about seven months ago, the e-commerce arm had a value of $2 billion and its value has tripled, since March.

The report also cited that sources had told the outlet that potential underwriters for the IPO would be interviewed this week. The public offering could be on an unspecified exchange by the first half of 2022.

In March, the privately held company–Saks Fifth Avenue, which is owned by Hudson’s Bay Company of Toronto, had separated its e-commerce component and valued it at $2 billion. It had sold a $500 million stake in this entity to Insight Partners, which is a venture-capital firm. The flourishing business was reportedly separated to unlock its potential value.

During the pandemic, the iconic stores of Saks Fifth avenue remained closed or opened for short durations of time due to lockdowns as well as due to the switch by customers to online buys due to fear of catching COVID-19, by visiting stores. Retail business was also slow. However, online sales were excellent. The company said that online sales surged by 82 percent in the second quarter, when compared with the pre-pandemic sales in 2019, according to the WSJ.

Although the e-commerce entity is in charge of online sales, customers can pick up or return items bought online in brick and mortar stores of the retailer.

When asked for comment, Saks told Reuters that it does not comment on rumors or speculations.

Jana Partners asked Macy to spin off its online business but Morningstar analyst David Swartz said the iconic store would find the idea of splitting its brick and mortar stores and its online retail against its “Polaris plan.”

 

Subscribe to get Latest News Updates

Latest News

You may like more
more

Melius Initiates Coverage on Uber with Hold Rating, Highlights Cross-Selling Strategy

Melius analysts initiated coverage on Uber (NYSE:UBER) with a...

Rosenblatt Boosts Texas Instruments Price Target to $250 Ahead of Q2 Results

Rosenblatt analysts increased their price target for Texas Instruments...

Western Alliance’s Q2 Earnings Review By RBC Capital

RBC Capital analysts raised their price target for Western...