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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...
Steffe is on board as is designer Charles Nolan, who will re-energize the store's proprietary Kate Hill brand. Bryan Bradley of Tuleh, who is creating an exclusive Lord & Taylor line, will play up the chain's history. His collection will feature $30 rock-concert-style T shirts with sayings and imagery lifted from the store's archives (think Lord & Taylor's red rose and an art director's wit circa 1954). Upscale chiffon dresses, sweaters and blouses in the $70 to $280 range are also part of the classic yet sexy and modern line. "Lord & Taylor is what...
Regardless of the changes, the brand has a long way to go. The diminished chain that Baker inherited is a far cry from the powerhouse it was in the 1940s, '50s and '60s. The originator of the Christmas window and the first to hire a woman president and personal shoppers was once a showcase for high-end American designers?a tradition Baker hopes to revive. But when Lord & Taylor was bought by Associated Dry Goods in the late '70s, it lost its edge as a fashion leader. May Co.'s 1986 acquisition only contributed to their downward spiral. "Lord & Taylor...
Elfers started down the long road of repositioning the brand four years ago. A typical department store with 250,000 sq. ft. (about 23,000 sq m) can leverage its large size to get deep discounts on volume purchases. Lord & Taylor's petite 120,000 sq. ft. (11,000 sq m, aside from its New York store) made it tough to compete on promotions, price or depth of merchandise. So Elfers went smaller. In 2003 she closed 32 underperforming stores and then six more before the company's 2006 sale, placing the brand in higher-end markets. The profitable East...
Within 12 months, Elfers had streamlined the merchandise, discarding $350 million worth of retail volume. Out went Liz Claiborne, Tommy Hilfiger and Nautica to make room for Coach, Kate Spade and Tommy Bahama. "The big theme that drives retail is getting back control of the brand, which is what they've tried to do," says Chen. "The Starbucks theory [of always expanding] doesn't work for fashion." Since 2003 Lord & Taylor has replaced 85% of its merchandise and reduced its style count 45%. The current 47-store chain is more akin to a specialty store: manageable, edited and easier...