Home / Knowledge / News / Apparel/Garments / New York & Company reinventing to multibrand platform

New York & Company reinventing to multibrand platform

15
Sep '18
Courtesy: New York & Company
Courtesy: New York & Company
New York & Company, an omni-channel women’s specialty retailers offering exclusive celebrity and sub-brand collections, is reinventing itself to a multibrand lifestyle platform. It aims to be the premier incubator of lifestyle brands by leveraging its expertise in celebrity, design, customer, eCommerce, operations, real estate, and inventory optimisation.

The company’s vision is to identify accretive brand and profit opportunities.

The company’s multibrand lifestyle platform will accelerate growth of the New York & Company brand through ongoing celebrity partnerships, including collaborations with Eva Mendes, Gabrielle Union and Kate Hudson, while also expanding the recently acquired plus-size brand, Fashion to Figure, as well as introducing several new brands, including a lingerie lifestyle brand and the Kate Hudson Collection that leverage the company’s design capabilities, digital platform, and operational expertise.

As part of the transformation, the company will be changing its name to RTW Retailwinds, reflecting the ability to grow the portfolio of lifestyle brands into new categories and markets.

Commenting on the announcement, Greg Scott, chief executive officer stated: “We are at a defining moment in our corporate reinvention, with a proven track record for developing celebrity and sub-brand collections that resonate with our consumers. New York & Company is one of the largest specialty women’s retailers, with approximately 165 million annual visits and a combined social reach of over 30 million followers across our celebrity partners and we are leveraging our expertise to accelerate sales and profitability across our multibrand lifestyle platform, expanding the core New York & Company brand while also incubating new brands that are accretive to the portfolio. Our goal is to drive sales to well over $1 billion and double digit EBITDA margins.”

“Over the past several years, we developed and implemented the necessary framework to take our company to a new level of growth,” Scott continued. “Today, over 30 per cent of our sales are generated digitally, we have optimised our retail footprint, and have the talent and infrastructure to capitalise on our strengths. In fact, with the second quarter of 2018, we reported our fourth consecutive quarter of comparable store sales growth, our highest gross margin rate achieved in the second quarter since 2005, and are on track to achieve adjusted EBITDA of $35 million to $37 million for the fiscal year, up from adjusted EBITDA of $30.5 million in fiscal year 2017.”

John Howard, co-managing partner of Irving Place Capital and member of the New York & Company board of directors stated: “I am extremely proud of the New York & Company team’s ability to transform the business to be aligned with how consumers connect with brands today. RTW Retailwinds moves forward with a strengthened operating model that leverages design capabilities, sourcing expertise, digital platform, and operational foundation that will incubate new brands with a significant digital presence and strong loyalty base and deliver long term profitability. I look forward to continuing to assist the company to achieve its goals as a board member and a shareholder.”

The company strategy is to create a multibrand platform, and unlock and amplify lifestyle, category, and customer opportunities that demonstrate market potential, competitive whitespace, and are sales and profit accretive. (SV)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Ministry of Trade and Industry, Singapore

Textiles | On 14th Nov 2018

Vietnam ratifies trans-Pacific trade pact CPTPP

Vietnam’s 14th National Assembly recently adopted a resolution...

Courtesy: Pexels

Textiles | On 14th Nov 2018

India's WPI inflation for apparel up 0.7% in October

India’s annual rate of inflation, based on monthly wholesale price...

Courtesy: EU Chamber of Commerce

Textiles | On 14th Nov 2018

PRC promises unrealised: EU Chamber of Commerce in China

The European Union (EU) Chamber of Commerce in China has said the...

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Vasanth Kumar, Max Fashion India

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Rahuul Jashnani, Jashn

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

Leave your Comments


November 2018

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

news category


Related Categories:

Advanced Search