Hudson’s Bay Co. pays $250M for online shopping business
TORONTO — Hudson’s Bay Co. (TSX:HBC) is preparing to pay US$250 million cash 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 nine million members and the acquisition is expected to add about US$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 storebased operations under banners such as Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue.