Hudson’s Bay paid $250 million for the flash sale site
Hudson’s Bay, which owns Lord & Taylor and Saks Fifth Avenue, has purchased for Gilt Groupe Holdings for $250 million as it expands its off-price division.
The flash sale site will be integrated with Hudson’s Bay’s Saks Off 5th division. Following the acquisition’s close, Gilt will open concept stores within Saks Off 5th locations, which will also take Gilt returns.
Gilt was one of the biggest names in the flash sale trend, and it’s the latest such site to be acquired by a bigger name. Last year, QVC acquired Zulily, and in 2011, Nordstrom acquired HauteLook.
Follow JCK on Instagram: @jckmagazineFollow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine
