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Lord & Taylor Sold to Le Tote

Hudson’s Bay said on Wednesday August 28th, 2019 that Lord & Taylor which was founded in 1826, would be acquired by Le Tote, a seven-year-old clothing rental start-up.

What is the world coming to???  A seven year old, purchasing an icon fashion department store.

Aug. 28, 2019-- Hudson's Bay Company (TSX:HBC) and Le Tote, Inc., a leading fashion rental subscription service, have entered into an agreement for Le Tote to acquire Lord + Taylor. Le Tote’s 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.

Helena Foulkes, HBC’s CEO, said, “We’re excited to have reached an agreement with Le Tote that creates a new model for Lord + Taylor, bringing together fashion rental subscriptions with traditional retail. Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord + Taylor, its loyal customers and dedicated associates. For HBC, this transaction builds upon our previous bold actions, further enabling us to focus on our greatest opportunities, Saks Fifth Avenue and Hudson’s Bay.”

Rakesh Tondon, Le Tote’s CEO and Founder, said, “Since founding Le Tote, it’s been our mission to push the boundaries of retail. We’ve strived to lead the charge in developing innovative, intuitive, value-driven ways for customers to engage and consume. We’re excited to bring Le Tote together with Lord + Taylor, a storied brand that has stood for quality, style and service for nearly two centuries. With this acquisition, we continue our journey in creating the future of retail.”

Under the terms of the agreement, 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.

Le Tote expects to extend employment offers to the vast majority of Lord + Taylor’s associates.
HBC will receive $99.5 million (USD$75 million) in cash upon the transaction’s closing and a secured promissory note for $33.2 million (USD$25 million) payable in cash after two years. In addition, HBC will receive an equity stake in Le Tote, two seats on the company’s Board of Directors and certain rights as a minority shareholder.

HBC and HBS Global Properties, HBC’s real estate joint venture, will retain ownership of all owned and ground-leased real estate assets related to Lord + Taylor. For at least the initial three years, HBC has agreed to maintain economic responsibility for the rent payments owed by Lord + Taylor at the locations operated by Le Tote. Net of HBC’s distributions from HBS Global Properties, HBC expects to continue to be liable for approximately $77 million in Lord + Taylor total cash rent on an annual basis.

In fiscal 2018, Lord + Taylor represented $1.4 billion of HBC’s $9.4 billion in retail sales. HBC’s 2018 Adjusted EBITDA was $462 million, which reflects a $119 million loss attributable to Lord + Taylor, inclusive of allocated corporate expenses.

Starting in 2021, HBC and Le Tote will have options to reassess the Lord + Taylor store network. This may include HBC recapturing select locations to determine their highest and best use, including possible redevelopment into mixed-use properties with a variety of services, experiences and retail offerings. HBC has hired a team of seasoned professionals to lead the planning and execution of any redevelopment, which is an inherently complex, capital intensive, long-term project. For any recaptured or returned stores, HBC retains long-term rent responsibility, risk and costs for redevelopment.

Le Tote is in the process of securing financing for the full purchase price. 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 forty-five days following signing, HBC has the right to terminate the agreement.

PJ SOLOMON acted as financial advisor to HBC for this transaction and throughout the review of strategic alternatives for Lord + Taylor and Willkie Farr & Gallagher LLP acted as legal advisor to HBC. Le Tote was advised by Citi, as its financial advisor, and Kirkland & Ellis LLP, as its legal advisor, in connection with the transaction.

Deal term figures in this news release assume USD:CAD = 1:1.3272.

HBC investors should refer to the company’s public filings available at www.sedar.com and at www.hbc.com for additional information and details on the transaction.

About HBC

HBC is a diversified retailer focused on driving the performance of high quality stores and their omni-channel platforms and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes formats ranging from luxury to premium department stores to off price fashion shopping destinations, with more than 300 stores and about 40,000 employees around the world. HBC’s leading businesses across North America include Saks Fifth Avenue, Hudson’s Bay, Lord + Taylor, and Saks OFF 5TH.

HBC also has significant investments in joint ventures. It has partnered with Simon Property Group Inc. in the HBS Joint Venture, which owns properties in the United States. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture. HBC has partnered with SIGNA Retail Holdings for real estate and retail joint ventures in Europe.

About Le Tote

Le Tote is a fashion subscription service that lets women rent clothing and accessories for a flat monthly fee. Members choose the items they want to wear and can keep them as long as they like. Members also have the option to purchase items at a discount. Le Tote’s data-driven model is powered by proprietary algorithms and in-house operational solutions. Le Tote partners with hundreds of brands including French Connection, Vince Camuto, BCBGeneration, Kate Spade, Rebecca Minkoff, Calvin Klein and more. Founded in 2012 by Brett Northart and Rakesh Tondon, the Y Combinator backed company has raised venture funding from Andreessen Horowitz, Google Ventures, Azure Capital Partners, Lerer Hippeau Ventures, Simon Venture Group, Sway Ventures, Epic Ventures, Arsenal Venture Partners, Funders Club and others. For additional information, please visit www.LeTote.com or download the iPhone app. 

Women's Western Wear Fashion

If you are planning to shop for Western style fashion, Outback Trading Company is the place for you.

Outback Trading Company is a leading supplier of all-weather outdoor apparel. Established in 1983, Outback Trading Company stays true to its reputation of producing durable and rugged high performing apparel. They are committed to producing hard wearing comfortable clothes for working lifestyles, as well as functional fashion apparel. 

Outback Trading has a style and fit for all.

Shop for the women's western wear pictured above at https://www.outbacktrading.com/

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Learn more about Women's Western Wear here on Apparel Search.

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Italian Shoes for 2019

Learn about nila & nila shoes and bags made in Italy.

Sewing Robots

Automation is the way of the future...

SewBot Is Revolutionizing the Clothing Manufacturing Industry February 19, 2018 : "This automated sewing research process began at Georgia Tech’s Advanced Technology Development Center more than a decade ago. But the technology really started to take shape after a collaboration with the Walmart Foundation and a 2012 research grant for $1.25 million from DARPA, the Defense Department’s tech innovation department. While DARPA may seem like an unlikely funder for a clothing manufacturer, the military is required to buy clothing that’s made in the U.S., so this research would have a direct impact." Sewbot Sewing Robots 

Right Tights Timeless Collection

We found timeless yet trendy tights for your review from Italy.  Check out the emilio cavallini collection.

Aventurine Quartz Resin Hair Clip

Jaime King shared a photo wearing Astrid & Miyu on Instagram on August 7th! 

Engaygement

Traditionally, an engagement is a formal agreement to get married.  Now that it is in vogue for two people of the same gender to get married, it may be time to invent the word Engaygement.  Wow, we just wrote it, so maybe that means it is now officially invented.

An engaygement is the relationship between two people who want to get married.  Yes, the exact same thing as engagement.

Just thought it to be interesting that engagement & engaygement could be pronounced exactly the same but with a minor spelling difference.  

But why create this new word on the Fashion Blog.  Well, maybe the world will now need engaygement party suits, engaygement dresses, etc.

We wonder how many blogs & fashion magazines will start writing articles about "what to wear to an engaygement party".

Don't be surprised when you start seeing engaygement rings, engaygement parties, engaygement cards, engaygement gifts, etc.

Congratulations on your engaygement...

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Barneys Files Chapter 11

Sad day in the world of luxury fashion.

As reported in The Wall Street Journal, "The Wall Street Journal reported Monday the company was close to filing for bankruptcy and near a financing deal with Gordon Brothers and Hilco Global, firms specialized in selling assets for distressed companies. The loan was expected to fund the company’s stay in bankruptcy for 60 days while it attempted to clinch a deal with a buyer, according to people familiar with the matter. If Barneys cannot reach a deal, it would liquidate, they said."

The Wall Street Journal-August 6, 2019:  Barneys Files for Bankruptcy, Plans to Close Most Stores 

Learn more about Barneys.

Black Bra for 2019

Floral Embroidery Long Line Bra 

Decidedly delicate in an easy to wear silhouette, with beautiful, floral lace on sheer mesh that is hand cut to show the intricate detail that stands out on your skin.

https://www.victoriassecret.com/

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Puma Rhude

Gucci Fall Winter 2019

Shop for Gucci Fall Winter 2019 at Saks.

Hello Jean Kitty

To celebrate the anniversary of this iconic girl, Levi teamed up with Sanrio® to design a cute collection. Find Hello Kitty’s® signature red bow, loveable pals and more highlighted on these limited‑edition pieces.

Highland Sneakers

Introducing the Highland, an UGG heritage sneaker built on the their iconic Classic boot silhouette. Featuring industry-leading Treadlite by UGG™ outsoles, they maintain the Classic's cushioned step, adding lightweight materials for summer in a variety of colorways.