Hudson’s Bay Co. acquires GILT for $250m
Hudson’s Bay Company (HBC), the owner of Saks Fifth Avenue, just announced it is acquiring Gilt Groupe for $250 million in cash. The deal involves integration with the outlet store Saks Off 5th, including the introduction of a new return program at Saks Off 5th locations for Gilt merchandise. There will also be Gilt concept shops in-store at Saks Off 5th locations.
“HBC and Saks OFF 5TH are the ideal home for Gilt and our members,” Gilt CEO Michelle Peluso said in a press release. “HBC understands our proposition and is committed to positioning our business for further success. Our members will find having a brick and mortar presence valuable and a positive addition to the Gilt experience. We are excited for our future and confident that we have the right team in place to continue to innovate the shopping experience and grow Gilt.”