The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Canadian holding company has raised $200 million to build out the e-commerce side of its off-price arm, Saks Off 5th, as a “new digitally native” business, it announced Monday, June 21. Investment firm Insight Partners led the funding, which values SaksOff5th.com at approximately $1 billion.
Hudson’s Bay will continue to own the 105 Saks Off 5th brick-and-mortar locations, which will be separate from the online arm.
“As a true off-price business with a superior merchandise offering, Saks Off 5th has a significant opportunity to capture additional market share by further expanding its digital capabilities,” HBC chief executive Richard Baker said in a statement.
Earlier this year, Insight Partners invested $500 million in HBC’s spinoff of the original Saks Fifth Avenue chain’s online shop, SaksFifthAvenue.com.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.