The Future at Hudson’s Bay
Richard Baker is about to be unleashed. But just what all that means for Saks Fifth Avenue — the crown jewel of Hudson’s Bay Co. — remains to be seen. Baker and his partners, who collectively own 58 percent of Hudson’s Bay Co., have a new deal to take full control of the company for 11 Canadian dollars a share and take it private. WWD was first to report that a deal was nearing last week. If the transaction does go through — as seems likely — it will be easier for Baker, who leads the company as executive chairman, to transform the business for a new age. And that means the future of Saks is going to become a more pressing matter. The Saks business has weakened lately. Third-quarter comparable sales fell 2.3 percent after a 7.3 percent increase a year earlier. Saks remains relevant. While suffering the ills of all department store operators, it is a bedrock name in fashion with plenty of cache and the Fifth Avenue flagship remains a key destination (more so with Barneys New York shutting down and the brand taking up residence under the Saks banner). But it’s the relationship with another key competitor that is more important. The Saks business isFollow WWD on Twitter or become a fan on Facebook.
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