This Week in Fashion rounds up the week's style news, store openings and closings, pop-up shops, sales and upcoming fashion and design events in Toronto. Find it here every Wednesday morning.

NEWS

Earlier this week, Hudson's Bay Company finalized a $2.9 billion deal to purchase Saks Fifth Avenue after an action-packed race against a slew of interested buyers. The American luxury retailer as well as its outlet concept Off 5th are expected to open in Canada, likely within or replacing existing Hudson's Bay spaces. Both stores will compete with Nordstrom, Holt Renfrew, and their discount chains Nordstrom Rack and hr2.

Toronto Premium Outlets opens tomorrow (August 1) in Halton Hills, launching a four-day grand opening celebration involving special in-store promotions, entertainment, prizes, and more. The first Hudson's Bay Outlet, Burberry, Ted Baker London, and Nike are amongst the retailers opening a store in the shopping centre boasting up to 65% off the regular price every day.

EVENTS/PARTIES

ROWEN, a luxury accessories label by local designer Daphne Pittana, will be posted up at The Peach Gallery (722 College St) tomorrow (August 1) to showcase her latest collection of printed accessories straight out of Europe. From 6 pm until 9 pm, preview and pre-shop the limited edition unisex silk scarves and leather handbags, dazzled with bold graphics.

If your closet is lacking rare finds like vintage garments and handmade doodads, but you're not into sifting the smelly racks at a thrift store -- don't fret! Local folks Andrew Sardone of NOW Magazine and Haley Cunningham of She Does The City have teamed up to bring you the August edition of the Gladstone Flea: a handpicked (and well organized) extravaganza for all your unique fashion needs, happening this Saturday (August 3). Spend the hours between 10 am and 4 pm perusing the racks at the Gladstone Hotel (1214 Queen St W) or miss out and be bland forever.

SALES

Summer sales have been extended across the board in a horde of local boutiques. Over the Rainbow is slashing up to 70% off, Uncle Otis is offering up to 50% off, and Gravity Pope is slapping on an additional 20% off of spring/summer merchandise. Visit these locations (and their neighbours) for unbeatable deals before it's too late.

Photo of the Gladstone Flea by Jesse Milns