The e-commerce business of luxury department store Saks Fifth Avenue is preparing for an initial public (IPO) offering and targeting a $6 billion valuation, the Wall Street Journal reported Sunday, citing sources.
The company is interviewing potential underwriters this week for an IPO that could take place in the first half of next year, according to the report.
Earlier this year, Hudson's Bay Co , the owner of Saks Fifth Avenue, launched the luxury department store's e-commerce segment as a separate business following investment from U.S. private equity firm Insight Partners in the online business.Reporting by Sheila Dang and Aakriti Bhalla in Bengaluru; Editing by Daniel Wallis and Diane CraftSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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