Once an online fashion darling, flash sale-centric luxury retailer Gilt is set to be acquired by Saks Fifth Avenue parent company Hudson’s Bay. According to reports, the Canadian company will be making the acquisition for $250 million USD — a steep discount considering Gilt was once thought to be worth as much as $1 billion USD. According to The Wall Street Journal, HBC is planning on opening Gilt shops within its Saks Off Fifth outlet stores in an attempt to compete with Nordstrom’s discount Rack imprint.
The deal is likely to be announced early next year.
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