Home / Knowledge / News / Fashion / Finlay announces expected impact of Macy's consolidation
Finlay announces expected impact of Macy's consolidation
07
Feb '08
Finlay Enterprises Inc, a leading retailer of fine jewelry operating luxury stand- alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States, announced that 94 of its total 316 Macy's Inc locations will not be renewed upon expiration of the license agreements on January 31, 2009. This development results from the corporate restructuring initiatives of Macy's, Inc. announced on February 6, 2008.

Macy's Inc announced three divisional changes including the consolidation of Macy's North into Macy's East, Macy's Northwest into Macy's West, and Macy's Midwest into Macy's South.

The consolidation of Macy's North as well as that of Macy's Northwest, will result in the non-renewal of license agreements with Finlay and the loss of 57 doors and 37 doors, respectively. Macy's has notified Finlay of its intent to renew the license agreements for the newly-merged division of Macy's Midwest and Macy's South which consists of 222 doors.

In fiscal 2007, the Macy's North and Macy's Northwest locations generated approximately $120 million in combined revenue for Finlay. The total revenue generated from all of the Macy's locations in fiscal 2007 was approximately $338 million. Finlay is currently evaluating the impact of the expected closings on its financial results for fiscal 2008 and beyond.

Arthur E. Reiner, Chairman and Chief Executive Officer of Finlay Enterprises, Inc. commented, "While we are disappointed with the prospect of losing a portion of our Macy's business in January 2009, we will retain 222 Macy's locations and all of our Bloomingdales locations. We have been able to diversify our business over the last three years by entering into the luxury free-standing specialty jewelry sector.

The luxury market continues to be one of the most attractive segments of the jewelry industry despite ongoing challenges in the macro economy. We will continue to focus on expanding in this area, while concentrating on maximizing the return of our existing lease business."

Finlay Enterprises Inc


Must ReadView All

Uzbekistan, S Korea to launch textile techno park in Sept

Textiles | On 19th Feb 2018

Uzbekistan, S Korea to launch textile techno park in Sept

Uzbekistan and South Korea plan to launch a modern textile techno...

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

Textiles | On 19th Feb 2018

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

The largest global spandex producer Hyosung Corporation of South...

Courtesy: VF Corporation

Apparel/Garments | On 19th Feb 2018

VF Corp Q4 revenue climbs 20% to $3.6 billion

The revenue of VF Corporation, a global leader in branded lifestyle...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search