Rue La La is acquiring Gilt Groupe from Hudson’s Bay Company, which itself just purchased it in 2016 for $250 million, in a preservation merger of the two largest flash sale sites, according to Fortune. Terms were not disclosed.
In 2014, Rue La La announced it was looking for a buyer, three years after it was acquired by Kynetic, and hired JP Morgan Chase to seek alternatives. At the time, Gilt Groupe was cited as a possible suitor in a saturated flash sale market. Now four years later, the script has flipped.
After the deal closing, which is expected to be in July, the combined company will be known as Rue Gilt Groupe and have 20 million members. Rue La La plans to hire 150 employees to run the Gilt business.
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