- June 22, 2021
- Posted by: Stratford Team
- Category: Business
NEW YORK–(BUSINESS WIRE)–HBC and leading growth capital investor, Insight Partners, have entered into a partnership to establish Saks OFF 5TH’s ecommerce business as a standalone entity. Insight Partners has led a $200 million equity investment in Saks OFF 5TH’s ecommerce business, valuing the company at approximately $1 billion. Saks OFF 5TH’s store fleet, consisting of 105 locations across the U.S. and Canada, will be a separate entity, referred to as O5, and remain wholly owned by HBC.
HBC’s Governor, Executive Chairman and CEO, Richard Baker, said “With a unique market position and on the heels of explosive growth, we are excited to establish Saks OFF 5TH as the preeminent digitally native luxury off-price retailer. 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. We are pleased to once…