Basketball star James Harden is the newest member of the Saks board

Top line

Top NBA player James Harden has joined the Saks board after making an investment in the company, Saks announced Monday, marking a new milestone for the new e-commerce branch and Harden’s first foray into the company. luxury retail.

Key facts

Details of Harden’s investment were not made publicly available except for Harden’s purchase of a minority stake in the company.

Saks said Harden will help advance the company’s e-commerce strategy using his experience in the successful growth of “high potential consumer brands.”

Harden’s appointment could be a boon for the company, which spun off the physical locations of the famous Saks Fifth Avenue department store in March to become a independent e-commerce platform in March.

The Brooklyn Nets point guard is one of the league’s leading players and one of the most popular with fans in social media, where he has millions of followers, putting him in a prime position to help Saks capitalize on young luxury shoppers online, a demographic group of growing importance in the sector.

Harden said in a statement Monday that the partnership will allow him to “combine two of my personal passions: a love of fashion and teaming up with brands that have the potential to lead.”

Large number

$ 51 million. That’s what Harden is expected to earn in 2021, according to a Forbes estimate earlier this year, before news of Saks’s board membership was announced.

Tangent

Harden is still out of the game after injuring his hamstring in Game 1 on June 5. Brooklyn Nets coach Steve Nash said Sunday Harden is working on going back to the court before the end of the season, saying that he is “progressing in the right direction”.

Key Background

Harden is no stranger to investing. The 2019 NBA Most Valuable Player has bought stakes in companies like Therabody, Bodyarmor, Pura, Gopuff and Art of Sport, along with the Houston Dynamo soccer team. “I am proud of all the investments I have made because they are all organic and authentic to who I am and what I believe in,” said Harden. Forbes last month. “I never invest in products or brands in which I do not find personal value or in which I do not align with their vision.” Saks parted ways with Saks Fifth Avenue physical stores earlier this year after an investment of $ 500 million from venture capital firm Insight Partners, which valued the company at $ 2 billion, according to the Wall street journal.

Other readings

Brooklyn Nets star James Harden talks title aspirations, leadership role, Therabody Investment (Forbes)

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