Canadian retailer Hudson’s Bay, parent company to Lord & Taylor stores, has agreed to purchase Saks Fifth Avenue, based in New York City. The buyout is expected to close by year end.
The combination of these three brands will make the company one of the largest luxury brand retailers in North America, with over 320 stores.
During a conference call with investors, Hudson’s Bay Co. Chairman and CEO Richard Baker said the goal is to bring Saks luxury brand into Canada. The company plans to open up seven Saks Fifth Avenue stores and 25 Off Fifth outlet stores to Canada. “With the addition of Saks, (Hudson’s Bay) will offer consumers an unprecedented range of retailing categories and shopping experiences,” Baker said.
Global luxury sales, including higher-end jewelry and clothes, rose an estimated 10 percent to $281.96 billion last year, according to the latest study from Bain & Co. In North America, luxury sales were up an estimated 12 percent to $81.33 billion.
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