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Jana Partners urges Macy’s to separate e-commerce business

by todayminutes
October 7, 2021
0

Activist investment firm Jana Partners said on Wednesday that the share price of retailer Macy’s (M.N) could double if the company separated its e-commerce business as customers buy more online.

“Macy’s could see an increase in its stock price by 100% if it followed the playbook of Saks,” Jana Partners portfolio manager Scott Ostfeld said at the 13D Monitor Active-Passive Investor Summit. He did not explicitly say whether the firm owns a stake in the company.

He said Macy’s online business could be worth about $14 billion. Macy’s as a whole has a market valuation of about $6.9 billion.

Jana has built a reputation for working collaboratively and behind the scenes over the two decades since Barry Rosenstein founded.

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