Lord & Taylor Sold. Westfield Location Safe For 2 Years

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

The deal includes the Westfield location of the luxury retailer.

"You may have read today’s announcement that Lord & Taylor has been purchased by Le Tote, an online clothing rental service targeting millennials," Mayor Shelley Brindle said. "This is a forward looking combination of old retail and the new digital economy, and this acquisition bodes well for Westfield."

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. "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.

“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.”

Brindle said she remains in close, frequent contact with executives at Hudson’s Bay Company (HBC), the parent company of Lord & Taylor, including their Chairman Richard Baker, to ensure that Westfield has a seat at the table as future plans for the site unfold.

"It’s important to note that HBC will continue to own the six acres of property, including the Lord & Taylor building," she said.

Brindle said that Le Tote will continue to operate under the Lord & Taylor brand for at least two years, enabling Westfield to continue our ongoing dialogue with HBC.

"Who I’m confident will prove to be transformative investors in our town," she said.

Councilwoman Dawn Mackey said she was pleased with the news. She also said that as of Wednesday, the business will be returning as a partner for AddamsFest.

"Happy to collaborate with this significant business partner," Mackey said.

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