A Wall Street Journal report has it that 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.
According to the report, the company is interviewing potential underwriters this week for an IPO that could take place in the first half of next year.
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.
