BARCELONA — Iceland’s Baugur Group isn’t looking to build its stake in Saks Fifth Avenue — at least for now.
The private investment firm’s executive chairman, Jón Asgeir Jóhannesson, on Wednesday said he had no intention to accumulate shares in the American department store chain, in which Baugur holds 8.5 percent. “We’re quite happy with our stake in Saks,” he said on the sidelines of the World Retail Congress here. “It’s a great asset.”
Talking generally about retail acquisitions, he added that Baugur isn’t interested in targeting troubled U.S. retailers whose shares have tumbled recently due to the sputtering economy.
But Jóhannesson stressed that Baugur would remain active in acquisitions and he had no intention to sell assets in the current environment.
“There are a lot of opportunities,” Jóhannesson said, adding that potential targets would be U.S. or U.K. companies. “It is an interesting time.”
Baugur owns stakes in Debenhams, House of Fraser and Whistles in the U.K., among others. The company recently made an offer to buy Moss Bros., a British men’s wear retailer.