The deal signed in August includes the brand Lord&Taylor, its intellectual property, ecommerce channels and the associated inventory. Hudson’s Bay will hold an equity stake of 25% in Le Tote.
Hudson’s Bay lets go of Lord&Taylor. The department stores group has completed the sale of the company to the second-hand sales platform Le Tote for 100 million Canadian dollars (75.6 million US dollars). Even if the deal was filed in August, the sale was not cashed until this November.
Le Tote, specialized in womenswear subscription services, reached a deal with the Canadian group last August. The deal includes the brand Lord & Taylor, its intellectual property, ecommerce channels and the associated inventory as well as its 38 stores. Hudson’s Bay, in addition, will hold an equity stake of 25% in Le Tote and will have the right to appoint two members of the board of directors.
Hudson’s Bay follows the disinvestment process it began last year. In 2018, the group also sold Gilt Groupe to his competitor Rue La La. On the other hand, the company sold its European retail operations to Signa Holdings, owner of the department stores chain Karstadt in Germany. The sale to Signa resulted in the merge of the department stores chains Kaufhof and Karstadt in Germany.