Hudson’s Bay Set to Buy Saks
Saks Fifth Avenue is seeing some major changes, as an agreement with Hudson’s Bay Company was revealed today. The company will buy the upscale department store for $16 a share, or $2.9 billion, including debt. After the deal was announced, shares of Saks jumped 3.4 percent to $15.83 and almost 20 million shares were traded in just a few minutes. This far surpasses the 2.7 million daily average for the last three months. The combined companies will own 32 million square feet, or 320 stores. This consists of 179 department stores, 72 outlet stores, and 69 home stores.
Agent Provocateur Signs Deal with Inter Parfums
Agent Provocateur is focusing on its fragrance business. The upscale lingerie brand has signed a worldwide licensing deal with Inter Parfums to create and distribute fragrances. The partnership starts on Aug. 1 of this year and extends through Dec. 31, 2023. The next Agent Provocateur scent will launch in 2014 and Inter Parfums will also revitalize the company’s signature scent. The lingerie brand currently has four fragrances: Agent Provocateur Signature, Maitresse, Eau Provocateur, and Pétale Noir.
Calvin Klein and G-III Ink Swimwear Deal
Calvin Klein Inc. has signed a licensing agreement with G-III Apparel Group Ltd. The company will create and market swimwear for both men and women for Calvin Klein. The deal starts in spring 2014 and will be in effect in the US, Mexico, and Canada. The swimwear will be available at department stores and specialty boutiques. The spring collection will feature sleek and modern swimwear in both solid colors and graphic prints. There will also be a variety of beach cover-ups.
Sources: WSJ & WWD
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