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Macy’s to claw back executive bonuses due to accounting scandal

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Bloomberg

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April 2, 2025

Macy’s Inc. is clawing back more than $600,000 in cash bonuses from executives after an accounting scandal led to inflated pay. 

Bloomberg

The department-store operator tied executives’ cash bonuses to an earnings metric that turned out to be overstated by around $81 million in 2023, Macy’s said in a securities filing on Tuesday evening. 

That meant Macy’s overpaid executives by $609,613 as of the end of 2024, the company said. Some of that has already been clawed back, so the outstanding amount stood at $352,093 as of April 1, it added. 

The company’s compensation committee said it “will seek to recover the remaining amount of the erroneously awarded compensation” from executives. Macy’s didn’t name the people whose bonuses will be affected. A spokesperson declined to comment. 

Macy’s also said Tuesday its chief financial officer was leaving. The company said it was replacing him with his counterpart at Capri Holdings Ltd., Thomas J. Edwards, and said the move was part of its plan to return to long-term, profitable growth.

Under US Securities and Exchange Commission rules, public companies are required to assess whether they need to revoke corporate bonuses if they uncover accounting errors that miscalculated past profits. 

In November, Macy’s delayed an earnings release and then issued a lower profit outlook after an investigation found an employee intentionally hid more than $150 million in delivery expenses from the fourth quarter of 2021 through the third quarter of 2024.

The probe didn’t uncover evidence of missing cash or unpaid vendors and instead pointed to accounting errors by the former employee, who also falsified documents to hide the problem, according to the company. 
 



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Vinted links with Alexa Chung for special designer sale

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Vinted is collaborating with Alexa Chung, the link-up seeing the fashion influencer selling items from her personal wardrobe. 

Alexa Chung – Photo: Anton Gottlob for Vinted

They’ll be available to buy exclusively on Vinted from 6pm (UK time) on 4 May but can be previewed now at https://vinted.shop/luxurynow_alexachung. A second drop of further unique items from brands like Dior and Loewe will follow in June.

The pieces in the first drop include clothing, bags, sunglasses and shoes from in-demand labels such as Prada, JW Anderson, Khaite, Magda Butrym and Galvan London, among others. Highlights include a Miu Miu embroidered bralette and a coral silk 1930s vintage dress worn by Chung at Paris Fashion Week.

She admitted that some items were tough to let go but it was time to move on and the sales will benefit Endometriosis UK. All of the sale proceeds will be donated to the charity.

Chung said: “The Dries Van Noten silver trainers are very hard to say goodbye to, as are the Saint Laurent patent black flats, which go with so many different things. I’m also selling a pink Gucci bag, which I already slightly regret. But I am doing the clearout with Vinted because my style is evolving. These items carry so many memories and we had great times together but now it is time to kiss them goodbye and the idea that they can live on in someone else’s wardrobe and be new again to them is very appealing.”

Adam Jay, CEO of Vinted Marketplace, added: “Alexa Chung is a global style icon and we are super-excited to be partnering with her.”

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Diptyque opens art-inspired Battersea Power Station store

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Diptyque has opening a boutique at the Battersea Power Station mall in London. The latest beauty and home fragrance brand’s store spans 667 sq ft in Turbine Hall A, designed to reflects both the house’s and the venue’s “architectural evolution”.

Diptyque

It comes with a “Parisian apartment aesthetic… echoing the spirit of Diptyque’s first boutique” at 34 boulevard Saint-Germain in the French capital.

It joins the recently opened Maison Diptyque London on New Bond Street, and boutiques in Covent Garden and Canary Wharf. The new boutique features floor-to-ceiling windows and a custom handmade mosaics, inspired by both local and Parisian influences.

The design pays homage to the spirit of Battersea Power Station’s industrial heritage with nods to its Art Deco design, reflecting the building’s new era as a “vibrant retail, leisure and cultural destination for London”.

Details include metallic and wrought iron accents, large patented steel product discovery tables, deep red brick walls also emulate the power station’s exterior, exclusively-designed stained glass windows and a main ceiling light fixture created by Studio Vitrail Bianconi.

Continuing the house’s commitment to its artisanal heritage, London-based artist and designer Gergei Erdei has also created a large artwork for the fragrance wall, inspired by the Diptyque archives.

Amanda Morgan, managing director of Diptyque UK, said: “As the brand’s first presence in the [South West
London] area… our new boutique showcases many artistic collaborations which come to life in this landmark location.”

Harriett Renny, Leasing director at Battersea Power Station Development Company, added: “Beautifully designed, the new boutique will bring Parisian chic to the Grade II listed landmark… and [becomes] a brilliant addition to our fragrance and homeware offering.”

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Supergoop launches in India with Nykaa

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Supergoop, a global skincare brand has partnered with multi-brand beauty retailer Nykaa for its entry into the Indian market.

Supergoop partners with Nykaa for India entry – Supergoop

With this partnership, Supergoop products will be available across Nykaa’s e-commerce website, Nykaa Luxe, and Nykaa’s select retail stores.

Commenting on the launch, Anchit Nayar, executive director CEO of Nykaa Beauty in a statement said, “With Supergoop’s innovative, skincare-first formulations, we aim to turn sun protection from an afterthought into a seamless and daily habit. As Supergoop’s exclusive partner in India, we are excited for our consumers to try these globally loved products that provide next-generation sun protection that are effective and effortless.”

Holly Thaggard, founder of Supergoop added, “20 years ago, I launched Supergoop to change the way the world thinks about sunscreen, and I am super excited to partner with Nykaa to bring this mission to India, a land of heritage and energy. Our feel-good, game-changing daily SPF formulas are clean, efficacious, and created with UV-protecting ingredients – perfect for both city and country living.”

Supergoop sun protection lineup includes glowscreen, unseen, mattescreen, play everyday lotion, glow stick, sunscreen spray, and mineral powder.

Copyright © 2025 FashionNetwork.com All rights reserved.



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