Why is Kretinsky investing in Macy’s?
According to Forbes, the activist investor Daniel Kretinsky (aged 44) is the fifth richest Czech citizen. He has taken a 5% stake in the American department store chain Macy’s (US$24 billion annual turnover, 25% online). This investment was made through Vesa Equity Investment (VEI), an investment vehicle owned with Kretinsky’s partner Patrik Tkac. The Czech businessman could push Macy’s to close more stores. In December 2019, the company unveiled the Polaris restructuring plan, including the closure of 125 stores over 3 years.