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.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"