Word: bakers
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Dates: during 2000-2009
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...Richard Baker walks into the Time Warner Center in New York City wearing a sporty tan summer suit accented by a marigold tie with yellow socks to match. These days the real estate developer, art collector and former chef is having fun with fashion. As CEO of NRDC Equity Partners?the private-equity firm that bought Lord & Taylor?Baker is the proud new owner since October of America's oldest department store. And he's overseeing a makeover as bold as his brightly colored tie. To prove his dedication to the turnaround, he and his wife have made a pact...
Just as important to the creation of a thriving Lord & Taylor is Baker's ability to dive headfirst into the insular fashion world, solicit advice and have people root for his success. He isn't simply a hands-off leader with a big bank account. He's a likable businessman with an artsy streak?a trait not immediately apparent from his unaffected personality. (But visit his home, and you will find priceless Picassos, Chagalls and a James Turrell art-installation pool...
...when department-store popularity is declining?as shoppers opt for selective, less-time-consuming specialty stores or fashion discounters?Baker has made it his mission to reinvigorate the 181-year-old chain by keeping it small: he will downsize the New York City flagship store and continue with a tightly edited merchandise mix tailored to East Coast suburban families at all the stores. Jane Elfers, Lord & Taylor's CEO for the past seven years, has been quietly restructuring the brand away from the store your grandmother loves into a showcase for top American design talent. And the business-savvy Baker...
Whereas many retail insiders counted out the beleaguered department store?assuming it would be sold off in pieces once it was put on the block in January 2006, after Federated merged with May Co.?Baker saw a chance to revitalize an iconic brand name. He and his three NRDC Equity partners (one of whom is his father Robert Baker) bought the property for about $1.1 billion, a small stake in Federated's $27 billion business in annual sales. "What we liked about Lord & Taylor was that it had great DNA, a very solid management team and a large amount...
From the outset, Baker took bold steps to show the fashion community that he was serious about turning around the brand. He met with vendors, publications and the Council of Fashion Designers of America (CFDA) asking for advice and partnerships. He recently started a new company called Creative Design Studios that will own all of Lord & Taylor's proprietary brands and invest heavily in up-and-coming American designers, like Cynthia Steffe, regardless of whether they sell to his store. He has become a major underwriter of the CFDA Vogue Fashion Fund, which mentors and financially assists young talent. Seventy...