Luxury retailer Saks is reportedly considering an IPO for 2022 with an estimated valuation of $6 billion.
Saks Fifth Avenue is reportedly considering an IPO in the first six months of next year. According to the Wall Street Journal, this would allow it to reach an estimated valuation of nearly 6 billion dollars.
The group is reportedly in talks with several banks to serve as potential underwriters for this IPO. The proposed IPO follows an agreement earlier this year to separate Saks’ retail stores from its e-commerce site, which has annual sales of about $1 billion.
The move, designed to spur growth in digital commerce, prompted an activist investor to ask Macy’s Inc. to do the same last week. The global pandemic that began in 2020 fueled the surge in e-commerce sales at Saks Fifth Avenue, and despite the pullback from Covid-19, most consumer habits continue.
Of note, Saks’ parent company, HBC, went private in early 2020 with an overall valuation of $1.5 billion.
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Featured photo : © Saks Fifth Avenue
