YEAR IN REVIEW: TOP 8 BUSINESS DEALS OF 2017
As the year comes to a close we recap this year’s top read and most popular stories. From acquisitions to brand re-launches, take a look back at the 8 most popular business stories of 2017.
MARCRAFT APPAREL GROUP ACQUIRES HARBOUR INTERNATIONAL
Marcraft Apparel Group has announced that it has acquired all brands and assets of Harbour International, LLC., effective March 27. All of the key staff at Harbour International will be retained to help manage the transition and grow the business.
Additionally, Thomas Lewis, president and CEO of Harbour International, will remain at the company as president for a newly-created division reporting to Marcraft co-owners and co-presidents Gary and Jeff Brody.
The new Marcraft division will continue to design and market product under the following brands; Boston Harbour, BH Vintage, BH2O, Campaign Black and the well-received Daniel Won Collection, which is available at Neiman Marcus. In addition, the Harbour Division will offer expanded services to its many brand and private label clients.
SAMUELSOHN OWNER LMAG ACQUIRES LIPSON SHIRTMAKERS
Luxury Men’s Apparel Group (LMAG), which owns Hickey Freeman, Samuelsohn, and Culturata, has announced the acquisition of Lipson, Canada’s premier manufacturer of men’s dress shirts. Located in Toronto, the factory employs over 60 artisans and machine operators, producing both the Lipson brand and private label merchandise.
Lipson will continue its collection of European cotton dress shirts positioned at the opening price point in luxury in a range of styles and fits. It’s sold at high-end specialty stores primarily in Canada. Stores such as Harry Rosen and Holt Renfrew carry its most modern fit with designs targeting millennials who favor individuality and self-expression.
LMAG has recruited a highly seasoned management team to run Lipson, led by Paul Lindzon who will invest as a partner and will become the new president. In addition, D’Arcy St.Pierre, formerly a senior executive at ShirtFit and an industry authority, will join as executive vice president. Lui Sguazzin has been promoted to vice-president of sales.
NORDSTROM TO ROLL OUT SMALLER STORES WITH NO MERCHANDISE, MORE EXPERIENCES
Leading fashion specialty retailer Nordstrom, Inc. has announced a new store concept. Dubbed Nordstrom Local, this is the company’s latest retail concept and neighborhood hub where customers can shop and access Nordstrom services in a central location. This brand new Nordstrom experience will launch in West Hollywood on October 3, on the same day as the company’s Westside Pavilion store relocation to Century City.
Located at 8401 Melrose Place, Nordstrom Local will have a 3,000 square-foot footprint – much smaller than an average 140,000 square-foot Nordstrom store. This service-focused concept store has no dedicated inventory – rather, customers who want to shop will have access to Personal Stylists, who can transfer merchandise in for customers, as well as a suite of convenient services like Buy Online, Pick-Up In-Store (available same-day), Alterations & Tailoring, Trunk Club services, manicure appointments and more. Customers will also be able to make returns at Nordstrom Local from Nordstrom stores, Nordstrom.com and Trunk Club.
FARFETCH LAYS OUT ITS PLANS FOR THE STORE OF THE FUTURE
Online shopping platform Farfetch held an invitation-only event for 200 of the world’s leading luxury retailers and brands to unveil Store of The Future on April 12 in London.
Farfetch Store of the Future links the online and offline worlds, using data to enhance the retail experience, delivering personalization for customers and allowing store staff to become in-store influencers.
“Physical retail accounts for 93 percent of sales today, and even with online growing at fast speed, it will account for 80 percent by 2025,” said José Neves, Farfetch founder, co-chairman and CEO. “Retailers need a way to collect information about their customers while they are browsing in-store, just as they collect data from online searches. Store of the Future aims at providing the in-store experience of the future by giving visibility to retailers on what is happening in the store.”
WALMART BUYS BONOBOS IN $310 MILLION CASH DEAL
Well, it’s official! Walmart has announced it has entered an agreement to acquire men’s apparel brand Bonobos for $310 million in cash. Following the closing, Andy Dunn, founder and CEO of Bonobos, will report to Marc Lore, president and CEO of Walmart U.S. E-Commerce, and oversee the company’s collection of digitally-native vertical brands.
The brand will be offered on Jet.com in addition to other Walmart brands in a variety of countries over time, which include recently-acquired ModCloth.
The acquisition, which is subject to regulatory approval, is expected to close toward the end of the second quarter or the beginning of the third quarter of this fiscal year.
The announcement comes at a time of growth in e-commerce for Walmart. In its most recent quarter, Walmart saw 63 percent growth in U.S. e-commerce sales, the majority coming from organic growth in Walmart.com. Walmart’s efforts in e-commerce are empowering customers with low prices, more choices and new levels of convenience.
HARDWICK CLOTHES RE-LAUNCHES BRAND IDENTITY, WEBSITE
America’s oldest Made in USA tailored clothing maker Hardwick Clothes has launched a newly redesigned website and brand identity and has also announced a ‘Win a Wardrobe’ contest to commemorate the event.
The 137-year-old purveyors of 100 percent American Made, expertly crafted blazers, sportcoats, suits, and pants continues its transformation into makers of world-class, finely constructed, Made in America tailored garments.
Drafting off of steady seasonal increases in both wholesale and retail sales, including the company’s first line in Saks Fifth Avenue’s New York City stores and iconic Southern department store Dillard’s, as well as a growing business with an illustrious group of fine regional specialty stores, the Cleveland, Tennessee-based brand’s new identity is both a nod to the modernization and elevation of the company’s product offerings and a clean, retro homage to its proud small town USA roots.
JACKTHREADS REOPENS ITS DIGITAL DOORS
Online menswear retailer JackThreads, which closed its operations in May, has relaunched its e-commerce site with a limited offering over the weekend.
“JackThreads is back in the hands of some of the original crew that made it special,” a statement says on the brand’s website. “As we rebuild, we wanted to open our digital doors back up a bit early so you can join us on the journey. Please excuse our appearance as we renovate, and know that limited quantities of new gear and exclusive drops will be hitting the site every day!”
PVH CORP. ACQUIRES TOMMY HILFIGER TAILORED CLOTHING FROM MARCRAFT, LICENSES IT TO PEERLESS
PVH Corp. has entered into an agreement to acquire the licensed Tommy Hilfiger men’s tailored clothing business for North America from Marcraft Clothes, Inc. Marcraft operates the business under license from Tommy Hilfiger Licensing LLC, a wholly owned subsidiary of PVH.
As part of the transaction, PVH will acquire certain assets related to the licensed business and the license agreement would be terminated effective December 31, 2017. PVH intends to consolidate the North America men’s tailored businesses for all of its brands under one partner, Peerless Clothing International, Inc., beginning January 2018.
PVH is moving the license to Peerless in order to consolidate the North America men’s tailored businesses for all of its brands under one partner. The licenses were amended to run through at least December 31, 2022. No other terms were disclosed.