Macy’s CEO believes department store retailer will survive COVID-19
May 1, 2020
Macy’s CEO Jeff Gennette is optimistic about his company’s “role in American retail.” The 36-year company veteran told CNBC, “I firmly believe that when you think about fashion for America, Macy’s and Bloomingdales are good curators of that [fashion]. We have formats from off-price to luxury, with Last Call to Bloomingdale’s, a gamut of price points, at a national level. I think there are opportunities and white space we can go after.”
Recent News
Cooking Oil Recall Issued Due to Packaging Issue
The FDA has issued a nationwide recall of Primal Kitchen Avocado Oil, affecting more than 2,000 cases of cooking oil. The recall was initiated due to a packaging issue involving the potential breakage of the glass containers, posing a safety risk to consumers.
Coach and Michael Kors Parent Companies’ Merger Challenged
The FTC is opposing the $8.5 billion merger between Tapestry and Capri, the parent companies behind brands like Coach, Kate Spade, Michael Kors, and Versace. This move is unusual for the FTC, which rarely steps in on fashion industry deals due to its competitive nature.
Tesla Slashes Prices in US, China, and Germany To Battle Rising Competition
Following significant price cuts in the U.S., Tesla has revealed that similar reductions will be applied in China and Germany as well.
Rivian Offers $5K ‘Electric Upgrade’ Discount to Customers With Select Gas-Powered Vehicles
Rivian is offering customers with gas-powered Ford and Toyota SUVs and trucks discounts of up to $5,000 on its EVs, along with a year of complimentary charging.