On Thursday, news came out that Hudson’s Bay agreed to acquire Gilt Groupe for $250 Million in cash. Gilt Groupe is an online shopping website that provides instant insider access to top designer labels.
The press release stated that, “HBC and Saks OFF 5TH are the ideal home for Gilt and our members,” Gilt CEO Michelle Peluso.”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.”
Hudson’s Bay expects the acquisition will contribute approximately $500 million to HBC’s consolidated fiscal 2016 sales.