Tags: macy | bluemercury | purchase

Macy's Bluemercury Purchase Adds 60 Stores, 500 Employees

By    |   Wednesday, 04 Feb 2015 08:29 AM

Macy's has agreed to purchase Bluemercury, a large national luxury beauty products and spa services retailer, as the department store chain continues its own makeover.

In January, Macy's announced it was closing 14 retail stores around the country to invest more in technology, affecting from 1,600 to 2,500 workers, according to the Cincinnati Business Courier.

The new purchase, which is expected to be completed in May for $210 million in cash, brings 60 stores in 18 states under the Macy's umbrella along with 500 employees that the company says will remain in their current positions. Macy's also owns Bloomingdale's.

"Beauty is a core signature business for Macy's and Bloomingdale's and a continued platform for our company's profitable sales growth," Terry J. Lundgren, Macy's chairman and chief executive officer, said in a statement on the company's website.

"With Bluemercury, our company can access a new channel to reach additional customers, add new dimensions to our product offering and apply our expertise in omnichannel retailing," said Lundgren. "Our plan is to operate and significantly expand Bluemercury stores as a standalone business with an enhanced omnichannel component for a seamless customer experience across stores, online and mobile. Concurrently, we also plan to add selected Bluemercury products and boutiques to Macy's stores nationwide."

Bluemercury was co-founded by Marla Malcolm Beck and Barry Beck in 1999, according to the Washington Post. The company has begun an online business and has developed annual revenues of more than $100 million.

"With the full weight of Macy's resources, we will be able to accelerate our store penetration across the United States, bringing our specialty store format to urban and suburban markets throughout the country," said Barry Beck, Bluemercury's current chief operating officer.

The New York Times reported that, despite the deal, shares of Macy’s fell 1.5 percent in after-hours trading.

© 2017 Newsmax. All rights reserved.

 
1Like our page
2Share
TheWire
Macy's has agreed to purchase Bluemercury, a large national luxury beauty products and spa services retailer, as the department store chain continues its own makeover.
macy, bluemercury, purchase
305
2015-29-04
Wednesday, 04 Feb 2015 08:29 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved