Hudson's Bay Company buys Saks

Retail Editor 4, July 29, 2013

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.

Featured Video

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT digital edition

See the June 2017 issue of Home & Textiles Today. In this issue, we discuss how U.S, ports are gearing up for the future, and what to expect from second half trade shows. See details!