Word: taylorism
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Just as important to the creation of a thriving Lord & Taylor is Baker's ability to dive headfirst into the insular fashion world, solicit advice and have people root for his success. He isn't simply a hands-off leader with a big bank account. He's a likable businessman with an artsy streak?a trait not immediately apparent from his unaffected personality. (But visit his home, and you will find priceless Picassos, Chagalls and a James Turrell art-installation pool...
...fashion discounters?Baker has made it his mission to reinvigorate the 181-year-old chain by keeping it small: he will downsize the New York City flagship store and continue with a tightly edited merchandise mix tailored to East Coast suburban families at all the stores. Jane Elfers, Lord & Taylor's CEO for the past seven years, has been quietly restructuring the brand away from the store your grandmother loves into a showcase for top American design talent. And the business-savvy Baker just might have the right mix of creativity and cash to give the turnaround the boost...
...Baker saw a chance to revitalize an iconic brand name. He and his three NRDC Equity partners (one of whom is his father Robert Baker) bought the property for about $1.1 billion, a small stake in Federated's $27 billion business in annual sales. "What we liked about Lord & Taylor was that it had great DNA, a very solid management team and a large amount of spectacular real estate," says Baker. National Realty & Development Corp., the original family business Robert Baker started and continues to own with Richard, is one of the largest, privately held companies, with more than...
...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 new vendors, who had not shipped to Lord...
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...