Czech billionaire cashes Macy’s shares after less than a month

Daniel Kretinsky’s Vesa Equity Investment made millions from stock surge

TRD New York /
Jun.June 11, 2020 09:00 AM
Daniel Kretinsky (Getty)

Daniel Kretinsky (Getty)

Daniel Kretinsky was in it for a good time not a long time.

After the Czech billionaire’s firm purchased a 5 percent stake in Macy’s last month, the company said this week that its stake was down to 0.7 percent.

The exit was lucrative, according to Bloomberg, which reports that Kretinsky made some $36 million. Vesa Equity Investment’s bet on Macy’s aligned with a 65 percent surge in the stock. The shares were reportedly sold on Tuesday.

“The reason for our exit certainly isn’t lack of confidence in the company’s future or in the management’s abilities,” Vesa Equity spokesman Daniel Castvaj told Bloomberg. “We will continue closely watching Macy’s and the U.S. retail market in general, and we are not ruling out returning among the shareholders of this company.”

As Macy’s begins to reopen stores, CEO Jeff Gennette said this week that sales were down 50 percent — better than the retailer’s forecasted 85 percent drop.

Retail has taken a nosedive in the pandemic, with stores shuttered across the country and several companies declaring bankruptcy. Still, Gennette said he was confident Macy’s would bounce back.

“The lure of having appropriate fashion from our customer, all the way from mass or off-price to luxury, is still incredibly potent,” he said in a virtual conference Tuesday. “And while it looks in certain categories grim right now, I don’t think that’s forever.” [Bloomberg] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
Amazon CEO Jeff Bezos with (clockwise from top left: 1055 Bronx River Ave. in Bronx, NY; 3507 W. 51st St. in Chicago; 13200 Southwest 272nd St. in South Miami-Dade, Florida; 28820 Chase Place in Valencia, California (1055 Bronx River Ave via Google Maps; 3507 W. 51st St. via 42 Floors; 13200 Southwest 272nd St. via Google Maps; 28820 Chase Place via IAC Commerce Center)

“Headwind to profitability”: Amazon doubles down on fulfillment centers

“Headwind to profitability”: Amazon doubles down on fulfillment centers
"Our role as owner is shifting from what was solely ‘the librarian’ — collecting rent, renting shops and cleaning spaces — to becoming an ‘editor’ of the space.” (iStock)

Welcome to a world of the à la carte retail lease

Welcome to a world of the à la carte retail lease
Unibail-Rodamco-Westfield CEO Christophe Cuvillier, Westfield Century City in Los Angeles and Westfield World Trade Center in New York (Getty, iStock, Google Maps)

Unibail-Rodamco sees 15% decline in US mall rents after offering deferrals

Unibail-Rodamco sees 15% decline in US mall rents after offering deferrals
Coogan’s Irish pub in Washington Heights, John Jovino Gun Shop in Little Italy, and Gem Spa in East Village (Getty)

Nearly 3,000 small businesses in NYC closed due to Covid

Nearly 3,000 small businesses in NYC closed due to Covid
Authentic Brands CEO Jamie Salter and an Ann Taylor store (Getty)

Authentic Brands, Sycamore eye buy of Ann Taylor parent company

Authentic Brands, Sycamore eye buy of Ann Taylor parent company
Gap at 1530 Broadway (Google Maps)

Gap must keep paying rent at Times Square flagship: Judge

Gap must keep paying rent at Times Square flagship: Judge
Neiman Marcus at Hudson Yards in New York and Neiman Marcus CEO Geoffroy van Raemdonck (Credit: Neiman Marcus by Noam Galai/Getty Images; van Raemdonck by JOE SCHILDHORN/Patrick McMullan via Getty Images )

Party’s over: Neiman Marcus to close its Hudson Yards location

Party’s over: Neiman Marcus to close its Hudson Yards location
Rosenberg & Estis' Luise Barrack and Fried Frank’s Jonathan Mechanic

Commercial real estate lawyers: You’re stuck with that lease

Commercial real estate lawyers: You’re stuck with that lease
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...