January 7, 2016 / 12:45 PM / in 2 years

Hudson's Bay to buy online luxury retailer Gilt

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

A woman holds a Hudson's Bay shopping bag in front of the Hudson's Bay Company (HBC) flagship department store in Toronto January 27, 2014. REUTERS/Mark Blinch

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.

Reporting by Anet Josline Pinto in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below