Flash Report 4 minutesRegister for Free AccessClothing Rental Upstart Le Tote to Acquire Iconic Century-old Brand Lord + Taylor from HBC for $100 Million Coresight Research August 28, 2019 Executive SummaryOn August 28, 2019, Hudson’s Bay Company and Le Tote, a fashion rental subscription service, announced that they have entered into a $100 million agreement for Le Tote to acquire Lord + Taylor. 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. HBC will receive an equity stake in Le Tote, two seats on the company’s board and certain rights as a minority shareholder. The transaction is expected to close before the start of the 2019 holiday season, subject to satisfaction or waiver of closing conditions. If committed financing has not been obtained within 45 days following signing, HBC has the right to terminate the agreement. Le Tote expects that its proprietary technology, data and innovation combined with Lord + Taylor’s traditional store footprint, e-commerce presence and merchandise selection will offer customers a new experience in the mid-market segment. This deal represents a watershed moment in many regards: Retailers have struggled to keep up with the digital revolution and innovative new business models such as subscription models and rental services. Conventional retailers that successfully integrate omnichannel and new business models into their operations continue to flourish and open new stores, while those who do not, struggle. Please Login to read the full report. Not a member? Register for a free user account. This document was generated for Other research you may be interested in: 10 Things To Know About Temu, the E-Commerce Marketplace Sweeping the US MarketKeeping the Lights on—Self-Reported Financial Resilience: US Consumer Survey InsightsWeekly US and UK Store Openings and Closures Tracker 2024, Week 5: Walmart Announces US ExpansionCES 2023 ShowStoppers: Spotlight on Healthcare Tech