Macy’s, Tailored Brands end partnership
May 06, 2017 - United States Of America
Macy's, one of the US' premier retailers, and Tailored Brands, a leading authority on helping men dress for work, special occasions and everyday life, have jointly decided to end their partnership, established under the tuxedo rental license agreement in 2015. The two have given lack of expected levels of sales and revenue as the reason for winding down.
"Macy's is always looking for new partnerships that benefit both parties, as well as our customers, and we are grateful to have had the opportunity to collaborate with Tailored Brands. While the partnership did not produce the level of sales we expected, we will continue to benefit from the insights we gathered," said Tim Baxter, chief merchandising officer at Macy's.
"Both Macy's and Tailored Brands remain committed to putting our customers first, and we plan to fulfill customer orders and ensure a positive customer experience as we wind down the shops," Baxter added.
"Innovating new business models is an important catalyst for long-term growth and we saw the partnership with Macy's as an opportune way to expand our leadership in the tuxedo rental market. Unfortunately, the initiative did not generate the revenue that both companies had envisioned. We believe it is in the best interest of our company and our shareholders to wind down the partnership," said Tailored Brands' CEO Doug Ewert.
The Tuxedo Shops at Macy's will continue to take new reservations until June 1, 2017, with operations winding down by July 14, 2017. All customers with outstanding rentals after this period will be contacted and offered the option of transferring their reservation to a nearby Men's Wearhouse or Jos. A. Bank store to ensure complete customer satisfaction for all events. (SV)