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Newspeopleretailers

MedMen Taps Former Hudson’s Bay Executive as CEO; COO to Resign

by Katie Lee

Los Angeles — MedMen Enterprises Inc., a premier cannabis retailer with operations across the United States, has appointed Edward Record as chief executive officer, effective immediately. Record succeeds interim CEO Michael Serruya, who will continue to serve as chairman of the board. Record joined MedMen’s board of directors in 2021. He brings deep retail and restructuring experience, having overseen financial and operational performance for several large national retailers. He previously served as the chief financial officer for Hudson’s Bay Company, whose U.S. holdings include Saks Fifth Avenue. Before joining HBC, …

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Newsretailers

HBC and Insight Partners Launch Saks as a Standalone E-Commerce Company

by Katie Lee

New York City — HBC and leading growth capital investor Insight Partners have entered into a partnership that establishes Saks Fifth Avenue’s e-commerce business as a standalone entity, which will be known as Saks. Insight Partners has made a $500 million minority equity investment in Saks, valuing the business at $2 billion. The retailer’s 40-store fleet will operate separately as an entity referred to as SFA, which remains wholly owned by HBC. As separate but related sister companies, Saks and SFA will be better able to appropriately plan for and …

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Newspeopleretailers

Hudson’s Bay Company Names New President

by Katie Lee

Toronto — Hudson’s Bay Company (HBC) has appointed Iain Nairn as president, effective January 12, 2020. A highly accomplished retail executive, Nairn has a remarkable track record of driving profitable growth and transformational change at a wide variety of retailers, from specialty to department store formats. He reports directly to Helena Foulkes, CEO of HBC. “We took time to conduct a thorough, worldwide search to ensure we found the right person to lead the business and steward the Hudson’s Bay brand,” Foulkes says. “Iain brings strong leadership, sharp focus and …

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Newsretailers

Le Tote Agrees to Buy Lord + Taylor for $100 Million

by Katie Lee

Toronto — Le Tote, a fashion rental subscription service, has agreed to buy Hudson’s Bay Co.’s (HBC) Lord + Taylor brand for $100 million. Le Tote will pay Toronto-based HBC $75 million in cash upon closing as well as a promissory note of $25 million, payable after 2 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. Le Tote will assume responsibility of Lord + Taylor’s 38 stores, digital channels and inventory. …

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Newsretailers

Saks Fifth Avenue To Open First Store in Western Canada

by Katie Lee

New York City and Calgary, Alberta (Canada) — Saks Fifth Avenue plans to open its third Canadian location, in Calgary, Alberta. Expected to open in January 2018, the 115,000-square-foot, two-level location will be part of CF Chinook Centre, a Cadillac Fairview property. The new store will feature a modern and authoritative merchandise assortment. In addition to its elevated assortment, the new location will offer a full service Fifth Avenue Club, complete with private suites and personal shopping consultants.

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