The Saadia Group has relaunched Lord & Taylor as a digital collective store.
The new partnership promises exclusive collaborations and merchandise to bring Lord & Taylor’s 195-year heritage to a new generation. The retailer’s revival will focus on men’s and women’s apparel, homewares, and beauty from a refreshed core group of brands as well as emerging designers. The retailer also disclosed that a private label offering will launch in the next few weeks.
“The future of retail is fast and agile, mirrored by our team — which has managed to put together a fantastic assortment of merchandise and a website — in record time of less than 120 days,” said Jack Saadia, principal and co-founder of The Saadia Group. “We are deeply committed to continuing the rich legacy of the brand in a progressive way. Today’s unveiling is just the beginning.”
Known as the oldest department store in the U.S., Lord & Taylor has had a rocky couple of years. It was acquired by online apparel rental startup Le Tote from then-owner Hudson’s Bay Co. for $100 million in August 2019, but Le Tote itself went bankrupt just a year later in August 2020. Investment firm Saadia Group bought the Lord & Taylor store inventory, intellectual property, and e-commerce assets for $12 million in October 2020, but liquidation of all 38 Lord & Taylor stores and its website continued.
Saadia Group has made no decisions on whether or not physical stores will be a part of Lord & Taylor’s retail strategy. The company has plans to sublease 41,000 square feet of office space in New York City as part of the new headquarters of Lord & Taylor and New York & Company, another brand in the company’s portfolio which it acquired in October 2020.