Saks Fifth Avenue's online retail business seeks IPO at $6bn

The New York-founded luxury department store divided its e-commerce division and physical outlets earlier this year

The online retail arm of US luxury department store Saks Fifth Avenue is preparing to go public, with a target valuation of $6bn.

First reported by The Wall Street Journal on Sunday, the Hudson's Bay Company-owned (HBC) retailer is tapping into the surge in e-commerce sales by seeking underwriters for an initial public offering (IPO).

The IPO could take place in the first half of 2022.

In March, HBC separated Saks' website into an independent online business following a minority investment from venture capital firm Insight Partners in the e-commerce division.

The deal reportedly valued Saks at $2bn.

HBC also separated its stores from its website in August and is said to be interested in purchasing luxury department store chain Selfridges from the Weston family.

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