Rhone Capital-backed HBC, a holding company of portfolio businesses, and Insight Partners, a growth capital investor, agreed to establish Saks Fifth Avenue's ecommerce business as a standalone entity, which will be known as Saks. Insight Partners made a $500m minority equity investment in Saks, valuing the business at $2bn. "Luxury ecommerce is poised for exponential growth, and as a standalone digital company with an existing strong position in luxury, Saks is primed to win significant market share. With this move, we are redefining the luxury shopping ecosystem, supercharged by an enviable customer base, incomparable brand equity, long-standing relationships with top designers, and exquisite stores in top markets across North America. The team’s fashion expertise combined with a renewed digital focus will provide customers with an unmatched shopping experience. Furthermore, this transaction reinforces HBC’s ability to unlock significant value within our company’s assets. We are delighted to partner with Insight Partners, a firm globally recognized for its ability to scale Internet, software and ecommerce leaders, to unleash Saks’ full potential as the preeminent luxury ecommerce platform," Richard Baker, HBC Governor, Executive Chairman and CEO.