Saks Direct, Dickson Cyber Swap Stock To Exploit Luxury Dot-com Sector

Saks Direct, the direct marketing unit of Saks Inc., and Dickson Cyber, a wholly-owned e-commerce subsidiary of Dickson Concepts Ltd., have entered into a strategic investment partnership in the luxury dot-com sector that will lead to major international markets.

The two units have swapped shares equal to 3% of their respective equity capital. The transaction will not involve any exchange of cash. In addition, R. Brad Martin, chairman and chief executive officer of Sakes Inc. will be about tot he board of directors of Dickson Cyber and Dr. Dickson Poon, group executive director of Dickson Concepts and Dickson Cyber will be appointed to the board of Saks Direct.

Saks Direct includes Saks Fifth Avenue's catalog and Internet businesses: Folio, Bullock & Jones and saksfifthavenue.com. Dickson Cyber includes six e-commerce portals to be launched in the fall of 2000.