×
552
Fashion Jobs
STEPHANIE JACKSON RECRUITMENT.
Beauty Account Manager
Permanent · LONDON
RETAIL CONSEIL PARIS
Region HR Manager, UK + Scandinavia, Luxury Fashion
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Art Consultant
Permanent · LONDON
LIBERTY LTD
Sales Coach - Fashion
Permanent · LONDON
HAYS RECRUIMENT
Merchandising Manager - Growing Jewellery Brand
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Ecommerce Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Sales Supervisor
Permanent · LONDON
TOO FACED
Too Faced Business Manager, Boots - Oxford
Permanent · OXFORD
TOO FACED
Too Faced Business Manager - Boots, Leeds Trinity
Permanent · LEEDS
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
360 RESOURCING
Account Manager
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CAMBERLEY
NEXT RETAIL LTD
Warehouse Administrator
Permanent · DONCASTER
HAYS RECRUIMENT
E-Commerce Manager
Permanent · LONDON
HAYS RECRUIMENT
Eyewear Account Manager South London
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CARDIFF
NEXT RETAIL LTD
Sales Coordinator - Permanent
Permanent · LONDON
360 RESOURCING
Head Office Recruitment Consultant - Fashion Retail
Permanent · LONDON
360 RESOURCING
Temps Controller / Temps Recruitment Consultant - Fashion Retail
Permanent · LONDON
Advertisements

Le Tote to buy HBC's Lord + Taylor for $100 mln

By
Reuters
Published
today Aug 28, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Hudson’s Bay Co said on Wednesday it would sell its Lord + Taylor department store business to fashion rental service company Le Tote Inc for about $100 million, as the retail operator culls its portfolio to a few key brands.


Photo: Shutterstock



The retail company has been selling businesses and closing stores over the past few years to focus on luxury department store chain Saks Fifth Avenue and Hudson’s Bay in Canada to shore up its finances as shoppers skip brick-and-mortar stores to shop online instead.

Le Tote will pay Hudson’s Bay C$99.5 million ($74.95 million) in cash when the deal closes and another C$33.2 million in cash after two years. Hudson’s Bay will receive a 25 percent equity stake in Le Tote and two seats on the company’s board.

“It allows us to focus on Saks and its upside potential,” said Hudson’s Bay Chief Executive Helena Foulkes, adding that the company is simplifying and streamlining Hudson’s Bay in Canada.

The deal with Le Tote comes months after Hudson’s Bay Executive Chairman Richard Baker offered to take the Canadian retailer private in a C$1.74 billion deal.

A special committee of Hudson’s Bay’s board said Baker’s offer for the company was “inadequate,” while shareholders, who must approve the deal, have opposed it because it does not provide enough value.

Hudson’s Bay’s sale of the Lord + Taylor business is the latest of several divestitures. The retailer announced in 2017 it would sell Lord + Taylor’s Manhattan flagship to co-working space manager The We Company.

Earlier this year, Hudson’s Bay sold its remaining stake in its German real estate venture for C$1.5 billion.

APPAREL RENTAL

Lord + Taylor has seen its fortunes fall while Saks Fifth Avenue has managed to increase sales.

Under the deal, Le Tote will acquire the Lord + Taylor brand and related intellectual property, while assuming operations of 38 stores, Lord + Taylor’s digital channels and the associated inventory.

Le Tote will set up drop-off points for its apparel rental business in the stores, in its first move into bricks and mortar, said Chief Executive Rakesh Tondon.
Le Tote will use its technology to improve product recommendations and personalized shopping experiences at Lord + Taylor, he said.

“We want to keep the Lord & Taylor brand (and) energize it, (but) not change too much too quickly,” Tondon said.

Apparel rental is a small but fast-growing part of the struggling clothing sector, with retailers like Bloomingdale’s and Banana Republic launching subscription services this month alone.

Le Tote competitor Rent the Runway entered a deal with Nordstrom in June to install ‘drop-off boxes’ in Nordstrom stores for customers to return rented clothing.


 

© Thomson Reuters 2020 All rights reserved.