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Saks Owner Buys Online Luxury Deal Site Gilt

The deal will be completed around Feb. 1

Hudson’s Bay (HBAYF), the owner of the Saks Fifth Avenue, is buying luxury deal website Gilt.

saks-gilt-hudson's-bayHudson’s Bay will pay $250 million for Gilt and plans to combine the online store with Saks Fifth Avenue. It will fund the transaction with cash and plans to use elements of Gilt’s mobile services on all of its brands, reports

The owner of Saks said that it expects the addition of Gilt to increase its revenue for fiscal 2016 by $500 million. It’s also expecting a $40 million increase in EBITDA by fiscal 2017. It expects its purchase of Gilt to be completed near Feb. 1, 2016, notes.

“Retailers today need to be strong in bricks-and-mortar and on the Internet — it’s not one or the other,” Jerry Storch, CEO of Hudson’s Bay, told Bloomberg. “The flash business belongs with a bricks-and-mortar retailer. The synergy is just too compelling.”

HBAYF shares were up slightly as of Friday morning.

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