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Saks Fifth Avenue Owner to Separate E-Commerce and Stores Units
The owner of Saks Fifth Avenue is splitting off its e-commerce business into a separate entity and raising $500 million to capitalize on the explosive growth in online shopping, according to company executives.
The separation allows Saks.com, which has about $1 billion in annual sales, to raise money to fuel its growth. E-commerce has taken hold during the coronavirus pandemic, and the valuations of other luxury online retailers such as Farfetch Ltd. have soared.
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