William Malcolm

Vesa Equity Makes Millions On Macy’s Bet

Daniel Kretinsky sold off the majority of his stake in Macy’s for an estimated profit of $36 million.

In April and May, Kretinsky and Patrik Tkac’s Vesa Equity Investment, bought 15.5 million shares of Macy’s for a 5 percent stake in Macy’s.

Macy’s stock price on the NYSE has risen sharply as the coronavirus pandemic subsided, and the company began to reopen its department stores.

According to a document filed with the U.S. Securities and Exchange Commission, after the end of Tuesday’s trading, Vesa Equity owned just over two million shares of Macy’s stock.