Lucid (NASDAQ:LCID) stock is up nearly 9% today on a surprise partnership with high-end department store chain, Saks Fifth Avenue. Indeed, the electric vehicle maker announced Tuesday it will even begin offering test drives at some Saks brick-and-mortar location.
What do you need to know about Lucid’s new fashion friend?
Well, the multi-faceted deal will include substantial media collaborations between the two brands. As part of the agreement, Saks will have a Lucid landing page on its website, post about the EV maker on its social media pages, and even hold an exclusive Lucid event at its Beverly Hills storefront.
“The collaboration brings the Lucid brand directly to Saks clientele searching for fine craftsmanship and innovation that seamlessly blend into their lifestyle,” said Lucid CEO Peter Rawlinson.
LCID Stock Jumps on Expansive Saks Deal
Interestingly, this isn’t Lucid’s first interaction with the automaker. Indeed, late last year Saks hosted a Lucid event in which it showcased Lucid’s high-end Air Sapphire model at its New York flagship store, The Vault.
The Beverly Hills location will be the first store to feature Lucid test drives, starting Feb. 8. Test drives are planned to be expanded to stores in Atlanta, Chicago, Houston, Las Vegas, Boca Raton, and more.
“Our partnership with Saks, a longtime authority in the luxury space, blends our technology and design excellence with high-end retail in an incredible collaboration,” Rawlinson said.
Saks is undoubtedly a fashion-first department store chain. Expensive brands from Gucci to Givenchy have homes at Saks locations. This, in some ways, makes it a perfect collaborator with Lucid, whose Air Pure RWD model is the cheapest vehicle under the car maker’s label, starting at a lofty $77,400.
Regardless, investors seem encouraged by the news, given the jump in LCID stock today. Despite this, LCID is still well in the red year to date, down nearly 16% in just the first month of trading in 2024.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
