DALLAS — J.C. Penney is buying a stake in Martha Stewart Living Omnimedia, with plans to create shops featuring the lifestyle brand inside its department stores beginning in February 2013.
Penney is paying $38.5 million, or $3.50 a share, for a 16.6 percent stake in Martha Stewart Living, Penney said Wednesday.
Merchandise from Martha Stewart, shown at left, is now a large part of the home departments in Macy’s stores. Macy’s said Wednesday that it is “reviewing the Martha Stewart products sold at Macy’s for potential changes in the future.” Products “will continue to be sold exclusively at Macy’s until further notice,” Macy’s said in a prepared statement.
The arrangement will be similar to an agreement that Plano, Texas-based Penney has had with European cosmetics chain Sephora since 2006. It operates 308 Sephora shops inside its stores and plans to add 75 more next year. The Dallas Morning News
