A middle-market Canadian department store chain Hudson’s Bay Co. has agreed to pay $2.4 billion to acquire the US-based luxury retailer Saks Inc. The transaction, which brings together the Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue brands, c reates a company that will operate 320 stores.
“We believe that by working together we can continue to enhance and optimise the Saks business while preserving their iconic brand. While there are numerous opportunities to collaborate and drive efficiencies, we will respect the integrity and uniqueness of the Saks franchise,” says Hudson’s Bay CEO Richard Baker.
Hudson’s Bay plans to expand Saks Fifth Avenue into Canada and continue to roll out Saks’s outlets across the US.