...J.Crew Group Inc, more commonly known as J.Crew, is a multi-brand specialty retailer. The company is based out of New York City, but operates 450 stores in the US and Candada. The retailer is known for its preppy fashions, through basic but pricey items. Clothing retailers tend to target specific markets and make a culture of that by hiring and outfitting their staff in a way that portrays their brand and their company. I chose this company because despite the “preppy” look being popular with wealthy, upper to middle class white people, J.Crew has been successful in making their clothes available and popular with younger people of all races while maintaining their affluence and exclusivity. J.Crew has reported a jump in sales corresponding to the increased diversity in their target markets. The retailer is also making strong efforts to tap into the buying of the lesbian, gay, and bisexual communities with their androgyny. The company has a desire to embrace change while maintaining the classic brand staples that they are known for. The company C.E.O. Millard Drexler is able to reshape his vision for the company by making store visits with the company president where they hear firsthand from customers and frontline sales associates. To help conduct my audit, I will use a diversity audit survey including, but not limited to, questions about recruitment & selection, application process, interviews, current retention and progression, training, company culture, equal opportunities...
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...Writing Sample #1: Fact Sheet J. Crew’s Sister Store; Madewell is your one stop shop for your everyday look. J. Crew’s Sister Store; Madewell is your one stop shop for your everyday look. Contact information: Madewell Customer Relations One Ivy Crescent Lynchburg, VA 24513-1001 Phone: (866) 544 – 1937 Fax: (434) 385 – 5754 Email: contactus@madewell.com Overview: In 2006, we introduced Madewell, a modern-day interpretation of an American denim label founded in 1937. In addition to Madewell's brick-and-mortar stores, madewell.com (launched in 2010) is a strong sales driver. Madewell has also been making a further play in the digital space with a robust social media presence. Mission: Madewell continues to bring the same original integrity to everything it makes today, including a wide range of effortlessly cool pieces to pair with denim. Step inside any Madewell store across the country and you'll notice a friendly general-store vibe and antique décor that naturally reflect the authenticity and timelessness of the clothing. * What is Madewell? * Madewell is an American company that is a sister store to the beloved J. Crew. * What is their overall goal? * Madewell wants its consumers to invest in the denim quality that they deserve. * Who is their target market? * Madewell’s target market, are women from the ages of 18 to 25 years old. * What is the look and style that Madewell offers its customers? * Classic and...
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...Despite failure with their first overseas attempt, J. Crew has announced a plan to open stores in Europe and Asia starting “soon,” according to CEO Mickey Drexler. J. Crew’s previous attempt at overseas expansion was a joint venture with a Japanese partner – all 70 stores closed, leaving Drexler and fund partners extremely cautious about their next international attempt. Though the retailer is relatively small in terms of store count and revenue, sales have increased for each of the past eight years, and the company claims 30% of all customers comments are inquiries into overseas availability. Meanwhile, competition from foreign retailers entering the U.S. market is not slowing, reinforcing J. Crew’s need to make strides toward a long-term expansion plan. In the immediate future, J. Crew is testing the waters by offering shipping to 107 countries, up from 3, in an attempt to boost revenue and identify the countries with the highest demand. From one perspective it looks as if J. Crew is piecemealing a plan together as they go, with baby steps and hesitation along the way. The problem with this is that J. Crew’s biggest competitors have been diving into international markets head first for years now, learning the foreign market, building a presence and branding their products along the way. On the other hand, having learned from previous market entry mistakes, perhaps J. Crew’s cautious approach will take the form of the Tortoise and the Hare, where the slow and steady approach...
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...website and the inviting atmosphere of our stores. Banana Republic is one of J.Crew’s leading competitors. The mission statement of Banana Republic offers versatile, contemporary classics, designed for today with style that endures. “Through thoughtful design, we create clothing and accessories with detailed craftsmanship in luxurious materials. We dress men and women who see every day as full of possibilities and seek to make the most of every moment and opportunity. We see life a little differently. We take it all in. We add to it. We make it our own and we live with style.” Even though J. Crew and Banana Republic may have similar mission statements in the fact that both pride themselves in design, style and quality. While J.Crew caters to working professionals, Banana appeals to customers who are interested in affordable luxury. In an...
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...Trying on the numbers A quick check of J. Crew's first-quarter press release (these numbers are also released in the S-1 registration statement) shows some heartening signs. Net income came in at $5 million, compared with a net loss of $24 million this time last year. Same-store sales increased a whopping 37%, while consolidated revenues increased 45% to $211 million. Of course, same-store sales can indeed sound astonishing when a company is up against an easy comparison to last year, and that's definitely the case here -- comps increased a mere 4% during the same quarter last year. The financials also reveal that aforementioned long-term debt -- $590 million, as of the first quarter. J. Crew has 24 more times more debt than its mere $25 million in cash. Indeed, the company's risk factors in its annual SEC filing specifically contain the following warning: "We may be substantially more leveraged than certain of our competitors, which may place us at a competitive disadvantage." In its filing, the company said that paying off some of its debt is its primary reason for going public. J. Crew hasn't had a profitable year since its flush 2001, which has become the benchmark for many of the metrics we've shared here. Although revenues for the most recent fiscal year increased 17% to $804 million, that still hasn't matched 2001's $826 million in sales. Needless to say, J. Crew's earnings power has been hindered by its large debt load. That's why the company's fourth-quarter...
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...Jackie Kennedy Jacqueline Lee Bouvier was born in Southampton on July 28, 1929. Her father was a very wealth stockbroker and her mother was a housewife. Jackie attended Miss Porter’s School for high school where she excelled in everything that she did. From there she attended Vassar College in New York for three years and then finished her career as The George Washington University. Jackie’s first job as at The Washington Times-Herald, her job was the “Inquiring Camera Girl”. This is where she met congressman John F. Kennedy; the paper was doing in interview on him. Just about a year later John and Jackie were married in 1953. In 1961, John F. Kennedy took the oath of office to become the president of the United States, making Jackie first lady, where she then became a fashion and pop culture icon. During her time as first lady is when half of American women were trying to replicate the “Jackie Kennedy” style. In 1963, Jackie’s life took a turn for the worse when her husband and the President of the United States was assassinated in Dallas Texas. Jackie remarried in 1968 to Aristotle Onassis, where the nickname Jackie O came from. Jackie dies at the age of 64 in the year 1994 and was buried besides her first husband John Kennedy. Jackie Kennedy was a fashion icon and a pop culture icon. She helped define an era with her style and elegance. Jackie paved the way and made it ok for first lady’s to be chic and trendy but still look professional. Jackie represented the style...
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...Karen Burgio BUSN 110 E1 Writing Assignment 1 1. Briefly describe some of the general risks associated with global expansion (for any company selling a product) that are highlighted in the articles. How has the Internet changed the way companies expand into new markets and helped mitigate these risks? There is always a risk when a company wants to expand and the risk can be greater when a company wants to expand globally. The risk over extending resources or investments can leave already established businesses in the United States stretched thin for resources or funds. The risk of the market not interested in the products that company offers can lead to loss in profits. The internet has helped greatly with the expansion of companies globally. They only companies to start offering their products in a global market with little investment and resources. Companies do need to negotiate rents, and labor wages, and local customs, Instead they can set the availability for a consumer to buy items directly for the internet and have it shipped to that consumer. 2. Describe the cultural issues in the Chinese market that represent challenges to online luxury retailer Neiman Marcus. Luxury shoppers in China tend to want to purchase their items in the store where they can learn about the product by not only visualize it but show off their purchases in the store. Luxury consumers in China also want to shop for sales and are loyal those companies to offer sales. If the Chinese consumer...
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...would drive away some competition. 3. They can make “fake sales” which might be unethical but could be effective. By “fake sales” I mean bolstering the prices of items and then cutting them with a sale to their original price so it looks like it’s on sale but you are selling for the original price. If people prefer to shop in person then you could send people items they are interested in to their house so they can look at them on their own time and if they don’t send it back then they get charged if they do send it back no charge will be brought forth. 4. Both J. Crew and Neiman Marcus are expanding through e-commerce but what sets J. Crew apart from Neiman Marcus is that they wanted to include retail in their global expansion. Also, J.Crew is avoiding partners while Neiman bought a stake into a Chinese company so it shows different techniques that could be used to break a market. 5. Some of...
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...III. Executive Summary Abercrombie & Fitch is one of the most famous apparel retail industry that have done a wonderful job to stay in the market position despite the changing trends and lifestyles that generations have nowadays. It’s hard to keep intact with fashion trends because once you cannot cope up with the changing lifestyle of your consumers, you can expect to have a decrease in your sales and market share in other countries. The industry offers a lot of new and existing potential competitors especially in the fashion industry; you’re not just competing within the U.S. brands but also with European brands that are getting popular in all over the world. They are also products that can substitute with branded apparel, some teenagers who are experiencing financial problems can just buy an imitation one just for a cheap price and even the quality’s great, no one will notice that it was a fake one. Young generations nowadays are conscious of what they have and what things they don’t have, especially with apparel, because the trend nowadays is when you are wearing that kind of shirt and it is a high class brand, you’re in with the trend and you are considered one of the coolest kids in your school. While the organization culture of A&F is very different from other brands because they are the only company who hires people based on their looks and how they act and not with the skills. They are always saying that they don’t treat them as salespeople; they are the image that...
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...ABERCROMBIE AND FITCH OVERVIEW Abercrombie and Fitch Co. (ANF) is a specialty retailer that operates stores selling casual apparel, sportswear apparel, personal care products and accessories for men, women and kids under the Abercrombie and Fitch, Abercrombie, Hollister and RUEHL brands. With a customer base that is primarily under thirty years old, ANF was established in 1892 by David Abercrombie and Ezra Fitch. ANF operates in the US, the UK and Canada and is headquartered I New Albany, Ohio with over 20,000 employees. As a “near to luxury” retailer, ANF operates in an apparel industry which straddles high to low end merchandise. Its’ main competitors include : American Eagle, Aeropostale, Gap and J- Crew. Their focus on capturing a young market has created a rivalry, which forces them to be innovative and creative in delivering fashionable mechandise. As a result, their competitive strategy involves not only marketing their products through stores, but via catalogs and e- commerce activites. SWOT ANALYSIS, ABERCROMBIE AND FITCH A scan of the internal and external environment is essential in any firm’s strategic planning process. A SWOT analysis defines the internal and external environmental issues with which a firm must address in its strategic planning process. This type of analysis specifies the internal and external factors that are favourable and or unfavourable to the firm achieving its business objectives. It guides the firm in matching its resources and other...
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...publically traded retail chain that designs, distributes and markets lifestyle products across the globe- has become one of the most well known brands in the world. With products spreading across multiple categories, such as apparel, home, accessories, and fragrances, Ralph Lauren is a leading competitor in its markets. Apparel products include men’s, women’s, and children’s clothing and footwear, home products range from bedding to furniture and wallpaper, accessories include luggage and handbags, and fragrances include their line of both men and woman’s scents. Because of its large brand presence amongst multiple product categories Ralph Lauren has multiple competitors, some if the largest being luxury brands Lacoste, Armani Exchange, J.Crew, and Michael Kors. Over the past three years, Ralph Lauren’s current ratios and quick ratios have been higher than the industry averages of 1.76 and .72. The company has seen current ratios of 2.98 in 2011, 3.06 in 2012, and 2.64 in 2013, and quick ratios of 1.86, 1.85, and 1.62. Having such high quick and current ratios that fall well above industry norms is an indicator that Ralph Lauren has a high level of liquidity, and they have more than enough current assets on hand to be able to pay back their short-term liabilities. Ralph Lauren’s return on assets started slightly below the industry norm of 12.8 in 2011 at 11.79, but then surpassed it in 2012 and 2013 with ROA’s of 13.10 and 13.84. Falling above the industry norm shows that the...
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...How to Dress with Style Approximately 1,353 words Everyone has something they’re good at: whether it’s writing, playing sports, cooking, dressing and so on. For example, Kurt Vonnegut Jr., an author that dedicates his work to his audience; shares his “literary style” by illustrating his advices to his reader to take writing seriously and wants writer to apply his writing style to their work. For instance, he wants writers to find a subject he or she cares about, keep it simple, sounds like yourself and so on. In this essay, I want to share my personal guide to how to dress with style. There’s an old saying, “The clothes don’t wear you, you wear the clothes”. I often see someone on the street dressed so horrendously that I see only the clothes, and not the person wearing the clothes. For example, I saw someone wearing baggy business suits in the financial districts, like we’re in the 90’s. As a result, he definitely left a bad impression. Dressing stylishly is not easy; however, it is a great investment and gets the person going everyday asking the same question: what should I wear today? In order to dress stylishly, you ought to have the essentials mastered, such as tailored fit, color coordination and self-confidence. I feel like every individual should dress with style because the way they dress reflects their personality and dressing with style means that you are doing it your way. The key to dress stylishly is be yourself because your fashion sense, taste and style should...
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...According to the Rolling Stone article "9 Ways Musicians Actually Make Money Today", most well-known musicians make the majority of their money from live performances, and for actors, movies make the most off box office sales, so what is the problem with losing $0.99 to $10.00(Knopper)? And the money these well known names bring in is way more than the average person’s salary. For example, according to Forbes list of “The World’s Highest Paid Celebrities”, in 2015 Katy Perry made $135 million, Taylor Swift made $80 million, and Bradley Cooper made $41.5 million. Compare this situation to the old tree in the forest analogy. If one goes to cut down one single tree in the forest, and nobody knows, does it really matter? In big name stores, like J.Crew for example (a store I have worked at), money is factored in to their budget as lost goods. These goods may be damaged, missing, or stolen (most often stolen). Because they factor in money for loss, J. Crew essentially looks the other way when it comes to theft, and it is quickly forgotten. It’s no skin off their backs as long as the amount lost is less than the amount they planned for. Artists and actors must be aware of websites that allow for illegal downloading, so they similarly must plan for whatever the minimal loss will be. If they don’t, at the end of the day, there is so much money in their industry that a couple of missing dollars due to one person can be overlooked. Of course, just because one doesn’t realize the effect of their...
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...Do sane people really buy things over the Internet? Absolutely. People use the Internet to buy everything from dog bones to books to groceries, and even to shop for homes and cars. More importantly, their credit cards aren't immediately maxed out, their credit rating isn't destroyed, and their bank accounts aren't raided. Why not? Because shopping online hasn't, thus far, proved to be more dangerous than shopping at a mall. As soon as the World Wide Web soared in popularity and legitimized the Internet for the nontechnical crowd, retailers envisioned the Internet as a marvelous combination of advertising and direct-sales medium. Savvy catalog-retailers focused on the Web to increase existing sales, as L.L. Bean did, offering secure online ordering via their web sites. Others created innovative sales models that took advantage of the Web's accessibility: the creators of Amazon.com realized that a virtual storefront was all they needed. With only a small warehouse, and without an actual bookstore, they could sell books cheaper than the competition. Amazon competes against other big bookstores, but when you're buying books, you have other options. If you're looking for a Hemingway first edition, for example, it may be easier to find the book for sale by an individual seller--a collector in another state, perhaps, who is selling off his collection and advertising on the Internet. The Internet has always been a haven for the esoteric and the strange, and that doesn't change...
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...Duyanhtran Accounting 101 Group project Abercrombie and Fitch ( ANF) Company overview Description The company incorporated in Delaware in 1996 . Abercrombie and Fitch is an apparel retailer specializing in trendy merchandise for young men , women , and children. The Adirondacks supply a clean inspiration to this peppy , youthful all American life style . The company 's strategy is to offer multiple styles of clothing for young shoppers . The portfolio consists of Abercrombie and Fitch , Abercrombie kid , Hollister , and Gilly hick. Each brand targets a different general style . The company has positioned itself as a one stop shopping place for the entire family. In the other hand , the company maintains the same styles and offerings on their e-commerce sites. As of January 28, 2012, the Company operated 946 stores in the United States and 99 stores outside of the U.S. The Company’s fiscal year ends on the Saturday closest to January 31, typically resulting in a fifty-two week year, but occasionally giving rise to an additional week, resulting in a fifty-three week year. (Fiscal years are designated in the consolidated financial statements and notes by the calendar year in which the fiscal year commences). The Company’s in-store marketing is designed to convey the principal elements and personality of each brand. The store design, furniture, fixtures and music are all carefully planned and coordinated to create a shopping experience that reflects...
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