What: Saks.com received asset-based credit arranged by Bank of America and a secured term loan arrangement by Pathlight Capital.

Why it is important: The capital will allow Saks.com to become even more competitive in the luxury e-commerce market.

Saks is preparing for growth in its new life as an independent e-commerce business, separate from the brick-and-mortar origins. Although they are two separate entities, the digital Saks assures that it will still have a seamless connection to the Saks Fifth store chain.

With the new facility and term loan, Saks hopes to use the new capital to increase its stronghold in the growing e-commerce luxury market.

Saks.com generates USD 1 billion in sales and was able to pick up younger shoppers amid the pandemic. The retailers indicated that there will be some investments in building a hybrid retail and marketplace platform.

The digital Saks raises $465M in debt capital to fuel growth