Macy’s has appointed Olivier Bron as the new chief executive of luxury department store Bloomingdale’s, in an effort to strengthen this thriving segment of the retailer’s business. Olivier Bron, an accomplished international retail executive, will be replacing former CEO Tony Spring, who has been appointed CEO-elect of Macy’s.
A Seasoned Leader with Global Experience
Before joining Bloomingdale’s, Bron served as the CEO of Central and Robinson department stores in Thailand. He also held executive positions at Galeries Lafayette, a renowned French department store chain. Bron brings with him more than a decade of experience working at Bain & Co., a leading consultancy firm.
Describing Bron as an “authentic and charismatic leader,” Spring emphasized his understanding and appreciation of Bloomingdale’s unique positioning in the marketplace and its extraordinary multi-category assortment.
Driving Growth Opportunities
Bron will assume his new role at Bloomingdale’s in early November. With his extensive international retail career and deep knowledge of the luxury market, Bron is poised to contribute invaluable insights as Macy’s pursues additional growth opportunities. Currently, Bloomingdale’s has two international locations in Dubai and Kuwait.
While department stores face declining sales and lackluster results, Bloomingdale’s has remained a beacon of success for Macy’s. In the company’s most recent fiscal quarter, while Macy’s flagship stores experienced a 9.2% decline in comparable-store sales, Bloomingdale’s saw a more modest decrease of 2.7%. This marks the sixth consecutive quarter where Bloomingdale’s has outperformed Macy’s.
Importance within Macy’s Business Portfolio
Although Bloomingdale’s only represents a small portion of Macy’s overall business, with just over 50 stores in total, it plays a significant role within the company. Notably, Macy’s operates a diverse portfolio of more than 720 stores, including the Bloomingdale’s locations.
Despite a slight dip in premarket trading, with Macy’s stock down 0.2% to $11.45, and S&P 500 futures slipping 0.3%, the announcement of Olivier Bron as the CEO of Bloomingdale’s is a positive development for the retailer. Macy’s stock has experienced a decline of nearly 45% this year.
