Macy’s (M) Enters Sales Agreement with China's omei.com; Invests $15M in VIPStore.com
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Price: $22.82 +1.06%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3%
Revenue Growth %: -0.4%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3%
Revenue Growth %: -0.4%
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Macy’s, Inc. (NYSE: M) will sell an assortment of its highly regarded private brand merchandise directly to consumers in China through a Macy’s section on omei.com, a newly established China-based online retailer of in-season luxury and fashion brands operated by VIPStore Co., Ltd.
In addition, Macy’s, Inc. has made an equity investment of $15 million in VIPStore Co., a Chinese e-commerce firm and parent company of omei.com. Macy’s, Inc. joins other venture capital providers, including Intel Capital, in acquiring a minority stake in the company. In addition to omei.com, VIPStore operates jiapin.com, an established flash sales site.
In addition, Macy’s, Inc. has made an equity investment of $15 million in VIPStore Co., a Chinese e-commerce firm and parent company of omei.com. Macy’s, Inc. joins other venture capital providers, including Intel Capital, in acquiring a minority stake in the company. In addition to omei.com, VIPStore operates jiapin.com, an established flash sales site.
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