It’s official — the flash-sale luxury retailer Gilt Groupe is set to be acquired by retail business group giant, Hudson’s Bay Co., and combined with its Saks Off 5th division. Confirming our previous reports, the deal is set to close for $250 million USD, a drastic departure from the startup’s momentous rise to stardom and once estimated worth of $1 billion USD. With the breakneck growth of fashion e-commerce and changing business models to accommodate technological platforms, Gilt Groupe’s expertise in online retail (not to mention 9 million members) will lend Hudson’s Bay a tremendous advantage in the battle for digital fashion supremacy. While the details of the merger have yet to be specified, keep an eye out for the changes.
- The Business of Fashion
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