Word: jarman
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Dates: during 1960-1969
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While the names of Maxey Jarman and Walter Hoving are hardly household words in the U.S., both men can lay claim to being top merchandisers. And they are now putting on a show making obvious the fact that they have just about as thorough a dislike for each other as exists anywhere in American business...
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...
...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...
...Basic to Jarman's plan was integration of the new companies to provide the economies of size and to put him in closer touch with changing consumer tastes. Today Genesco relies heavily on its retail outlets to alert its manufacturing divisions to new buying trends. The company's divisions also keep in close touch, and a successful new shoe design by the high-priced Johnston & Murphy line can be quickly copied by Genesco's lower-priced lines. Nonetheless. Jarman insists that each division retain its own distinctive personality, and that division managers have wide autonomy. Says...
...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...