Just months after it split the e-commerce business of Saks Fifth Avenue from its physical retail stores, owner HBC is doing the same with the companion discounted designer retailer brand Saks OFF 5TH in a deal that values the digital entity at $1 billion.
HBC worked with growth capital investor Insight Partners on both deals. Investment firm Rhône and its affiliates also participated in the deal.
The latest deal includes $200 million in equity investment from Insight Partners to create the Saks...