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By
Reuters
Published
Jan 7, 2016
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Hudson's Bay to buy online luxury retailer Gilt

By
Reuters
Published
Jan 7, 2016

Canadian department store operator Hudson's Bay Co has agreed to buy online luxury retailer Gilt Groupe Holdings Inc for about $250 million.


Hudson's Bay expects the deal to add about $500 million to its 2016 total sales, the company said on Thursday. It reported revenue of C$8.17 billion for 2014.

Gilt, which runs limited-time discounted online sales of apparel and other products, has struggled in the face of stiff competition from other flash-sale websites.

Hudson's Bay, which has a market value of about C$3 billion ($2.12 billion), said it plans to open Gilt shops inside its Saks Off 5th stores.

The Wall Street Journal first reported the news last month.



 

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