Le Tote has completed its acquisition of Lord + Taylor.
With the deal closure, Le Tote became the first digitally native brand to acquire an established brick and mortar retailer. The deal sees the company assume operations of 38 stores, Lord + Taylor’s digital channels and inventory spanning women’s, men’s and kids’ apparel, shoes, beauty, handbags and accessories.
To lead the integration of the two companies Le Tote has named its chief merchandising officer, Ruth Hartman, as president, Lord + Taylor. Hartman brings more than 30 years of experience to her new role having previously held executive positions at Macy’s, DSW and Le Tote.
“I’m honored to lead Lord + Taylor into its next chapter and be a part of this groundbreaking moment,” says Hartman. “By delivering data driven experiences, we’ll breathe new life into the traditional retail model and put customers in the driver's seat in a way they’ve never been before.”
The retailer and retail subscription service announced plans to acquire the department store from Hudson’s Bay Company in August.