Macy’s has agreed to buy BlueMercury, the District-based chain of upscale beauty shops and spas, for $210 million, the department store giant announced Tuesday afternoon.
The all-cash deal is expected to be completed by May 2.
BlueMercury, co-founded by Marla Malcolm Beck and Barry Beck in 1999, began as an online business that later expanded to physical locations in Georgetown and Dupont Circle. Since then, the company has grown rapidly, to 59 stores in 18 states and more than $100 million in annual revenue.
With Macy’s backing, Bluemercury is looking to even faster growth.
“We’re going to pick up the pace now with the full weight of Macy’s resources,” Barry Beck, the company’s co-founder and chief operating officer, said in an interview. He cited large markets such as California and Texas as potential targets.
Macy’s will begin selling select Bluemercury products, including its proprietary M-61 skincare line, and adding the company’s boutiques to some of its stores around the country, according to Terry J. Lundgren, chairman and chief executive of Macy’s.
“With Bluemercury, our company can access a new channel to reach additional customers,” he said in a statement. “Our plan is to operate and significantly expand Bluemercury stores as a standalone business.”
Bluemercury will continue to be headquartered in the District, with Marla Beck staying on as chief executive and president, and Barry Beck continuing his role as the company’s chief operating officer.
“To me, this is a unique time in beauty innovation,” Marla Malcolm Beck said in an interview. “There are so many new creative brands, so you’ll be seeing a lot of new testing and experimenting with brands around the country.”
Macy’s, which is based in Cincinnati, also owns Bloomingdale’s. The company operates roughly 825 stores and has annual sales of nearly $28 billion.