Lord & Taylor Parent Company Buys Saks for $2.4 Billion

Lord & Taylor’s parent company, Hudson’s Bay Co., just bought Saks for a whopping $2.4 billion. The high-end deal promises to bring more Saks locations to North America, as part of an initiative to bring more high fashion to the United States and Canda. As Canada’s biggest department store chain, Lord & Taylor and Hudson’s Bay Co. cater to a luxury clientele, just like Saks.

According to The Huffington Post, during a conference call with investors yesterday, Hudson’s Bay Co. Chairman and CEO Richard Baker said the goal is to bring Saks luxury brand into Canada. Currently, the company plans to open up seven Saks Fifth Avenue stores and 25 Off Fifth outlet stores in Canada. Additionally, Hudson’s Bay Co. wants to create a Canadian-targeted Saks website. The company also plans to renovate Saks stores and to make it more “luxurious.”

Photo Credit: LA Times