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Macy's Invests $15 Million In China Online Retailer; To Get Section On Site

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05/23/2012 | 02:53pm CET

Macy's Inc. (>> Macy's, Inc.) invested $15 million in the China online retail company VIPStore Co. and agreed to sell merchandise through VIPStore's luxury retail site, Omei.com.

Macy's now holds a minority stake in VIPStore, along with other venture capital providers, including Intel Corp.'s (>> Intel Corporation) Intel Capital.

The department-store operator expects to launch the Macy's section on Omei in spring 2013 with sales of I.N.C. women's and men's fashions. It plans to roll out other private brands in the following seasons.

Macys.com had launched online China sales in 2011 through a collaboration with FiftyOne, an international e-commerce provider.

Orders placed through Omei will be filled through that company's facilities in China, while orders placed on Macys.com will still be fulfilled through the U.S.

Macy's, which also operates the high-end Bloomingdale's chain, has been outperforming its mid-tier rivals Kohl's Corp. (>> Kohl's Corporation) and J.C. Penney Co. (JCP) with strategies like tailoring merchandise to local tastes and making in-store and online selling easier. The company reported earlier this month its fiscal first-quarter earnings rose 38% on increased same-store sales and flat overhead costs while sales rose 4.4%.

Shares closed Tuesday at $36.47 and were inactive premarket. The stock is up 13% so far this year.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stocks mentioned in the article : Macy's, Inc., Intel Corporation, Kohl's Corporation
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Financials ($)
Sales 2017 26 001 M
EBIT 2017 1 962 M
Net income 2017 916 M
Debt 2017 6 276 M
Yield 2017 3,55%
P/E ratio 2017 16,46
P/E ratio 2018 11,83
EV / Sales 2017 0,75x
EV / Sales 2018 0,77x
Capitalization 13 104 M
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Mean consensus HOLD
Number of Analysts 23
Average target price 43,0 $
Spread / Average Target 1,2%
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Terry J. Lundgren Chairman & Chief Executive Officer
Jeffrey Gennette President & Director
Karen M. Hoguet Chief Financial Officer
Sara L. Levinson Independent Non-Employee Director
Craig E. Weatherup Independent Non-Employee Director
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