Tuesday, October 26, 2021

Active investor Jana Partners takes a stake in Macy’s, encouraging the digital business to split

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Active investor Jana Partners took a stake in Macy’s and on Wednesday sent a letter to the store’s board asking it to set up an e-commerce business.

The person said Macy’s online business has attracted interest from firms investing in her.

Macy’s shares rose nearly 4% after a report was first published in the Wall Street Journal on Thursday afternoon. Retail shares rose more than 107% over the same period last year.

A Macy’s spokesman declined to comment. Janna did not immediately respond to a request for comment.

Jana said in a presentation earlier this month that the value of Macy’s online business could be around $ 14 billion, which is higher than the department store’s $ 7 billion market value. Jana offered to split without saying anything about the department store operator’s share at the time.

Macy’s told investors in August that it expects e-commerce sales to rise from $ 8.35 billion to $ 8.45 billion this year, after nearly doubling in the last four years.

Such a split is similar to Sax Fifth Avenue, a high-end store operator that turned its digital business into a separate company earlier this year. The deal valued Saks.com at $ 2 billion, or more than double its annual sales.

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