Czech billionaire Daniel Kretinsky and his Slovak partner Patrik Tkac bought a 5% stake in one of the oldest American department stores Macy’s, through their investment fund Vesa Equity Investment, thus becoming the fourth shareholder in the distribution chain , reported the daily E15. May 11.

According to the fund, depending on the development of the market, in particular a further decline in the share price, driven mainly by the uncertainty surrounding the coronavirus (COVID-19) epidemic which has forced the chain of distribution to close its stores, investors might consider acquiring stakes. Macy’s shares have fallen almost 70% this year.

According to the daily, this is another significant acquisition of the Vesa fund in a relatively short timeframe. A week ago, the fund announced that it owns more than 5% of the UK Royal Mail shares it has bought, like Macy’s shares, on the open market.

Kretinsky’s portfolio includes energy and media assets and the Sparta Prague football team.

He invested in the French casino Guichard-Perrachon. By his outfit company Czech Media Investment (CMI), he acquired several magazine titles from the Lagardère media group, including Elle, Version Femina, Art & Décoration, Télé 7 Jours, France Dimanche, Ici Paris and Public, for € 52 million.

CMI focuses on acquisitions and management of media assets in Central and Western Europe. In October 2018, the company bought 49% of the shares of the holding company Le Nouveau Monde.

In November 2019, via their EP Global Commerce Group, Kretinsky and Tkac became the main shareholder of the German retailer Metro, increasing their stake to 29.99%.

Kretinsky built his fortune as an energy mogul through his main asset, Energeticky, a holding company prumyslovy (EPH), the largest energy group in Central Europe. In recent years, the giant has purchased coal assets in Germany and Italy, as well as the UK, while continuing to expand its presence in Central European energy markets through acquisitions in Slovakia, Hungary and other neighboring states. It includes more than 70 companies structured in two pillars, EP Infrastructure and EP Power Europe.