Hudson's Bay Kicks Off 2016 With The Acquisition of Gilt

Hudson's Bay Co. is starting the new year with an acquisition. The Toronto-based parent of retailers such as Lord & Taylor, Saks Fifth Avenue and Home Outfitters said January 7 it is acquiring online retailer Gilt Groupe Holdings Inc. for $250 million in cash. New York-based Gilt, founded in 2007, offers clothing, shoes, accessories and home decor, among others. It has more than 9 million members. Approximately 50% of orders are generated on Gilt's mobile platform. Hudson's Bay said it plans to integrate Gilt with its off-price business, Saks Off 5th. "With this transaction we are further accelerating both HBC's all-channel offering and Gilt's growth," said Hudson's Bay CEO Jerry Storch in Thursday's announcement.