Word: genesco
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...profit (up to 20% on invested capital) and little mechanization; even today 220 people work on the average pair of shoes. In the last few years, however, mergers and some failures have reduced the numbers of producers by 10%, and the few big manufacturers -International, Brown, Endicott Johnson, Genesco and U.S. Shoe-have expanded their share of the market by opening more retail outlets in discount houses and department stores...
This dedication did not escape Maxey Jarman, the Nashville corporate builder whose giant Genesco Inc. (annual sales: $589 million) owns Bonwit's and 63 other apparel companies. Jarman likes to have women executives around: he picked Jerry Stutz for Henri Bendel, also a Genesco subsidiary, and his House of Fragrance perfume and cosmetic company is headed by President Helen Van Slyke. "Women who are interested in a career and have a feminine viewpoint," says Jarman, "usually have intuitiveness as well as good promotion and advertising sense." Casting around for a new boss to replace resigning William L. Smith, Jarman...
...Airlines, whose name has long been just that to many people, is about to switch to Airlift International Inc. Olin Mathieson is asking customers to "please, call us by our first name," and the onetime General Shoe Co. is nailing down its new name with a "Do You Know Genesco?" advertising campaign...
...years has worn a new pair of shoes every week, Walton Maxey Jarman, 59, is a surprisingly shrewd and careful shopper. As the chairman of a half-billion dollar manufacturing and retailing giant, Genesco, Inc. of Nashville, Tenn., he does most of his shopping for companies-and has bought up 46 of them since 1938. Last week, after a three-month battle, Jarman added another company to his shopping bag; for $27 million, he bought control of S. H. Kress & Co., a national chain of 342 variety stores. Genesco, which started as a shoe company and already...
...Still Poised. Despite its rapid growth, Genesco is a long way from Maxey Jarman's goal. It still does not make women's or children's coats, suits and dresses. Moreover, though total profits have increased 69% since 1955, per-share earnings have tailed off from $2.31 to $2.14-partly because Genesco issued new stock to acquire many of its subsidiaries. Genesco is currently lumping three of its retail men's-apparel chains into one overhead-cutting group, and Jarman predicts that per-share earnings will be up 50% to 75% within seven years. He insists...