- June 22, 2021
- Posted by: Stratford Team
- Category: Business
The owner of Saks Fifth Avenue plans to separate the e-commerce business of its discount chain into a standalone company, the latest move to break up the operations of a brand synonymous with luxury apparel.
A split of Saks Off 5th will allow the new company to better tailor its investments for the online business, said Paige Thomas, who has run the off-price brand since early 2020 and will become chief executive officer of the e-commerce company. HBC will retain the brick-and-mortar stores.
The breakup comes about three months after HBC took a similar step to separate the online operations of the higher-end Saks Fifth Avenue business.
The moves highlight the significant steps retailers are taking to adapt as the world emerges from a pandemic that has reshaped consumers’ buying habits, particularly in the apparel market. While online revenue for off-price stores such as Nordstrom Rack and TJX Cos. Inc. have…
