Dive Brief:
- Continuing its in-house ad network strategy, Macy’s has appointed Michael Krans as vice president of Macy’s Media Network, the department store giant announced Monday. In his new position, Krans will report to Max Magni, the company’s chief customer and digital officer.
- Krans will manage the company’s in-house media publisher that connects Macy’s and Bloomingdale’s customers with advertisers. The Macy’s Media Network creates customized media strategies using the retailer’s analytics, the company said.
- Prior to joining Macy’s, Krans most recently was part of Walmart Connect’s fashion team, where he worked with Walmart’s apparel suppliers to grow revenue. Krans also brings prior experience from Hearst and Condé Nast, per the press release.
Dive Insight:
Alongside other major retailers like CVS, Nordstrom, Target, and Best Buy, Macy’s has been developing its in-house ad business, which it launched in the summer of 2020. The trend is driven, in part, by significant ad market shifts like the deprecation of cookies.
“We’re excited to welcome Michael to Macy’s, Inc. He takes the reins of our growing retail media network bringing with him more than two decades of sales and marketing experience,” Magni said in a statement. “Macy’s Media Network is one of retail’s premier platforms for advertisers helping them to connect with highly engaged customers across Macy’s and Bloomingdale’s, giving marketers a host of opportunities to more effectively leverage their media campaigns.”
Beyond naming a new head of its in-house ad business, Macy’s also changed its chief executive and has received unsolicited bids regarding a potential sale. Last month, the company brought on Tony Spring, its former Bloomingdale’s CEO, to CEO of Macy’s Inc. Earlier this month, Arkhouse Management and Brigade Capital presented an offer to buy Macy’s for $6.6 billion, up from its previous offer of $5.8 billion in January.
The retailer also recently announced plans to trim its store count and workforce. In January, the company said it was reducing its workforce by 3.5%. The following month, the company announced plans to close 150 underperforming stores over the next three years. At the same time, the company said it will open 15 Bloomingdale’s locations, 30 small format and off-mall stores and at least 30 Bluemercury locations.
via https://www.aiupnow.com
Tatiana Walk-Morris, Khareem Sudlow
