HBC and Launch Saks as a Standalone Ecommerce Company Set to Rapidly Expand Customer Base in Growing Online Luxury Fashion Market | News & Press
Summary
Insight Partners’ Managing Director, Deven Parekh added, “Luxury ecommerce is an exceptionally resilient high-growth sector and we are excited to invest in an iconic century-old brand that has so successfully morphed to a native digital strategy. We look forward to partnering with Marc and the rest of his management team as they continue to expand their global customer base and become the defining company in luxury ecommerce.” Saks Fifth Avenue will remain as the customer-facing name for both businesses. Saks’ expanding online presence will drive brand awareness while the physical locations will continue to serve as an important customer touchpoint. We look forward to maintaining a symbiotic relationship and working together to provide a seamless customer experience across all channels.” Rhône Capital, a significant shareholder of HBC, was actively involved in the transaction. Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries.