Hudson’s Bay Co. (Toronto) has closed on its $2.8 billion purchase of Galeria Kaufhof (Düsseldorf, Germany), a deal that has been nine years in the making as the retailer endeavors to expand its global platform. There is a possibility that this venture will open the door for it to bring Saks Fifth Avenue and Saks Off 5th to the European market, reports Women’s Wear Daily.
The company plans to fund the purchase by selling 41 Kaufhof locations for $2.9 billion, and Kaufhof will lease back the sites from the joint venture.
Hudson’s Bay also announced plans to add brands and expand the company’s merchandise assortment, as well as bolster the brand’s e-commerce business. Galeria Kaufhof’s CEO, Olivier Van den Bossche, will continue in his role at the company.