The e-commerce business of Saks Fifth Avenue is planning an initial public offering, IPO, that would value the company at about $6 billion, according to a report in the Wall Street Journal.
In March, the e-commerce unit was split off into a separate company from Saks, which is owned by Hudson’s Bay Co. The unit was then valued at $2 billion.
The higher valuation comes as sales have surged during the pandemic. Saks said its e-commerce business had an “82 percent surge in merchandise value, a sales metric, in the second quarter from comparable pre-pandemic levels in 2019,” according to The Journal.
Saks is reportedly talking to potential underwriters this week with an IPO launch projected in the first half of next year.