NBA star James Harden takes stake, board seat in luxurious retailer Saks
James Harden # 13 of the Brooklyn Nets handles the ball against the Boston Celtics in the first game of the first round of the 2021 NBA Playoffs at the Barclays Center at the Barclays Center on May 22, 2021 in New York City.
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NBA superstar James Harden is a new investor in luxury retailer Saks, the parties announced on Monday.
Harden has acquired a minority stake and will become a member of the board of directors of Saks, where, according to the announcement, he will advise on building “high potential consumer brands” and help expand its e-commerce platform. Terms of Harden’s investment were not disclosed.
“I am honored to join the Saks board of directors and to be part of a company that is building the future of luxury retail,” Harden said in a statement. “This is an exciting opportunity for me to combine two of my personal passions – my love of fashion and working with brands that have the potential to lead while influencing the communities they serve.”
A star in the Brooklyn Nets, Harden is one of the most fashionable players in the NBA and has built a following among the league’s younger fans through social media partnerships. Harden, 31, is in a good position to use his cultural influence, name, image and likeness to create Saks new business and launch apparel brands.
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Harden has previously invested in beverage company BodyArmor, personal care company Art of Sport, and the Houston franchises of Major League Soccer and National Women’s Soccer League.
“As we work to build this new board of directors, James is an important and valuable addition,” said Richard Baker, chairman of Saks, in a statement. “With experience in growing businesses and as someone who values self-expression through fashion, I am confident that he will bring a clear vision that will help us better serve our customers.”
Harden will earn $ 44 million for the 2021-22 season, part of a four-year $ 171 million extension he signed with the Rockets in 2017. It was traded on the Nets in January.
In six games in the 2021 postseason, Harden averaged 23.2 points and 8.8 assists. In Game 1 of the current playoff round against the Milwaukee Bucks, he suffered a hamstring injury. The Nets Bucks series is tied 2-2 with Game 5 on Tuesday.