Dive Brief:
- After raising capital for its digital transformation, Saks, the new stand-alone Saks Fifth Avenue e-commerce company, has unveiled its schedule of holiday events via Saks Live, its virtual events platform, the company announced on Tuesday.
- Event hosts include Saks Executive Pastry Chef Stephanie Oliveira; stylist and beauty, fashion and lifestyle blogger Chriselle Lim; and Nicky Hilton Rothschild and Stacey Bendet of Alice + Olivia, the company said.
- During the events, shoppers can chat with hosts as they watch for fashion, lifestyle and shopping tips. The retailer said it will update its site with new event information and recordings of its livestream shows.
Dive Insight:
Saks is continuing to spruce up its digital offerings. Last year, the retailer revamped its website, complete with shoppable editorial content, product recommendations, and other personalization features. Saks stands alongside other major retailers like Walmart, Macy's and Nordstrom in experimenting with livestream commerce as the market is poised to take off in the U.S. Coresight Research projects that the livestream shopping market will reach $25 billion by 2023.
The decision to try out livestream shopping follows Saks rearranging its online operations earlier this year. Over the course of this year, Saks' digital company has brought in hundreds of millions of dollars in financing, first $500 million from Insight Partners in March to develop itself as a stand-alone e-commerce company, and then $465 million from Bank of America and Pathlight Capital in May to help fund growth initiatives and operations.
Parent company HBC also spun off Saks Off 5th's digital business into a stand-alone entity and received $200 million from Insight Partners and other investors in June.
Following Saks' e-commerce spinoff, others have wondered whether other department stores should make the same move.
"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," Emily Essner, Saks' chief marketing officer, said in a statement. "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."
