Raises $500 million from Insight Partners to create preeminent luxury ecommerce platform, valuing Saks at $2 billion Marc Metrick to serve as CEO and board member of new company Sebastian Gunningham to join Saks board and serve as advisor NEW YORK–(BUSINESS WIRE)–HBC and leading growth capital investor, Insight Partners, have entered into a partnership that establishes Saks Fifth Avenue’s ecommerce business as a standalone entity, which will be known as Saks. Insight Partners has made a $500 million minority equity investment in Saks, valuing the business at $2 billion. The retailer’s 40-store fleet will operate separately as an entity referred to as SFA, which remains wholly owned by HBC. As separate but related sister companies, Saks and SFA will be better able to appropriately plan for and invest in their respective service models.