Don't Kid Yourself, the Macy's eCommerce Spinoff is Going to Happen
Given the history of activist investors ... the Macy's spinoff is most likely happening, or there will be some other big concessions.
The big question in my mind, is there something else that Jana Partners wants that it will take instead of spinning off the eCommerce group?
The only think I can think of -- If the Saks eCommerce IPO fails miserably. I have to think that Jeff Gennette does not want to split off these units, and even if it were going to, it would be a huge distraction for the company.
Saks has $1B in ecom revenue and is posted to have a $6B IPO. If something happens that makes this not as valuable, for whatever reason, while at the same time retaining normal D2C valuations, that would be the ideal outcome.
I don't think investors work in that kind nuanced world however.
Does it feel like to anyone else we are back in 1999 again? With all the global supply chain issues, and the big challenges still ahead in fully restarting the economy and labor issues and going back to "normal" (whatever that means anymore) I see a lot of lumpiness ahead and perhaps even some investment retrenchment while leaders write a new playbook - starting with the happiness of their employees.
#ecommerce
