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Baugur sets its sights on the US via Saks

Icelandic private equity giant Baugur is turning its attention to the US with a £121 million investment in luxury department store Saks. Baugur unveiled an 8.08% stake in Saks as Drapers went to press. Saks operates 54 stores in the US, and the move could help Baugur introduce some of its existing brands into the country. Baugur recently promoted ex-managing director of retail Gunnar Sigurdsson into the role of chief executive, with the remit of exploring new markets.