Luxury US retailer Saks could be up for sale, with at least two interested buyers eyeing the business.

It is understood that the US$2.9 billion (£1.42 billion) business is considering offers and was approached just two weeks ago with at least one solid offer. It has previously turned down offers as it focused on turnaround initiatives, but it could now attract a higher price than two years ago.

The identities of the suitors are unknown, but private equity firms Cerberus Capital Management and Permira are thought to be in the frame. Icelandic investment firm Baugur Group is also considered a strong candidate after it was revealed it plans to move into the US market. Another possibility is PPR – parent of Gucci Group and Yves Saint Laurent.

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