Lord & Taylor Sold to San Francisco Dot-Com

DANBURY, CT - Le Tote, a San Francisco-based clothing subscription service, has acquired Lord & Taylor from Hudson Bay Company in a $75 million deal, the company announced Wednesday.

The deal includes the Danbury location of the luxury retailer.

Helena Foulkes, HBC’s CEO, said they were 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.

"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," Foulkes said in a release. "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."

Under the terms of the agreement, Le Tote will acquire the Lord & Taylor brand and related intellectual property while assuming operations of 38 stores, Lord & Taylor’s digital channels and the associated inventory.

Le Tote expects to extend employment offers to the vast majority of Lord & Taylor’s associates, according to the release.

"Since founding Le Tote, it’s been our mission to push the boundaries of retail. We’ve strived to lead the charge in developing innovative, intuitive, value-driven ways for customers to engage and consume," Le Tote’s CEO and Founder Rakesh Tondon said. "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."