Department store retailer Hudson’s Bay Company (TSX: HBC) is to acquire Gilt Groupe Holdings, Inc., a New York, NY-based online shopping platform offering members special access to fashion merchandise and experiences, for $250m in cash.
Led by Michelle Peluso, Chief Executive Officer, Gilt every day offers fashion and accessories for women, men, and children; home decor; and activities in select cities and destinations. It has over 9 million members and approximately 50% of orders generated on its mobile platform.
The acquisition will allow HBC to advance its all-channel model while continuing to grow its off-price business through the integration of Gilt with Saks OFF 5TH locations.
Founded in 1670 and led by Jerry Storch, Chief Executive Officer, HBC has a portfolio including nine banners, in formats ranging from luxury to better department stores to off price, with more than 460 stores and 65,000 employees around the world. In North America, banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue and Saks OFF 5TH, along with Find @ Lord & Taylor and Home Outfitters. In Europe, they include GALERIA Kaufhof in Germany, Belgium’s Galeria INNO, as well as Sportarena.