Macy's has reached an agreement to acquire Bluemercury, a luxury beauty products and spa services retailer, for $210 million in cash.
Bluemercury, which currently operates about 60 stores, many with in-house spas, as well as an online business, is led by co-founders Marla Malcolm Beck and Barry Beck. The Becks will continue in their respective roles as the CEO and COO of the Bluemercury following the close of the deal, which is expected to take place by May 2.
"Beauty is a core signature business for Macy's and Bloomingdale's and a continued platform for our company's profitable sales growth," said Terry Lundgren, Macy's chairman and chief executive officer, in a statement. "With Bluemercury, our company can access a new channel to reach additional customers, add new dimensions to our product offering and apply our expertise in omni-channel retailing."
Macy's plans to continue operating Bluemercury as a standalone business while adding the brand's boutiques inside the chain's department stores.
Macy's, Inc., which operates 825 stores under the Macy's and Bloomingdale's banners, announced yesterday that it expects its full-year profits to top its previous guidance. The company is now looking to report earnings per share between $4.35 and $4.37. On Jan. 8, the company offered guidance in the $4.25 to $4.35 range.
