Saks Fifth Avenue Sold to Hudson’s Bay Company
Iconic New York Department Store to Become Part of Canadian Retailer
Hudson’s Bay Company, the owner of Saks Off 5th, has agreed to buy Saks Fifth Avenue for $2.4 billion. The deal is expected to close in the fourth quarter of 2023 and will create a luxury retail powerhouse with over 300 stores across North America.
Saks Fifth Avenue is one of the most iconic department stores in the world, known for its high-end fashion, luxury goods, and impeccable customer service. Founded in 1894, the store has been a fixture on New York City's Fifth Avenue for over a century.
Hudson's Bay Company is a Canadian retailer with a long history of its own. Founded in 1670, the company is one of the oldest in North America. Hudson's Bay Company owns a number of other retail brands, including Lord & Taylor and Home Outfitters.
The acquisition of Saks Fifth Avenue is a major coup for Hudson's Bay Company. The deal will give the company a foothold in the lucrative luxury retail market and expand its reach into the United States. Saks Fifth Avenue will continue to operate as a standalone brand, but it will benefit from the resources and expertise of Hudson's Bay Company.
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