Hudson’s Bay Company (HBC) has bought Gilt Groupe for a fraction of what the luxury flash-sale site was valued by investors four years ago.
News of a potential sale was reported by The Wall Street Journal last month and the department store operator confirmed Thursday that it had agreed to acquire the company for $250 million in cash and plans to integrate it into Saks Off 5th, the off-price arm of Saks Fifth Avenue.
Read more at Sourcing Journal.
