Today, the fashion industry is changing and adapting new technologies to meet their consumer's demands. With a lot of competition for attention with their competitors, fashion companies are relying more and more on online e-commerce sales, and social media to share their brand and increase their sales. New York & Company, Inc is no different.
New York & Company, Inc operates as a specialty retailer for fashion apparel and accessories in the United States. New York & Company, Inc offers a merchandise assortment, such as wear-to-work, casual attire, and accessories which comprises pants, dresses, jackets, knit tops, blouses, sweaters, denim, T-shirts, activewear, handbags, jewelry, shoes among others. All of these different types of merchandise are provided under the New York & Company, NY&C, NY Style, Soho New York & Company Jeans, Lerner, Lerner New York, and Fashion to Figure brand names. The company sells its merchandise through a network of retail stores, as well as through e-commerce store at nyandcompany.com. As of August 23, 2018, it operated 426 stores in 36 states. The company was formerly known as NY & Co. Group, Inc. New York & Company, Inc. was founded in 1918 and is headquartered in New York, New York.
In addition to using new online platforms to sell their products, companies are also looking to re-branding their companies to tailor their message more effectively to their core customers or providing more good quality and useful products to their customers. For example, back in September of last year, New York & Company, Inc announced the official launch of its corporate reinvention to a multi-brand lifestyle platform. The Company’s vision is to be the premier incubator of lifestyle brands by leveraging the Company’s expertise in celebrity, design, customer, eCommerce, operations, real estate, and inventory optimization to identify an accretive brand and profit opportunities. They are considering new types of clothes and styles, and even popular international products from around the world such as shawls, the traditional kilt, and the parasol. Commenting on the announcement, Greg Scott, Chief Executive Officer announced: “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 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 multi-brand 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. We look forward to sharing the full vision and strategy for the Company during our investor day being held tomorrow at our Company headquarters."
It will be very interesting to follow the fashion industry in the upcoming months and years. As competition online grows, companies will be trying new strategies and marketing plans to reach their core customers, and try new products to please their customers.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.