New boss for Hudson's Bay

Canadian retail giant Hudson's Bay Company has appointed a former Polo Ralph Lauren president as chief executive following the business's acquisition by private equity firm NRDC  Equity Partners last week.

Jeffrey Sherman, who was president and chief operating officer at Polo Retail Group, will oversee all of the Hudson's Bay Company's chains, including department stores The Bay and Zellers and value chain Fields. 

The appointment follows the completion of a US$500 million (£250m) investment deal in the group by NRDC. The private equity company has also merged its upmarket US retailer Lord & Taylor, accessories chain Fortunoff and manufacturer Creative Design Studios businesses with its new acquisition into a holding company called Hudson's Bay Trading Company.

Lord & Taylor will open up to 15 stores in Canada. Hudson's Bay said there was a gap in the Canadian market between The Bay and department store chain Holt Renfrew. Mid-market retailer Zellers will focus more on brands.

Hudson's Bay Company's governor Richard Baker said: "We will have an unprecedented opportunity to recreate North America's retail landscape."