Hudson Bay's online push, snaps up luxury deal site Gilt

NEW YORK -- Hudson Bay is buying the luxury deal site Gilt Group Holdings Inc. for $250 million as traditional retailers follow shoppers, and their money, online.

The Toronto retailer said Thursday that it will create Gilt concept shops at Saks Off 5th stores, giving the site a physical presence as well.

Hudson Bay also owns Lord & Taylor, Saks Fifth Avenue and Saks Off 5th.

The deal is expected to close Feb. 1 and the addition of Gilt Group Holdings Inc. is expected to contribute $500 million to revenue in fiscal 2016.