Le Tote has entered into an agreement with Hudson's Bay Company to acquire retail chain Lord + Taylor for roughly $100 Million.
Under the terms of the agreement, Le Tote will acquire the Lord + Taylor brand, as well as related intellectual property. The e-commerce company will also assume operations of Lord + Taylor’s 38 stores, digital channels and associated inventory as part of the deal.
“We’re excited to have reached an agreement with Le Tote that creates a new model for Lord + Taylor, bringing together fashion rental subscriptions with traditional retail,” says
Helena Foulkes, chief executive officer, HBC. “Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord + Taylor, its loyal customers and dedicated associates. For HBC, this transaction builds upon our previous bold actions, further enabling us to focus on our greatest opportunities, Saks Fifth Avenue and Hudson’s Bay.”
Le Tote is a fashion subscription service that rents women’s clothing and accessories for a flat monthly fee. The deal aims to leverage Le Tote’s proprietary technology and purchasing data with Lord + Taylor’s traditional store footprint, e-commerce presence and merchandise selection.
“Since founding Le Tote, it’s been our mission to push the boundaries of retail,” says Rakesh Tondon, chief executive officer and founder, Le Tote. “We’ve strived to lead the charge in developing innovative, intuitive, value-driven ways for customers to engage and consume. We’re excited to bring Le Tote together with Lord + Taylor, a storied brand that has stood for quality, style and service for nearly two centuries. With this acquisition, we continue our journey in creating the future of retail.”
Lord & Taylor is a department store that was founded in 1826. The brand most recently partnered with Walmart to launch a flagship store on Walmart.com. Le Tote plans to extend employment offers to the majority of Lord + Taylor’s current associates once the purchase is finalized.