Hudson's Bay Company buys Saks
July 29, 2013-- Home Textiles Today,
Toronto - Hudson's Bay Company is adding to its department store portfolio with the acquisition of New York-based Saks Incorporated for approximately US$2.9 billion.
In the U.S., HBC also owns 48-unit Lord & Taylor. In Canada, it operates Hudson's Bay, the nation's largest department stores with 90 locations, as well as the 69-store Home Outfitters home furnishings specialty chain.
"This exciting portfolio of three iconic brands creates one of North America's premier fashion retailers," stated Richard Baker, HBC's chairman and ceo. "I've had a long connection with Saks over the years, and am thrilled to bring one of the world's most recognized luxury retailers into the HBC family."
The acquisition plan includes bringing Saks into the Canadian market via full-line, outlet and online formats and building upon Canada's position as saks.com's largest international ship-to market. HBC also plans to expand the number of Off 5TH's outlets throughout the U.S.