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The former Retail Chief at Apple, now |
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CEO at JCP, is reimaging JCP. |
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Released on Wednesday, December 7, 2011, 10:00 PM ET
Pittsburgh, PA (SpeculatingStocks) - This JCP news is just dropping tonight. It was announced that JC Penney's is buying a 16.6% stake in Martha Stewart Living Omnimedia (MSO) for $38.5 million. JC Penney's is a story that we've been following since early September after Ron Johnson came on as CEO of JCP (A Little Apple Magic for JCP). Ron Johnson was formerly the Senior Vice President of Retail at Apple.
Ron Johnson is re-imaging JC Penney's retail offerings. "A store has to be much more than the products that it sells," Ron Johnson said in an interview with The Associated Press. "That's what I learned from Apple. You can really move product and change and enrich people's lives."
His vision is to do the same for the home goods arena with the help of the Marta Stewart brand by creating mini-Martha Stewart shops inside most of JC Penney stores and by operating a joint website.
The department store experience is being re-imagined by Ron Johnson. This type of style could really catch on.
We believe Martha Stewart is an excellent partner for JC Penney's and receiving a 16.6% stake in Martha Stewart is a great deal for JCP shareholders. The synergy between these two groups is impeccable and it helps Martha StewartLiving Omnimedia move product as well and further their brand with hands on experience.
We continue to expect that JCP will perform super strong long-term.
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