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Saks Fifth Avenue e-commerce unit aims for IPO at $6 bln valuation – WSJ

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A Saks Fifth Avenue is pictured through the unfold of the coronavirus illness (COVID-19) within the Manhattan borough of New York Metropolis, New York, U.S., October 19, 2020. REUTERS/Carlo Allegri

Oct 17 (Reuters) – The e-commerce enterprise of luxurious division retailer Saks Fifth Avenue is making ready for an preliminary public (IPO) providing and focusing on a $6 billion valuation, the Wall Avenue Journal reported Sunday, citing sources.

The corporate is interviewing potential underwriters this week for an IPO that would happen within the first half of subsequent yr, in line with the report.

Saks stated it doesn’t touch upon rumors or hypothesis in an announcement to Reuters.

Earlier this yr, Hudson’s Bay Co (HBC), the proprietor of Saks Fifth Avenue, launched the posh division retailer’s e-commerce phase as a separate enterprise following funding from U.S. non-public fairness agency Perception Companions within the on-line enterprise.

The deal valued the Saks e-commerce enterprise, referred to as Saks, at $2 billion, HBC stated.

Reporting by Sheila Dang and Aakriti Bhalla in Bengaluru; Modifying by Daniel Wallis and Diane Craft

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