Insight Partners, a New York-based venture capital and private equity firm, will have a minority stake in Saks.com, which will be made into a new company and valued at US$2 billion, HBC said. (The Logic)
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Insight Partners, a New York-based venture capital and private equity firm, will have a minority stake in Saks.com, which will be made into a new company and valued at US$2 billion, HBC said. (The Logic)
Talking point: The move positions the new company for a possible initial public offering. Saks.com will add a marketplace feature in the future that will allow third parties to sell on the site. Meanwhile, Hudson’s Bay will open its site to third-party sellers later in March. The company announced it was working on the platform in November 2020, after it was taken private earlier that year. More retailers have created online marketplaces in recent years, including Walmart and Loblaw, in an effort to compete with Amazon.
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