US luxury department store Saks Fifth Avenue is set to become a global brand.
New owner, Canada’s Hudson’s Bay, says it plans to expand the brand into Canada and Europe as well as Asia once it takes control of the business.
“We’d be one of the first to have a department store as a global brand,” said Hudson’s Bay Co president Bonnie Brooks, who describes Europe as a possibility and Asia as the most logical new market.
Hudson’s plans to open seven Saks Fifth Avenue stores and 20 Off Fifth Avenue stores across Canada.
Once the acquisition is completed, Saks, which operates 42 stores and 70 Off Fifth Avenue stores in the US, will be the newest brand to Hudson’s Bay’s portfolio which also include Hudson’s Bay, Home Outfitters and Lord & Taylor.