STORY3 Founder Peter Comisar says Saks uniquely positioned to capitalize on global luxury growth
NEW YORK, April 15, 2024 /PRNewswire/ — STORY3 Capital Partners (“STORY3”) today announced a significant new investment in Saks.com (“Saks”), the world-renowned luxury e-commerce destination. This investment provides liquidity for Saks’ next wave of growth including support for its distinguished product curation driven partnerships with the world’s leading luxury brands. As one of the most recognized brands in the luxury marketplace inclusive of a 100+ year heritage, Saks is well-positioned to take market share from disrupted industry players and monetize its large trove of proprietary data and its revered brand name on a global basis. Saks’ unique approach combines a focus on the digital customer experience with a strong connection to a network of extraordinary stores that provides a one-of-a-kind seamless experience for consumers.
Peter Comisar, Founder and Managing Partner of STORY3 and former Goldman Sachs Partner, stated, “Over a legacy of more than 100 years, Saks has earned the status of the leading and trusted editor of fashion. Saks has cultivated intimate relationships with millions of active customers and the world’s most coveted luxury brands. The exploration and delight of a shopping excursion to Saks is like no other and authentically anchors the company’s position in the luxury brand landscape.”
Comisar further stated, “We believe we are at the early innings of powerful global growth and penetration for luxury brands. As new international regions become enchanted with the culture of fashion, no one is better positioned to be the beacon of taste and omni-channel excellence than Saks.”
Samir Shah, STORY3 Partner, added, “With decades of experience around the consumer landscape, STORY3 believes in the convergence of consumer brands, digital media, and technology to succeed in today’s disrupted world and supports its investments to excel in each of those facets to create enduring value. Saks has exponential growth potential empowered by the tipping point of AI, personalization and resultant cohort monetization. As such, Saks is well positioned to be the leading global voice and influencer in luxury.”
About STORY3 CapitalSTORY3 is a leading alternative investment manager that employs a flexible investment strategy and pairs deep industry expertise, operating support, and unique transactional experience to support value creation for its partners. Paramount to its investment lens is a focus on companies at the nexus of consumer, commerce and content, where STORY3 believes its capital, skillset, and relationships can substantially impact value creation. For more information, please visit www.story3capital.com.
SOURCE STORY3 Capital Partners