The internet rumour-mill is buzzing with talks that Hudson’s Bay could buy the flash-sale discount site GILT.
Not too long ago, Gilt was considered a game changer when they launched their online shop that featured some steep discounts on designer clothing, furniture and household items. In 2011, Gilt Groupe was valued at $1 billion and had raised over $130 million in funding that year alone.
Fast forward to 2015 and Gilt has taken a big tumble in value as their sales declined sharply. Hudson’s Bay has apparently offered to buy the company for $250 million.
Despite the heavily circulated speculation, Hudson’s Bay has not yet confirmed the sale or their offer. Another buyer could outbid the $250 million offer but there hasn’t been much talk about other suitors. So far, company spokespeople from Gilt and Hudson’s Bay have no comment.