New York & Company was first incorporated in 1918 and was actually first called “Lerner Shops”. The original founders were Samuel A. Lerner and Harold M. Lane who started it in New York. Years later they changed the name to New York & Company and opened to the public in 2004 .
It’s headquarters are in New York and the current CEO is Greg Scott whom has been with company since 2011. New York & Company, Inc. is now currently a specialty retailer of women’s fashion clothing and accessories. It provides fashion that is polished, on-trend, versatile, confident, put-together, attractive, and stylish. The following ideals are what the company hopes to achieve:”OUR VALUES:Focus on RESULTSKnow our CUSTOMERS and WHAT THEY WANTDemonstrate INTEGRITY & RESPECT in our interactionsIDENTIFY and QUICKLY RESPOND to changes in fashion and business trendsEmbrace TEAMWORK & COLLABORATIONProvide our associates with the OPPORTUNITY TO HAVE AN IMPACT on our business and to ADVANCE THEIR CAREERS” http://www.nyandcompany.com/static/about/aboutus/ New York & Company’s merchandise is sold exclusively through its retail stores.
It’s original outlet store, and Ecommerce store NY & CO headquarters are in New York City, as is the flagship store located on 58th Street and Lexington Ave. BeginningBefore the fame, everything began with the Lerner brothers who first became blouse manufacturers. They opened the first Lerner Shops store in New York City in 1918. And surprisingly later that year, 18 more shops opened after successful business. Not long after, the first West Coast Lerner Shops opened in Los Angeles, California.
The retail store was slowly expanding throughout the country achieving success in the market. As time passed, NY & CO was also acquired by Limited Brands in 1985. In 1992 L Brands changed the newly bought company’s name to Lerner New York and in 1995 to the famous name New York & Company.
Much later, it was decided that on November 22, in Columbus Ohio, Limited Brands Inc., would sell Lerner New York/New York & Company to an investor group led by President and Chief Executive Officer Richard P. Crystal and Bear Stearns Merchant Banking. Under the terms of the agreement, Limited Brands would receive $78.5 million cash at closing, and a $75 million subordinated note and warrants for 15% of the company. By 2002 New York & Company became an independent company. 3 years later, Flagship NY store opened in New York City at 58th Street and Lexington Avenue and E-commerce site nyandcompany.
com was launched. After this big hit, sales skyrocketed and an Outlet Division was opened by NY & CO. Not only did they sell apparel but also started selling beauty products such as fragrances, lip, and nail products. The fashion chain’s main target was and still is women between the ages of 25 and 45.Mergers and AcquisitionsCelebrities who have appeared in advertisements or participated in collaborations for New York & Company include Eva Longoria, Brooke Shields, Iman, Cindy Crawford, Jennifer Hudson, Maria Menounos, Ellen Pompeo, Patrick Dempsey, Eva Mendes and Gabrielle Union. In 2011, the Eva Mendes Collection was launched as an exclusive collab with actress Eva Mendes. Not long after, in 2013 the collection was being sold nationwide.
Recently, Mendes also introduced plus sizes to her collection at NY & CO. The Eva Mendes Collection is available from size 0 to 24 W including petite and tall sizes. Another important figure in the showbiz is Gabrielle Union who also recently introduced her new RTW collection. She designed the collection to reflect her own signature style, bringing a fresh perspective on fashion for New York & Company.
The Gabrielle Union Collection took a new aesthetic look, launching several capsule collections throughout the year offering unique, exclusive pieces. The clothing consists of: coats, bodysuits, fitting pants, and dresses for every occasion. Thanks to the achievement of New York & Company they have also announced the purchase of Fashion to Figure, a U.S. based retailer of trendy plus-size fashions for a cash purchase price of $1.4 million. Not only that but they partnered with Shopkick, the leading shopping app that makes in-store shopping more personal and rewarding. In over 170 New York & Company stores across the country, the company’s customers can now earn “kicks” for walking in, going into the dressing room, and making purchases in-store.
Even though they have partnered up with many celebrities and companies, NY & CO also gives back to charities such as the St. Jude Children’s Research Hospital and the Breast Cancer Foundation. New York & Company is proud to support St. Jude Children’s Research Hospital ever since 2008, participating in the annual St. Jude Thanks and Giving campaign. In their first year the company was named “New Corporate Partner of the Year” by St. Jude for outstanding fundraising. Since then, NY & CO has raised more than $16 million for the cause.
Also at New York & Company through their long-standing partnership with the Breast Cancer Research Foundation, they are working toward cancer prevention. Every October, as part of Breast Cancer Awareness Month, a portion of the money from specific items are donated. This year they will donate $2 to BCRF for every item purchased online or in stores. As a result to these overall achievements, New York & Company announced that they were on the list of Top 100 Omnichannel Retailers.
New York & Company ranked third out of all of the stores worldwide.NY & CO Economy and MarketNew York and Company’s stock market symbol is NWY. The current stock price is now at $2.79. The highest it has been was in June 1st, 2005 when the shares were sold for $23.54 each. So far the stock for NWY has been gradually decreasing and at this point staying constant for now.
It’s major competitors are Express, Nordstrom, J Crew, Dillards, and Kate Spade. Although the company has tough competitors, it has had its breakthrough thanks to their major sales. The company’s branded New York & Company merchandise is sold exclusively through its network of over 500 retail stores worldwide. New York & Company also reported $929.1 million in revenue down from $950 million the prior year. NY & CO’s logo is literally the words “New York & Company”. The symbol that stands for “and” = “&” is red and the restof the words are black. To attract loyal customers they use regular/holiday contests, credit cards, reward cards, online store, items on sale and big promotions.
The company promotes its brands through direct mail, in-store marketing, digital marketing, email and text messaging programs, social media, public relations programs, and select advertising. Facts and Controversial NewsWhile the apparel labels say New York & Company, more than 90% of the company’s clothing is made outside the US, primarily in China, Indonesia, and Vietnam. The New York-based retailer operates stores in 41 US states. For example, California, New York, and Texas are its largest markets and home to more than a quarter of its retail stores. The company gets 100% of its revenue from the US.
Expansion of its New York & Company Outlet store. Indeed, New York & Co. plans to continue opening new outlet stores each year, and believes that over the long term, the outlet business could grow to between 75 and 100 locations.
E-commerce is another growth area for the women’s apparel chain. Even with their success there’s always one issue. For instance, New York & Company Inc. is facing a $5.6 million bill for launching a line of activewear branded Velocity because the term was already trademarked and being used by activewear company Reflex Performance Resources Inc. A New York jury handed down the verdict against New York & Co.
after finding the women’s apparel and accessories retailer had willfully infringed on Reflex’s Velocity brand with a new line of activewear, allegedly branded with “an exact copy” of Reflex’s long-licensed mark. Personally, i believe New York and Company is going down. I don’t shop at the store and i think i never will. To me, NY & CO is a retail store for older mature women and it’s a style not made for me.
The stock market doesn’t lie. Its popularity stayed in 2005 and based on the sales drop and stock drop, NY & CO will not recuperate. It’s just a matter of time until NY & CO goes bankrupt and gets bought by another big company or disappears.