Hudson's Bay to Acquire Gilt for $250M
Hudson’s Bay Co. is preparing to pay $250 million to buy Gilt Groupe Holdings, Inc., a membership-based online retailer that caters to shoppers in the millennial generation. The Toronto-based retailer says Gilt has more than 9 million members, and the acquisition is expected to add about $500 million to HBC’s overall revenue this year. About half of Gilt’s revenue is generated by mobile shoppers. The Gilt acquisition will complement HBC’s growing digital business, which is integrated with its store-based operations under banners such as Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue.