Home / Knowledge / News / Apparel/Garments / Forbes names Plato's Closet as America's top franchise
Forbes names Plato's Closet as America's top franchise
20
Jun '14
Plato’s Closet, a national franchise that focuses on buying and selling name brand, gently used clothing and accessories for teens and twenty-somethings, has earned the number one spot, when ranked against similarly priced franchises, on Forbes Magazine’s Best and Worst in Franchising list.
 
The new list was created from performance and revenue metrics compiled and analyzed by FRANdata, a research and consulting firm that focuses on studying the comparative performance of franchise brands. FRANdata went through publicly available information on over 3,000 franchise brands and measured them according to three main criteria: five-year unit continuity rate, unit growth rate and franchisee support score. The franchisee support score is comprised of three categories that are important to prospective franchisees, including financing, marketing, and initial and ongoing operational support programs.
 
With a growth rate of 10 percent and continuity of 98 percent, as well as a franchisee support score of an ‘A’, Plato’s Closet was ranked first among those chains with entry costs of $150,001 - $500,000.
 
“We are honored to be ranked by Forbes as the best franchise in America for our price range,” said Steve Murphy, president of franchising for Winmark Corporation. “We could not have accomplished this without a passionate and dedicated team of employees and the best franchisees in North America. For us, the most important part of our job is setting our franchisees up for success and ensuring long-term growth through ongoing support.”
 
Continued Murphy, “We also continue to be proud of our other successful resale brands and the track record we have established with each of them. Play It Again Sports, Once Upon A Child and Music Go Round have been in business for over 20 years, and our newest brand, Style Encore, a resale store for women, has started out of the gates extremely fast and is growing quickly across North America. We look forward to seeing all of those brands in Forbes listings in the future.”
 
Plato’s Closet is part of a unique national retail resale chain that buys and sells guys’ and girls’ name brand, gently used clothing and accessories, including: shoes, belts, purses, and jewelry, among other items.
 
The initial investment to open a Plato’s Closet franchise typically ranges from $250,000 - $300,000. With nearly 400 locations throughout the United States and Canada, the company is currently targeting continued expansion in all markets in North America, with specific growth opportunities in Canada, the mid-Atlantic region, California, and the New England area.
 

Plato's Closet

Must ReadView All

Textiles | On 30th Jul 2016

NRI’s TCG picks up majority stake in MCC’s Haldia plant

The Chatterjee Group (TCG) owned by NRI entrepreneur Purnendu...

Textiles | On 30th Jul 2016

African countries woo investors in Coimbatore

Diplomats of seven African countries have invited Coimbatore’s...

Textiles | On 30th Jul 2016

Pakistan woos Chinese textile sector

Impressed by the smooth conduct of business in China’s economic...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
June 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search