HBC, the owner of Saks Fifth Avenue, said on Friday it would launch the luxury department store's e-commerce segment as a separate business following a US$500 million infusion from Insight Partners, a U.S. private equity firm, in the online business.
Online demand for expensive makeup and handbags has received a boost during the COVID-19 pandemic, prompting luxury goods sellers to double down on their e-commerce business at a time when store traffic has been under pressure."Luxury ecommerce is poised for exponential growth," HBC Chief Executive Officer Richard Baker said.