Saks to offer virtual experiences, shopping for holidays
The Saks luxury e-commerce platform is running a series of virtual events centered around gift-giving and dressing for holiday celebrations.
Saks, which was split off from the Saks Fifth Avenue brick-and-mortar retail business by parent company Hudson’s Bay Company (HBC) and venture capital firm Insight Partners earlier this year, has unveiled its holiday schedule for its Saks Live virtual events platform.
Located on saks.com, Saks Live launched earlier in 2021 and has hosted 42 events to date. Beginning Tuesday, Nov. 2, 2021 and lasting through the holiday season, Saks Live will offer virtual experiences and shoppable content. The platform will also provide lifestyle, shopping and fashion advice directly from industry influencers. Saks Live hosts speak directly to the viewers, interact with them via a chat function, and can help them shop while they watch.
"As we solidify our position as the leading luxury e-commerce destination in the U.S., Saks Live provides our customers with increased access to on-demand style inspiration and unique shopping experiences,” said Emily Essner, chief marketing officer, Saks. “Even more exciting, we're giving Saks Fifth Avenue customers the opportunity to easily interact with some of the industry's most well-known experts by simply visiting saks.com. As we work to deliver for our customers this holiday season, this is another example of how we are meeting customers where, when and how they want to shop with us."
During the holiday season, Saks will host 12 virtual events to help customers prepare and shop for the holidays. Highlights include:
- November 2: Festive Holiday Looks with Stylist Bettina Looney.
- November 9: Holiday Desserts with L'Avenue at Saks Executive Pastry Chef Stephanie Oliveira.
- November 16: The Gift of Chopard with Stylist and Beauty, Fashion and Lifestyle Blogger Chriselle Lim.
- November 26: Holiday Gifting with La Mer.
- December 7: Holiday Shopping with Nicky Hilton Rothschild and Stacey Bendet of Alice + Olivia.
- December 7: Festive Tablescapes with Interior Designer Ashley Stark.
- December 15: Holiday Glam Beauty with Ash Walker.
- December 16: Holiday Dressing Staples with Stylist Allison Bornstein.
The Saks Live page will also be updated weekly with new events. Customers can visit saks.com/sakslive for more information or to watch previous live streams.
Saks is stepping up its holiday activities as it is also seeing financial growth. At the time of the split, the Saks e-commerce business was valued at $2 billion. A planned IPO, which could take place in the first half of 2022, is targeting a valuation of some $6 billion, according to a report from the Wall Street Journal.
The online luxury retailer has also closed on a syndicated $350 million, asset-based five-year revolving credit facility arranged by Bank of America and a $115 million senior secured term Loan arranged by Pathlight Capital LP. The asset-based revolving credit facility, undrawn at closing, remains available to Saks for general corporate purposes or growth initiatives. A portion of the proceeds from the term loan will be used to fund certain obligations to HBC in connection with the company's recent transaction, and the remaining amount will be available to Saks.
The May 2021 financing came as online sales, which took off during the pandemic, continued to boom, particularly in the luxury sector.