Saks Inc.’s stock spiked Friday on news that Starwood Capital made an offer for the luxury chain following an earlier bid from Hudson’s Bay Co. While some reports have Starwood bidding in the $17 to $18 range, financial sources believe it is a longshot that Saks sells at that high a price and that $15 to $16 is more likely based on the company selling at $11.50 prior to putting itself into play.
Sources also said a small private equity firm was seriously interested in Saks and could also bid. Qatar Holding, an investment company linked to the royal family of the Gulf state, could be looking at Saks as well to bolster its growing luxury portfolio. Qatar Holding has been buying up Tiffany stock, and bought Printemps in Paris earlier this year and Harrods in London in 2010. In addition to Qatar, private equity firms such as Thomas Lee, KKR & Co. and Leonard Green & Partners are considered possible suitors, though many firms, including retailers, have kicked the tires at Saks.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)