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small prada wallet Christian Louboutin heels or a couple of thousand dollars for Gucci handbags.In the latest fiscal year, Saks reported annual revenue of $3.15 billion, up more than 4 percent from the previous year but still below the $3.28 billion in the year ended in January 2008. Saks' net income fell nearly 16 percent to $62.8 million in the latest year.Saks' flagship store on Fifth Avenue in Manhattan, founded in 1924 by Horace Saks and Bernard Gimbel, is a landmark of retailing and sits on some of the most valuable real estate in the world. The company employs about 15,000 people across 41 stores.Hudson's Bay buying Saks for aboutSaks Inc. agreed to sell itself to Hudson's Bay Co., the Canadian parent of upscale retailer Lord Taylor, for about $2.4 billion in a deal that will bring luxury to more North American locales. and Canada.Lord Taylor and Hudson's Bay, Canadian's biggest department store chain, both cater to well heeled shoppers who can afford $98 Free People blouses and $250 Coach handbags. Saks customers, on the other hand, are more affluent and can shell out $800 for Christian Louboutin heels or a couple of thousand dollars for Gucci handbags.During a conference call with investors on Monday, Hudson's Bay Co. Chairman and CEO Richard Baker said the goal is to bring Saks luxury brand into Canada. The company plans to open up seven Saks Fifth Avenue stores and 25 Off Fifth outlet stores to Canada, while creating a Saks website targeted to Canadians. The parent company also plans to renovate Saks stores and to make the brand more "luxurious.""With the addition of Saks, Hudson's Bay will offer consumers an unprecedented range of retailing categories and shopping experiences," Baker said.Hudson's Bay is making a play for luxury at a time when shoppers still appear to be willing to shell out money for posh handbags and clothing despite global economic challenges. Global luxury sales, including higher end jewelry and clothes, rose an estimated 10 percent to $281.96 billion last year, according to the latest study from Bain Co. In North America, luxury sales were up an estimated 12 percent to $81.33 billion.Still, Saks has lagged behind its peers in the luxury sector. It's been