Saks Off 5th Will Become $1 Billion Standalone Online Business
- Insight Partners leads $200 million investment in business
- New entity aims to capitalize on online shopping boom
A Saks Off 5th store in Tsawwassen, British Columbia, Canada.
Photographer: Ben Nelms/BloombergThis article is for subscribers only.
The owner of Saks Fifth Avenue plans to separate the e-commerce business of its discount chain into a standalone company, the latest move to break up the operations of a brand synonymous with luxury apparel.
A split of Saks Off 5th will allow the new company to better tailor its investments for the online business, said Paige Thomas, who has run the off-price brand since early 2020 and will become chief executive officer of the e-commerce company. HBC will retain the brick-and-mortar stores.