FILE PHOTO: A Saks Fifth Avenue is pictured during the spread of the coronavirus disease (COVID-19) in the Manhattan borough of New York City, New York, U.S., October 19, 2020. REUTERS/Carlo Allegri
October 17, 2021
(Reuters) -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 Sunday, 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.
(Reporting by Sheila Dang and Aakriti Bhalla in Bengaluru; Editing by Daniel Wallis and Diane Craft)