SAKS FIFTH AVENUE’S ONLINE TO BE SEPARATE FROM HBC

Hudson’s Bay Co., the owner of Saks Fifth Avenue, said Friday it would launch the luxury department store’s e-commerce segment as a separate business following a Us$500-million infusion from Insight Partners, a U.S. private equity firm, in the online business. “Luxury e-commerce is poised for exponential growth,” HBC chief executive Richard Baker said. Insight’s equity investment values the online business, called Saks, at US$2 billion, HBC said, adding the retailer’s 40-store fleet would operate separately and would be referred to as SFA. Marc Metrick, CEO of the combined firm, would helm Saks, with former Amazon.com executive Sebastian Gunningham also joining the e-commerce company’s board. Insight Partners has invested in a range of tech and e-commerce firms, including Shopify Inc.

The White House said on Friday a new economic adviser, big-tech critic Tim Wu, will help advance President Biden’s agenda with regard to the technology sector, including addressing “monopoly and market power issues.” “The president has been clear ... that he stands up to the abuse of power and that includes the abuse of power from big technology companies and their executives,” White House spokeswoman Jen Psaki told reporters. “Tim will help advance the president’s agenda, which includes addressing the economic and social challenges posed by the growing power of tech platforms, promoting competition and addressing monopoly and market power issues.” Wu authored The Curse of Bigness: Antitrust in the New Gilded Age in 2018, in which he warned about the inequalities created by extreme economic concentration.