With clothing rental, popularized by Rent the Runway and other startups, customers pay a monthly fee to get clothes shipped to them, wear a few times and then ship back. Clothing rental firm Le Tote will acquire department store Lord & Taylor from Hudson's Bay in a cash deal worth $100m. The deal is expected to close before the Christmas shopping season and, post-acquisition, Le Tote will extend its clothing rental service to Lord & Taylor customers. In an interview with Bloomberg News, CEO John Murtagh said that he was "thrilled" about the deal.
Clothing rental firm Le Tote will acquire department store Lord & Taylor from Hudson's Bay in a cash deal worth $100m. The deal is expected to close before the Christmas shopping season and, post-acquisition, Le Tote will extend its clothing rental service to Lord & Taylor customers. In an interview with Bloomberg News, CEO John Murtagh said that he was "thrilled" about the deal.