FINANCE

Sax Fifth Avenue e-commerce unit aims for $ 6 billion IPO


ছবি Photo from Reuters file: A Sax Fifth Avenue is depicted during the outbreak of coronavirus disease (Covid-1) in the Manhattan borough of New York City, New York, USA. Reuters / Carlo Allegri

(Reuters) – The e-commerce business on the luxury department store Sax Fifth Avenue is preparing for an initial public offering (IPO) and is targeting a 6 billion valuation, the Wall Street Journal reported Sunday, citing sources.

The company is interviewing potential underwriters for an IPO this week that could take place in the first half of next year, the report said.

In a statement to Reuters, Sax said it did not comment on rumors or speculation.

Earlier this year, Hudson (NYSE 🙂 ’s Bay Co (HBC), owner of Sax Fifth Avenue, launched the e-commerce segment of the luxury department store as a separate business after investing in online business with U.S. private equity firm Insight Partners. .

According to HBC, the deal valued the Sax e-commerce business, called Sax, for $ 2 billion.

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