US/CANADA: Saks shareholders approve Hudson's Bay merger
The US$2.9bn merger, which is due to close on 4 November, will see HBC expand the Saks banner to Canada, opening as many as seven full-line Saks Fifth Avenue stores and up to 25 Off 5th outlet locations over the next few years. The group will continue Saks' plans to expand the Off 5th footprint across the US.
HBC chief executive officer and governor Richard Baker said: "By uniting Saks, Hudson's Bay and Lord & Taylor, we are creating a platform built upon three brands with a rich heritage in retailing. We will be well positioned to serve customers across a range of shopping experiences, including the luxury, mid-tier and outlet categories."
"We plan to invest in the growth potential of each brand and category. And, we will unlock the tremendous potential of the company's world-class real estate assets. As we pursue our strategic growth plans, we look forward to driving increasing value for HBC shareholders."
In addition to the appointments announced earlier this month, HBC has added to its corporate shared services group, including Mike Culhane as CFO, Marc Metrick as chief administrative officer, and Kerry Mader as executive vice president of store planning, design and construction.
Help test our new apparel sourcing tool.
Higher costs related to its CAD2.9bn (US$2.63bn) acquisition of luxury retailer Saks resulted in a 67% decline in fourth-quarter profit for Canadian department store operator Hudson's Bay Company....
Canadian department store retailer Hudson's Bay Company has created a new digital division, which will be led by Michael Burgess....
Department store retailer Hudson's Bay Company is to open its first two Saks stores in Canada, as part of a sale and leaseback deal with Cadillac Fairview....
- What TTIP might mean for US, EU textiles & apparel
- Four steps to reduce product defects
- Unlocks for the future fashion sourcing landscape
- Geo-political uncertainty and how to survive it
- Adidas raises the bar for North America sales
- H&M, VF Corp and Levi among most ethical companies
- US Q4 in brief – PVH Corp, J Crew, Perry Ellis
- Sears has "substantial doubt" of future
- Vietnam limits hazardous chemicals in apparel
- PVH Corp to acquire e-commerce retailer True&Co
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Outdoor performance apparel 2016: A broader perspective