The Hudson's Bay Company has bought Saks Fifth Avenue for $2.9 billion.

Both these stores are well-known across North America and the hope is that a partnership with the Canadian company will largely increase sales for Saks, as this luxury wear store suffered during the recession. It's no secret that Saks is for high-end shoppers; just the shoes alone represent originality and high class. Take the Isabella Fiore Voodoo Wedge as the perfect example of a shoe that makes a bold, flashy statement.

Hudson's Bay wants to keep Saks's top-of-the-line image, while also making the store more accessible to a larger audience. With seven typical Saks locations planned for Canada, Hudson's Bay also wants to open 25 discount Saks stores, giving more people a chance to have the elite 'Saks Shopper' title.