“We are excited to add an iconic brand such as Rag & Bone to Guess, further diversifying our portfolio with complementary customer bases and price points. We look forward to partnering with WHP Global to build on Rag & Bone’s heritage,” Guess CEO Carlos Alberini said. “Guess has an incredible platform with a strong global distribution network and outstanding licensee partners that will enable us to power the growth and expansion of the Rag & Bone business.”

Guess is No. 178 in the Top 1000, Digital Commerce 360’s ranking of North America’s leading retailers by online sales. Rag & Bone ranks No. 652.

Terms of the deal

Guess will buy all of Rag & Bone’s operating assets, the retailer said. Guess and WHP Global will also each own half of Rag & Bone’s intellectual property, according to a public statement. They will create a licensing agreement that gives Guess exclusive rights to manufacture and sell licensed products in exchange for royalties.

The retailers did not share all financial terms of the deal. However, Guess’ commitment in the agreement totals $56.5 million, with the potential for an additional $12.8 million dependent on Rag & Bone’s 2024 results.

The deal is expected to close during the first quarter of Guess’s 2025 fiscal year. 

Rag & Bone’s history

Rag & Bone was founded in New York City in 2002. As of February 2024, the retailer operates 34 stores in the U.S., and another two in the U.K. Its products are also sold through other retailers, including Nordstrom (No. 21 in the Top 1000), Saks Fifth Avenue (No. 28) and Neiman Marcus (No. 72).

In 2023, Rag & Bone generated $250 million in revenue, it said. The apparel company is privately held.

Following the acquisition, Rag & Bone will continue to be headquartered in New York City. It will operate as an independent fashion brand under the Guess umbrella, the retailer said.

“I am thrilled about this new relationship with Guess and WHP Global. Today marks the beginning of an exciting new chapter as Rag & Bone joins forces with a much larger international fashion company,” Rag & Bone chairman Andrew Rosen said in a written statement. “It’s a great opportunity for our team to take the brand to the next level, blending our unique styles and respective expertise to create new possibilities for Rag & Bone on a global scale.”

Why the acquisition is significant for Guess

Guess will make its first-ever acquisition in its 43-year history with Rag & Bone, co-founder and chief creative officer Paul Marciano said. 

In its most recent financial report, Guess said revenue grew 3% to 651.2 million in its Q3 ended Oct. 28. Guess CEO Alberini said the addition of Rag & Bone will improve the retailer’s financial position further.

“We expect the transaction to deliver earnings per share accretion in the first year and strong value creation for our shareholders for years to come,” he stated.

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Parentheses indicate the merchant’s ranking in the Top 1000.

Amazon.com Inc. (No. 1)

Amazon beat expectations with earnings for its fiscal fourth quarter ended Dec. 31, 2023. Its net sales in the quarter grew 14% year over year to $170.0 billion.

Full-year sales grew 12% to $574.8 billion in 2023, up from $514.0 billion in 2022. Read more about Amazon’s earnings here.

Costco Wholesale Corp. (No. 6)

Costco said net sales grew 6.1% to $56.72 billion in its first fiscal quarter of 2024 ended Nov. 26, 2023. Ecommerce comparable sales grew 6.3% in the same period. E-gift cards, snacks and pet items were all strong in the ecommerce channel, the retailer said.

Read more on Costco’s earnings here.

Crocs Inc. (No. 104)

Crocs reported that revenue grew 1.6% to $960 million in its fiscal fourth quarter ended Dec. 31. Direct-to-consumer sales, including ecommerce, grew 6.8%, while wholesale declined 4.6%. Revenue grew 11.5% to $3.96 billion for the full year. 

CEO Andrew Rees says he expects personalization to be a major trend Crocs can capitalize on going forward. He pointed to Jibbitz sales, which grew 17% in 2023 to $250 million in sales.

Hanesbrands Inc. (No. 277)

Hanes reported net sales declined 12% to $1.3 billion in its fiscal fourth quarter ended Dec. 30. Activewear sales declined 24% in the quarter. For the full year, sales declined 9.6% to $5.6 billion.

“Our fourth-quarter performance did not meet our expectations as the sales environment proved to be more challenging than expected,” CEO Steve Bratspies said in a statement. 

Hasbro Inc. (No. 555)

Hasbro said revenue declined 23% to $1.2 billion in its fiscal fourth quarter ended Dec. 31. Revenue declined 15% for the year to $5.0 billion. In both periods, digital gaming grew but was offset by declines in consumer products and entertainment segments. Hasbro attributed some of the entertainment segment decline to lower film and TV revenue from strikes in the entertainment industry in 2023.

“The consumer remains value conscious and we anticipate entertainment will be less of a tailwind in the year ahead, behind a reduced box office slate,” CEO Chris Cocks said.

Shopify Inc.

Shopify revenue and gross merchandise volume (GMV) both increased in the ecommerce platform provider’s Q4, which ended Dec. 31, 2023. Its revenue and GMV both increased for the full fiscal year, too.

45 retailers in the Top 1000 use Shopify as an ecommerce platform. Read more about Shopify’s earnings.

Target Corp. (No. 5)

Third-quarter sales declined 4.9% for the mass merchant, to $25 billion from $26.12 billion in its fiscal third quarter ended Oct. 28. Meanwhile, Target online sales decreased 6% year over year.

Moreover, Target’s online sales declined 6.7% year over year for the first nine months of its fiscal year. Read more about Target’s earnings here.

Walmart Inc. (No. 2)

Walmart reported that U.S. online sales grew 24% for its fiscal 2024 third quarter ended Oct. 27. Global ecommerce sales grew 15% over the same period, while international ecommerce declined 3%.

U.S. comparable sales grew 4.9%, and total revenue grew 5.2% to $160.8 billion. Read more about Walmart’s earnings here.

Yeti Holdings Inc. (No. 135)

Yeti reported sales increased 16% to $519.8 million in its fiscal fourth quarter ended Dec. 30. DTC sales grew 11%, and wholesale increased 26%.

Full-year sales grew 4% to $1.66 billion. Sales through Amazon were strong, the retailer said, although it did not participate in Amazon’s October Prime sales event.

“The channel continues to prove effective in reaching both new and existing customers on the platform,” CEO Matt Reintjes said. Amazon makes up about 25% of DTC sales, Yeti said. However, higher fees and freight costs negatively impacted margins, the retailer said.

So what does it mean?

• Amazon has the power to make or break retailers that rely on online sales, as evidenced by Yeti. The retailer is feeling the pinch of higher fees, and it relies on the 25% of DTC sales that go through Amazon.
• The toy industry remains challenged. Hasbro fared worse than competitor Mattel, which forecasted further industry declines in 2024.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

• Amazon.com Inc.: Feb. 1
• Best Buy Co Inc.: Feb. 29.
• Costco Wholesale Corp.: Dec. 14
• The Home Depot Inc.: Feb. 20
• Lowe’s Cos Inc.: Feb. 27
• Target Corp.: March 5
• Walmart Inc.: Feb. 20

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Shoe Carnival is No. 335 in the Top 1000. The Digital Commerce 360 database ranks North America’s leading retailers by online sales. 

Why did Shoe Carnival acquire Rogan’s?

The footwear retailer expects to see benefits from the acquisition in its 2024 fiscal year. Adding Rogan’s to Shoe Carnival’s portfolio will generate approximately $84 million in sales and $10 million in operating income in 2024, the retailer said. That doesn’t include transaction and integration costs.

Rogan’s is 53 years old, with 28 locations across Wisconsin, Illinois and Minnesota. The acquisition makes Shoe Carnival the market leader in Wisconsin and establishes a store base in Minnesota.

“Our growth strategy is focused on becoming the nation’s leading family footwear retailer through a combination of organic growth initiatives and M&A activity that expands our geographic footprint and customer base,” Mark Worden, president and CEO of Shoe Carnival, said in a statement. “Over the past five decades, the Rogan family has built a brand that is well known and trusted throughout the state of Wisconsin. As such, they have established a clear market leadership position in Wisconsin for work and family footwear, with a compelling assortment, great customer service, and a highly committed team of employees.”

With Rogan’s, Shoe Carnival will also reach an all-time high store count of 429. That’s on track toward its goal of 500 stores by fiscal 2025, the retailer said.

Shoe Carnival’s 2023 results

Shoe Carnival reported $1.176 billion in sales for fiscal 2023, which ended Feb. 3, 2024. That’s down slightly from $1.26 billion in 2022. However, results were on the high end of expectations, the retailer said. Shoe Carnival credited a strong holiday period for the results, which will be fully released in March.

The footwear retailer also said it reduced inventory levels 10% year over year, down more than $40 million as part of an inventory optimization plan. Shoe Carnival ended the year with $110 million in cash on hand and reported no debt for the 19th consecutive year.

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It was “a phenomenal year for Shopify,” said president Harley Finkelstein in an earnings call with investors this week.

In North America, 45 of the Top 1000 online retailers use Shopify as their ecommerce platform. The Top 1000 is Digital Commerce 360’s database of the largest online retailers in the region by annual web sales. In 2022, those 45 online retailers combined for more than $8.29 billion in web sales.

Shopify revenue, profit and GMV grow in Q4 2023

In its fiscal Q4, Shopify revenue grew 24% year over year to $2.1 billion. Excluding Shopify’s logistics business, that growth rate shifts to 30%. It also marks the third consecutive quarter that growth (excluding logistics) has been greater than 25%, said Jeff Hoffmeister, chief financial officer. For the full year, Shopify revenue increased 26% over 2022 to $7.1 billion.

Of that $2.1 billion in Q4, $1.1 billion was gross profit. That’s 33% year-over-year growth in Q4 profit. Shopify gross profit in 2023 grew to $3.5 billion. That’s a 28% increase from $2.8 billion in 2022.

Meanwhile, Shopify GMV grew 23% in Q4 to reach $75.1 billion. That’s $14.2 billion more than Shopify’s GMV in Q4 2022. It’s also the largest quarterly GMV growth rate since the pandemic-driven rates in 2021, Hoffmeister said. For the full year, Shopify GMV grew 20% — or 38.7 billion — over 2022, to reach $235.9 billion in 2023.

In terms of channels, Shopify revenue from offline sources, which includes offline subscriptions and point-of-sale hardware, was $441 million. That’s more than five times what it was four years ago, Finkelstein said.

More than 70% of Shopify’s online checkouts in 2023 came from mobile devices, Finkelstein said. In Q4, the Shop App “nearly reached” $100 million in GMV in a single month, he said not specifying the exact figure.

Internationally, cross-border GMV was approximately 14% of total GMV in Q4. Europe, the Middle East and Africa represent 27% of Shopify’s total merchant base. More than $1.2 billion in Shopify revenue comes from sales in the region.

Shopify also noted growth in its B2B channel.

The biggest sales period: Black Friday through Cyber Monday

In the four days from Black Friday through Cyber Monday, Shopify merchants collectively generated $9.3 billion in sales, Finkelstein said. That’s 24% year-over-year growth. About 61 million consumers worldwide purchased from brands that use Shopify as their ecommerce platform, he said. More than 55,000 merchants had their highest-selling day ever on Shopify in that period, he added.

Part of that stemmed from scaling the platform to accommodate more traffic, Finkelstein said. Shopify handled, on average, 967,000 requests per second, he said. That’s the same as 58 million requests per minute. It’s also almost 80% higher than Shopify’s peak traffic two years ago, Finkelstein said.

Cyber Monday is still the largest online sales day in the U.S., with web sales reaching $12.4 billion in 2023, according to Adobe Analytics data. Cyber Monday 2023 online sales grew 9.6% over 2022’s $11.3 billion. Black Friday is the second largest at $9.8 billion in online sales. That represents 7.5% growth over 2022’s $9.12 billion.

Shop Pay and Shopify merchants

Finkelstein said that compared to 2022, Shopify has 35% more merchants from outside North America using its ecommerce platform. It has added brands including Dollar Shave Club, Authentic Brands Group, Buy Buy Baby, On Running and more, he said.

“In April, an external study by a big three consulting company confirmed that Shopify’s overall conversion rate surpassed the competition by up to 36% and on average is 15% higher than others,” Finkelstein said.

And when consumers use Shop Pay, conversion can grow by half, he said. More than 150 million users have signed up for Shop Pay, as of Q4 2023. For the quarter, it facilitated $18 billion in GMV. That’s up 58% year over year for the quarter and up 50% for the full year.

Shop Pay has facilitated a cumulative $127 billion since launching in 2017, according to Finkelstein.

Shopify 2023 highlights

“We cannot talk about 2023 without mentioning AI,” Finkelstein stated. “We launched our suite of AI-powered tools known as Shopify Magic, an AI shopping assistant on our Shop App and further embedded AI tools within Shopify to increase productivity and streamline administrative tasks that have saved our merchants and our team thousands of hours of work, enabling us to ship faster and make great decisions quicker.”

The ecommerce platform brought nearly a dozen AI-enabled tools to its Shopify Magic product suite in 2023.

Shopify also partnered with Amazon.com Inc. to release the “Buy with Prime” app for Shopify merchants. The deal gives merchants the choice to offer Buy with Prime directly within their Shopify Checkout. This provides Shopify merchants access to Amazon’s logistics network.

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The apparel retailer hired M3 as a restructuring advisor and law firm Kirkland Ellis, the WSJ reported. Its share price fell 40% by end of business on Tuesday.

Express is No. 114 in the Top 1000, Digital Commerce 360’s ranking of North America’s leading retailers by online sales. 

Express reports growing debt

The retailer reported $274.7 million in debt in the third fiscal quarter of 2023. That was an increase from $235.4 million in the year-ago period. $65 million of the debt is from a loan the retailer took out in 2023 at 15% interest as a “short-term measure to strengthen our liquidity position,” former chief financial officer Jason Judd said in a Q2 earnings call.

The retailer is in talks with its creditors, which include Wells Fargo, Bank of America, Hilco Global and Gordon Brothers Group, Bloomberg reported.

If lenders agree to give Express more liquidity or repayment options, the retailer may avoid bankruptcy. Express is also beholden to its vendors, who could stop shipping products without a strict payment schedule, according to the WSJ report.

Express financial results

The apparel retailer, which includes the UpWest and Bonobos brands, reported net sales grew 5% to $454 million in the most recent fiscal quarter ended Oct. 28. However, it also recorded an operating loss of $28.7 million and a net loss of $36.8 million.

Express introduced an expense reduction initiative in 2022, with a goal of saving $200 million by 2025.

“The company is continuing to conduct a comprehensive review of its business model to identify actions that are expected to meaningfully reduce pre-tax costs and enable a more efficient and effective organization and has engaged external advisors to assist in this effort,” it said in a third-quarter press release.

Express saved $30 million during that third quarter and was on track to achieve $80 million in cost savings for 2023. 

The retailer undertook extensive discounting to sell apparel in the quarter, it said. That had a negative impact on margins.

“Beginning last year, we faced a number of challenges, including declines in our customer file, conversion and store traffic, driven by missteps in our merchandise strategy, most notably in women’s, where we were out of balance across categories, price points and wearing occasions,” CEO Steward Glendinning told investors. “This misalignment between our assortment architectures and customer demand significantly impacted our historic sales and margins.”

Express executive changes

Former CEO Tim Baxter announced his resignation in September, one day after the retailer announced Q2 results. Express announced Stewart Glendinning would replace him. Glendinning previously worked as group president of prepared foods and chief financial officer at Tyson Foods.

Chief financial officer Jason Judd left Express in November, one year after joining the company. The retailer has not yet named a new CFO, and senior vice president Mark Still is interim CFO.

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AI will give Kroger customers a better experience through clearer and more informative product listings, the grocer said in a press release. Meanwhile, third-party sellers on the marketplace will be able to use AI for content management and copy optimizations to improve Search Engine Results Pages (SERPs).

“The Kroger Marketplace involves a complex matrix of elements that need to be effectively managed to deliver a seamless customer experience online,” Michael Murphy, group vice president of analytics and execution at Kroger, said in a statement. “From product copy and ratings to reviews and taxonomy, customers are searching out more information than ever before and providing what they need, when they need it is important. We look forward to working with Intelligence Node to deliver an amazing customer experience while empowering our sellers to improve their business performance.”

Kroger ranks No. 8 in the Top 1000, Digital Commerce 360’s ranking of North America’s leading retailers by online sales. 

Integrating AI with Kroger’s other tech providers

Intelligence Node’s technology will work with Mirakl, which provides the platform for Kroger’s marketplace. 

“We look forward to supporting Kroger’s growth plans with our ability to provide content audit, optimization, and execution directly within the Mirakl platform to help improve shopper conversion and seller recruitment and retention,” Intelligence Node cofounder and CEO Sanjeev Sularia said.

Mirakl also provides ecommerce platforms for Best Buy, Macy’s and Saks Fifth Avenue.

Best Buy, Macy’s and Saks rank No. 7, No. 17 and No. 28, respectively.

Kroger online marketplace

Kroger launched its marketplace in 2020 as a bid to compete with Amazon and Walmart. 

Walmart ranks No. 2 in the Top 1000. Amazon ranks No. 1 in the Top 1000. Walmart is also No. 9 in the Global Online Marketplaces Database, Digital Commerce 360’s ranking of the top 100 online marketplaces. Amazon is No. 3 in marketplaces. Kroger does not rank in the marketplace database.

Kroger’s marketplace began as an extension of Kroger Ship, launched in 2018. Kroger Ship is an ecommerce platform for non-perishable grocery items from third-party sellers. The marketplace added an additional 50,000 items. Those were mostly non-grocery products across categories including specialty items, toys and housewares.

The online grocery retailer has reported digital sales growth for several quarters in a row. Most recently in its third fiscal quarter of 2023 ended Nov. 4, Kroger digital sales grew 11% year over year. Delivery sales grew 11% over the same period. Digital engaged households grew 13%, Kroger said. 

Kroger chief financial officer Rodney Millerchip called digital sales a “growth engine” for the grocery retailer. “Everything we continue to see gives us that belief it will continue to be an opportunity to drive deeper customer engagement and growth,” he told investors in November.

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NMG is the parent company of Neiman Marcus, Bergdorf Goodman, Last Call and Horchow.

“NMG is well positioned with exceptional technology, talent, and resources to further invest in and expand our digital and ecommerce capabilities,” a Neiman Marcus representative told Women’s Wear Daily. “Our focus remains on continuing to deliver a differentiated luxury experience across all facets of our integrated retail model, and to position our business for sustainable, profitable growth. We appreciate Farfetch, which continues to be a minority investor in NMG.”

Neiman Marcus ranks No. 72 in the Top 1000. The Digital Commerce 360 database ranks North America’s leading online retailers by their web sales. Farfetch is No. 30 in the Global Online Marketplaces Database, Digital Commerce 360’s ranking of the top 100 online marketplaces by gross merchandise value.

Neiman Marcus and Farfetch

The department store first announced a partnership with Farfetch in 2022. Farfetch, a luxury fashion online marketplace based in the U.K., invested $200 million in Neiman Marcus. That made Farfetch a minority investor in Neiman Marcus, which it remains today.

As part of the agreement, Bergdorf Goodman planned to replatform its website and mobile app using Farfetch Platform Solutions. Both Bergdorf Goodman and Neiman Marcus agreed to join Farfetch marketplace as partners and expand to new global markets, they said in a joint press release at the time.

“We continue to partner closely with thousands of brands and boutiques around the world to provide an elevated online luxury experience for millions of customers,” a Farfetch spokesperson said a statement regarding the end of the partnership.

Farfetch’s acquisition

NMG and Farfetch ended their relationship just days after Coupang completed its acquisition of Farfetch. Farfetch faced potential bankruptcy and agreed to be taken private by the South Korean ecommerce platform. The deal consisted of $500 million in bridge loans through a partnership with the investment firm Greenoaks Capital Partners. 

Coupang ranks No. 12 in the Global Online Marketplaces Database. It operates the largest online marketplace in South Korea.

“Farfetch is a landmark of the luxury landscape and has been a transformative force in demonstrating that online luxury is the future of luxury retail,” said Bom Kim, founder and CEO of Coupang. “Farfetch will rededicate itself to providing the most elevated experience for the world’s most exclusive brands, while pursuing steady and thoughtful growth as a private company. We also see tremendous opportunities to redefine the customer experience for luxury clients everywhere.”

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The retailer announced a partnership with luxury electric vehicle company Lucid on Feb. 6.  The relationship will extend across the Saks Fifth Avenue ecosystem. Lucid’s vehicles will be available for test drives at certain locations. Lucid marketing materials will be displayed in stores and on the retailer’s ecommerce website, the companies said.

SaksFifthAvenue.com and SaksOff5th.com are owned by Hudson’s Bay Co. The parent company is No. 28 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers.

“Our partnership with Saks, a longtime authority in the luxury space, blends our technology and design excellence with high-end retail in an incredible collaboration,” said Peter Rawlinson, CEO and chief technology officer of Lucid. “The collaboration brings the Lucid brand directly to Saks’ clientele searching for fine craftsmanship and innovation that seamlessly blend into their lifestyle, such as can be found with the Lucid Air.”

Inside the partnership between Saks and Lucid

Saks customers will get exclusive access to test drives of the Lucid Air, it said. Consumers can book a test drive of the $77,400 vehicle through Saks’ website or at the retailer’s West Coast flagship store in Beverly Hills. Test drives are available beginning Feb. 8.

Saks said more participating locations will be announced in:

• Atlanta
• Boca Raton, Fla.
• Chicago
• Greenwich, Conn.
• Houston
• Las Vegas
• Troy, Mich.

Lucid Air’s lineup has four trims:

• Air Pure
• Air Touring
• Air Grand Touring
• Air Sapphire

The company claims to have the longest range in the electric car market of up to 500 miles.  

In conjunction with the test drives, Lucid launched a digital campaign through Saks’ online channels. The electric vehicle company now has a landing page on the Saks website, with an email campaign and social media content to come, Saks said.

Saks and Lucid previously worked together in December 2023. At the time, Saks placed the Lucid Air Sapphire model in its New York flagship store on the floor dedicated to jewelry and watches.

Selling luxury vehicles and luxury clothes

Saks positioned Lucid on its website as just another luxury product.

“A new luxury brand debuts at Saks February 6, but it doesn’t offer handbags, shoes, fragrances, clothing — or anything else you can fit in a shopping bag,” the website copy reads. 

CEO Marc Metrick said as much in a press release.

“We’re committed to utilizing the entirety of the Saks Fifth Avenue ecosystem to introduce our customers to the best in luxury,” he said in a statement. “As an iconic luxury brand and an authority in the luxury space, Saks has been able to partner with companies that we know are of interest to our customers and complement the luxury lifestyle. With Lucid, we’re providing our customers with new, unique offerings outside of our traditional assortment, and we’re excited for them to experience this innovative offering online and in our stores for the first time.”

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Deckers is No. 74 in the Top 1000, Digital Commerce 360’s ranking of the largest North American online retailers. 

“Serving as CEO of Deckers has been a great honor, and I am incredibly proud of our accomplishments to date,” Powers said. “Since joining Deckers in 2012, we have experienced explosive growth driven by incredible — and still increasing — brand heat across UGG and HOKA. Our organization has proven to be incredibly resilient, and we have worked with agility to continuously achieve our goal of doing good and doing great. I’m confident Deckers will continue to excel throughout this transition and into the future with Stefano at the helm, and I wish all my colleagues the best as we begin our next chapter.”

Stefano Caroti will take over as CEO on Aug. 1.

Deckers’ new CEO

Caroti joined Deckers in 2015 as president of omnichannel, a position he held for nearly eight years. In April 2023, he was promoted to chief commercial officer and interim president of Hoka.

Prior to joining Deckers, Caroti spent decades elsewhere in the footwear industry. His career has included six years at Puma as managing director and chief commerce officer. Before that, he held various positions at Nike. Caroti was vice president of EMEA (Europe, Middle East and Africa) commerce, and vice president of EMEA footwear, Deckers said. He also worked as general manager for Germany and Italy.

Puma ranks No. 79 in Digital Commerce 360’s Europe Database, and Nike also ranks No. 9 in the Top 1000.

“It is a privilege to step into this role as we continue to build on Deckers’ strong momentum,” Caroti said. “Over the next six months, I look forward to working with Dave, who is a great mentor, colleague and friend, to continue executing on our strategy and ensure a smooth transition. With our experienced management team, dedicated employees, and innovative products that resonate with consumers around the world, Deckers is well positioned to continue cutting through a highly competitive marketplace and take advantage of the many opportunities ahead.”

How is Deckers doing financially?

Deckers just reported revenue grew 16% to a record $1.56 billion in its fiscal third quarter ended Dec. 31. Meanwhile, direct-to-consumer sales grew 22.7% in the quarter, accounting for $858.1 million in sales.

“Our brands delivered Deckers’ largest quarter in history, with record revenue and earnings as both HOKA and UGG drove exceptional performance in the quarter, led by our DTC channel and high levels of full-price selling,” Powers told investors.

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Spring, a 36-year veteran at Macy’s, has already been serving as president and chief executive officer-elect. His focus during the past year has been on Macy’s, Inc.’s digital, customer, merchandising and brand teams, in addition to Bloomingdale’s and Bluemercury, according to the company. In addition, he is a member of the Executive Committee of the National Retail Federation and serves as board chair for the National Retail Federation Foundation.

Macy’s ranks No. 17 in the 2023 Digital Commerce 360 Top 1000. The Top 1000 ranks North America’s leading retailers by annual online sales.

Gennette: Spring is ideal new Macy’s CEO

Tony Spring, president and chief executive officer-elect at Macy’s, Inc. (Photo credit: Macy’s)

“Tony is a proven, results-oriented leader and we are confident he will lead Macy’s, Inc. into its next phase of growth and deliver value for shareholders,” said Paul Varga, lead independent director of the Macy’s, Inc. board of directors, in a released statement. “We look forward to continuing to benefit from Jeff’s ongoing contributions and leadership through the duration of his tenure as chair of the board.”

Gennette, who has been with Macy’s for 40 years, will maintain his place as chair of the board there until its 2024 annual meeting. At that point, Spring is slated to absorb those responsibilities as well.

“Tony is the ideal CEO to build on our momentum and lead Macy’s, Inc. into the future,” Gennette said. “He has only added to his many contributions in advancing the company’s strategies over the past year as president and CEO-elect, after having delivered strong results during his tenure leading Bloomingdale’s and overseeing Bluemercury.”

Taking over Macy’s at a challenging time

Spring will become CEO at a time of historic challenges for Macy’s. The company detailed plans in January to cut 2,350 members of its staff. Those layoffs coincided with the board’s official rejection of a takeover attempt by Arkhouse Management and Brigade Capital Management. That deal would have taken Macy’s private, potentially selling off some of the real estate occupied by Macy’s stores in favor of a heavier digital focus.

“I am excited to take on the role of CEO of Macy’s, Inc. and to apply my over three decades of experience with our nameplates to build on this strong foundation and lead our company forward,” Spring stated. “Alongside the Macy’s, Inc. leadership team, we will remain focused on driving innovation, fostering profitable sales growth and delivering value for our shareholders, while strengthening our position as our customers’ trusted source for quality brands.”

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The post New Macy’s CEO to take over as Jeff Gennette retires appeared first on Digital Commerce 360.