Saks E-Commerce Company Preps IPO: WSJ
Saks Fifth Avenue’s online-only store is apparently wasting little time attempting to capitalize on Wall Street’s affection for e-commerce, with plans for an initial public offering now in its early stages, according to the Wall Street Journal. Owner HBC in March split its brick-and-mortar Saks from its saks.com operations with a $500 million infusion from private equity firm Insight Partners, which took a minority stake in the enterprise. Saks.com then was valued at $2 billion; the planned IPO has a $6 billion target, the Journal found, citing people familiar with the process. A Saks spokesperson declined to answer questions about the report, stating by email, “As a matter of company policy, we do not comment on rumors or speculation.” Read more at Retail Dive.
