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Hudson’s Bay Company Spins Off Saks Off Fifth Website

Cathaleen Chen

21 June 2021

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.

About the author

Cathaleen Chen

Cathaleen Chen is Retail Correspondent at The Business of Fashion. She is based in New York and drives BoF’s coverage of the retail and direct-to-consumer sectors.

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