As department stores like Saks Fifth Avenue try to get shoppers back into stores after the Covid-19 pandemic shutdowns, the shift to online sales may continue to accelerate thanks to personalization technology.
Richard Lautens | Toronto Star | Getty Images
HBC, the owner of Saks Fifth Avenue, said Friday it will split the luxury department store’s website into a separate business from its stores after it raised $500 million.
It said the venture capital firm Insight Partners has put up $500 million to take a minority stake in Saks.com, valuing the business at $2 billion. Saks’ 40 brick-and-mortar stores will become a separate business known as SFA, which will remain wholly owned by HBC.