Word: retail
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Dates: during 2000-2009
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Esprit intends to invest $20 million a year in the U.S. business, but some retail-industry watchers say it may need to get more aggressive. To win customers in the U.S., Esprit has to spend more on splashy marketing to create new buzz around the brand, they say. "Word of mouth takes a long time to spread," says Marshal Cohen, a retail analyst at market-research firm NPD Group. "They've got to do more than open doors. This isn't the Field of Dreams." Meanwhile, analysts complain, the brand still fails to resonate, especially with younger consumers...
Krogner says his conservative approach is the best way to preserve Esprit's strong profits while his management team figures out the U.S. retail scene. "People have lost their pants" in the U.S., he says. "You don't do a marathon if you have...
...turnaround could go a long way toward helping Esprit maintain its frenetic pace. "Because growth rates have started to slow down, they need to get into bigger markets where their penetration is low," says Macquarie retail analyst Ramiz Chelat in Hong Kong. Hello, U.S.A. By 2002, sales had fallen to $150 million, from $700 million in 1987, according to Macquarie. Krogner got control of Esprit's American business when Ying bought the U.S. trademark in 2002. (The company is now publicly traded; Ying owned 15.8% as of the end of 2005.) As part of the acquisition, Krogner forced a shutdown...
...Krogner stumbled initially. He tried selling through department stores like Macy's and Dillard's--a strategy that had been successful in Europe--but unhappy with the placement given his product, he pulled the brand out. (Esprit is still carried by Nordstrom.) Then in late 2004, he reintroduced Esprit retail stores and now has 15 stores and outlets, most of them in the New York City area, including a flagship in hip SoHo. Again, some of those locations flopped, so Krogner dispatched COO Jerome Griffith to oversee the U.S. operation. Krogner also plans to open five more stores this fiscal...
...Currently, the "window" store is U.S. Open-themed, only offering Lauren's U.S. Open line, along with articles and tips on tennis - the Ralph Lauren "virtual store" at the Open will feature three of these screens. The members of Lauren's Interactive Agency, however, foresee the expansion of their retail touch-screens to street corners, bars and other high-traffic areas. David Lauren hopes that this new window-shopping screen will be the next step in combining technology and retail, what he calls "merchentainment." Lauren is not the first, however, to attempt turning entertainment fantasy into functional reality...