CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
MajorsAug 29, 2019
Clothing Rental Service Plans to Acquire Lord & Taylor
Le Tote will keep the retailer’s 38 locations open for now, but redevelopment may be on the table in 2021.
The flagship Lord & Taylor store on Manhattan’s Fifth Avenue was sold to WeWork earlier this year. The Hudson’s Bay Co.-owned department store chain is in the process of being acquired by Le Tote, a company that rents out women’s clothing and accessories.
Toronto—Hudson’s Bay Co. has agreed to sell Lord & Taylor to clothing rental subscription service Le Tote for 99.5 million Canadian dollars ($100 million), the company announced Wednesday morning.
Lord & Taylor’s 38 locations will remain open, with Le Tote assuming responsibility for the operations and extending employment offers to the “vast majority” of associates.
“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,” HBC CEO Helena Foulkes said in a statement.
The Toronto-based company’s portfolio also includes retailers Hudson’s Bay, Saks Fifth Avenue and Saks Off 5th.
As per the terms of the deal, Le Tote will also acquire Lord & Taylor’s brands, intellectual property, digital channels and inventory.
Le Tote, founded in 2012, rents out women’s clothing and accessories for a flat monthly fee, with the option to then purchase them at a discount.
The company has notable backers, including venture capital firm Andreessen Horowitz and Google Ventures, and has partnered with brands like Calvin Klein, Kate Spade, Rebecca Minkoff and Vince Camuto.
Le Tote will pay CA$99.5 million ($75 million) in cash upon closing the deal and a secured promissory note of CA$33.2 million ($25 million), which is payable in cash after two years.
The company is still working on securing financing for the full purchase price but expects to close before the start of the 2019 holiday season.
If Le Tote can’t raise the money within 45 days of signing, HBC can terminate the agreement.
Hudson’s Bay will receive an equity stake in Le Tote and certain minority shareholder rights as well as two seats on its board.
HBC and its real estate joint venture, HBS Global Properties, will retain ownership of all Lord & Taylor-related owned and ground-leased property. The company will continue to pay the rent for the next three years; it expects to be liable for approximately $58 million in Lord & Taylor rent on an annual basis.
In 2021, the two companies can reassess the store network and discuss the best use of the locations, including the possibility of redeveloping the stores into mixed-use properties.
HBC has hired a team to focus on the potential redevelopment plans.
It will be responsible for the long-term rents and costs for redevelopment for any returned or recaptured stores. (A recapture clause refers to a stipulation in a contract that allows the seller of an asset
Editors' Picks
Sponsored by
to take it back under certain conditions.)
HBC sold Lord & Taylor’s flagship store on New York’s Fifth Avenue to WeWork earlier this year.
Lord & Taylor’s fiscal 2018 sales accounted for $1.4 billion of HBC’s $9.4 billion in retail sales, but HBC’s balance sheet reflects a $119 million loss attributable to Lord & Taylor, inclusive of allocated corporate expenses.
PJ Solomon acted as financial advisor to HBC and Willkie Farr & Gallagher LLP acted as its legal advisor. Le Tote was advised by Citi, as its financial advisor, and Kirkland & Ellis LLP, as its legal advisor.
HBC sold Lord & Taylor’s flagship store on New York’s Fifth Avenue to WeWork earlier this year.
Lord & Taylor’s fiscal 2018 sales accounted for $1.4 billion of HBC’s $9.4 billion in retail sales, but HBC’s balance sheet reflects a $119 million loss attributable to Lord & Taylor, inclusive of allocated corporate expenses.
PJ Solomon acted as financial advisor to HBC and Willkie Farr & Gallagher LLP acted as its legal advisor. Le Tote was advised by Citi, as its financial advisor, and Kirkland & Ellis LLP, as its legal advisor.
More on Majors
The Latest
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farms’ Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
Weekly QuizAug 20, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
Events & AwardsAug 24, 2026
Rio Grande, MetalWerx Host Argentium Silver WorkshopThe class, led by renowned metalsmith Cynthia Eid, highlighted Argentium silver as an alternative to gold amid high prices.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 24, 2026
JIS Miami Opens Fall 2026 RegistrationThe show is slated for Oct. 16-19 at the Miami Beach Convention Center.
CollectionsAug 24, 2026
Francesca Villa Honors Napoleon, His Empresses In New CapsuleThe “Empresses” capsule uses 19th-century medals depicting Napoleon, Joséphine, and Marie-Louise across five one-of-a-kind pieces.
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
Policies & IssuesAug 19, 2026
Spinelli Kilcollin Embraces Dupes With Trade-In ProgramThe jeweler is encouraging customers who own lookalike rings to come into the store and trade them for credit towards an authentic piece.
MajorsAug 19, 2026
Zales Wants You to Wear Fine Jewelry Every DayThe new campaign, “You Are The Occasion,” discourages shoppers from saving their fine jewelry for special occasions only.
SourcingAug 19, 2026
Vasant Mehta, a Dedicated Diamond Industry Leader, Dies at 81Mehta led India’s GJEPC through the 2008 financial crisis and was respected worldwide for his wisdom, integrity, and knowledge.
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner’s Tequila Brand Collab on GiveawayThe jeweler has partnered with 818 Tequila to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
