Icelandic investor Baugur has confirmed it is plotting a bid for Saks Fifth Avenue with the Dubai based Landmark Group, as revealed exclusively in Drapers magazine (October 20th).
The Icelandic investment firm said in a statement issued to the New York stock exchange, it "would like to explore the possibility of making a proposal for the acquisition of Saks".
Baugur also said it had held talks with Landmark about a possible joint bid for the US department store group. The group is run by Mickey Jagtani who expressed an interest in buying New Look earlier this year.
Last month Drapers reported that Baugur management had been spotted meeting with the Saks management and scoping Saks stores as a pre-cursor to a bid.
Baugur already holds an 8% stake in Saks. An investment group led by Jagtiani has a 1.2% stake. The bid consortium is also expected to include retail entrepreneur Sir Tom Hunter.