Macy’s, Inc. has signed an agreement to acquire Bluemercury, Inc., a luxury beauty products and spa services retailer, for $210 million in cash.
Macy’s stated that it expects to finalize the Bluemercury transaction in the fiscal first quarter and went on to say the deal should be accretive to the company in its first full year, fiscal 2016.
Bluemercury operates about 60 specialty stores in 18 states, typically in prime street-level locations and urban lifestyle centers, as well as conducting an online business, according to Macy’s.
“Beauty is a core signature business for Macy’s and Bloomingdale’s and a continued platform for our company’s profitable sales growth. 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 omnichannel retailing. Our plan is to operate and significantly expand Bluemercury stores as a standalone business with an enhanced omnichannel component for a seamless customer experience across stores, online and mobile. Concurrently, we also plan to add selected Bluemercury products and boutiques to Macy’s stores nationwide,” Terry Lundgren, Macy’s chairman and CEO, said in announcing the acquisition.