Insight Partners' $200 million investment in Saks Off 5th has enabled the luxury off-pricer to enhance its digital experiences, expand the assortment, add talent and escalate marketing initiatives.
The Hudson’s Bay Co., parent of Saks Fifth Avenue, Saks Off 5th and Hudson’s Bay in Canada, hopes to take at least Saksfifthavenue.com public in the future, similar to how the Mytheresa luxury website went public in January 2021 and shed a lot of light on the potential value sitting in the digital operations of fashion retailers.
Thomas said Off 5th recently conducted extensive market research, reaching 5,000 fashion and luxury shoppers, both current and prospective Off 5th customers. “The goal was to understand the mind-set of how they shop for luxury and how they live. This core customer engages with brands, described shopping as a hobby, and fashion as a means of self expression. They don’t want to wear a single designer.
Soaring inflation could drive consumers to shop value-priced retailers more often, while lingering global supply chain issues means there’s more late arriving, out-of-season merchandise that regular-priced retailers want to unload and off-pricers can pick up. “We are targeting the customers we know we can win with. In our merchandise assortment and our marketing strategy we were too narrow. We see an opportunity to increase the pie,” in particular with a younger customer by offering more payment options and refining the app experience.
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