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...with good reason. Only a generation or two ago, simple actuarial arithmetic didn't give most retirees a whole lot of years to fill after they quit work. Those with the means would fly south or west for a few quiet years of shuffleboard or bingo at places like Del Webb's famed Sun City developments in Arizona before passing into dependent old age. But the health and wealth that many boomers are bringing into retirement are giving them 25 years or more to play with, not to mention the resources to spend that time well. For them, an early...
...company is also actively courting younger, more fashion-savvy customers. Slimmer, more stylish suits have been introduced alongside the classically American, rounded-shoulder versions, and last fall Del Vecchio signed cutting-edge designer Thom Browne to create 50 pieces a season. That doesn't mean, though, that Browne will stray far from the company's DNA. Dipping into the archives, he found inspiration in the cape F.D.R. wore at Yalta, and as a result, come September, Brooks will sell black twill capes with fur collars...
...history that Brooks likes to wave around, there is one chapter it prefers to ignore: the demise of corporate sibling Casual Corner. After early success at reviving the chain, Del Vecchio lost control of the enterprise, which he wound up selling to a liquidator in 2005. "You have to look at his record," says Howard Davidowitz, chairman of retail consultancy and investment bank Davidowitz & Associates. "It's been, shall we say, mixed...
...Del Vecchio attributes Casual Corner's demise to a fundamental shift in how people shop. "The middle-market shopper went like this," says Del Vecchio, raising one hand and lowering the other. "Middle customers started buying what was not aspirational at Wal-Mart, and with the money saved, they could now afford a Coach handbag instead of one from Casual Corner...
That same bifurcation, he says, is helping power Brooks Brothers as it lurches up the fashion food chain. Brooks brought in about $800 million in sales last year, compared with $661 million during its last full year under Marks & Spencer. As a private owner, Del Vecchio chooses not to disclose earnings. But he does say that during his years at the helm, he's been surprised by how much the Brooks heritage resonates with consumers. "It's much more than what I expected," says Del Vecchio. Now if he could just finish convincing everyone that the legacy is still relevant...