Hud­son’s Bay Co. pays $250M for on­line shop­ping busi­ness

The Guardian (Charlottetown) - - 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.

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