Ashley Stewart: Difference between revisions
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{{Infobox company| |
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#REDIRECT [[Thor Equities]] |
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| name = Ashley Stewart |
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{{R from related word}} |
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| logo = [[File:Ashley_Stewart_Logo.png|250px]] |
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| caption = |
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| type = |
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| foundation = {{nowrap|{{start date and age|1991}}<br>[[New York City, New York|New York City]], [[New York]], [[United States|U.S.]]}} |
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| location = {{nowrap|[[Secaucus]], New Jersey, U.S.}} |
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| locations = 89 |
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| key_people = [[James Rhee]] ([[Chairman]] & [[CEO]])</small> |
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| industry = Retail |
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| products = Clothing |
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| homepage = [http://www.ashleystewart.com/ ashleystewart.com] |
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}} |
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Ashley Stewart is an American [[Plus-size clothing|plus sized]] women's clothing company and [[lifestyle brand]], which was founded in 1991. The name Ashley Stewart was inspired by [[Laura Ashley]] and [[Martha Stewart]], who the company saw as icons of upscale Americana.<ref>{{citation|title=How I Did It: Joe Sitt, Thor Equities|url=http://www.inc.com/magazine/20060101/qa-sitt.html|work=Inc. Magazine|last = Issenberg|first = Sasha|date = 1 January 2006|accessdate=Feb 2, 2017}}</ref> |
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The [[Secaucus, New Jersey]]-based company has 89 stores across 22 states. They sell a variety of apparel, ranging from jeans to dresses and shoes. In recent years the brand has made a comeback, after filing for bankruptcy in 2010 and 2014.<ref>{{citation|title=Ashley Stewart To Open First Store Since Emerging From Bankruptcy|url=http://www.geomarketing.com/ashley-stewart-to-open-first-store-since-emerging-from-bankruptcy|work=GeoMarketing|last = Kaplam|first = David|date= 26 January 2017|accessdate=Feb 2, 2017}}</ref> |
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==History== |
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Ashley Stewart arose out of real estate investor [[Joseph Sitt]]'s frustration in bringing retailers into the inner city New York neighborhoods where he was developing real estate projects. After hiring merchants to study the market, he found that the biggest gap was in upscale fashion for plus-sized urban career women, and decided to open retail stores himself. |
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[[Image:Ashley Stewart, Roxbury MA.jpg|thumb|right|250px|<center>Ashley Stewart in [[Roxbury, Boston|Roxbury, Massachusetts]]</center>]] |
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Ashley Stewart was founded in 1991, and quickly grew to over 380 stores in more than 100 cities, recording annual sales as high as US $400 million, which prompted many national retailers to follow suit, and helped change the urban retail landscape.<ref name="Stern">[http://w4.stern.nyu.edu/sternbusiness/spring_2008/sternInCity.html “An Eye for Opportunity”], Stern Business, Spring/Summer 2008</ref><ref>{{citation|title=How a plus-size clothing label dug out of bankruptcy: Body pride, diversity and Instagram|url=https://www.washingtonpost.com/lifestyle/style/how-a-plus-size-clothing-label-dug-out-of-bankruptcy-body-pride-diversity-and-instagram/2016/09/01/5925b47a-63d4-11e6-be4e-23fc4d4d12b4_story.html?utm_term=.1832ecc282a7|work=The Washington Post|last = Givhan|first = Robin|date= 1 September 2016|accessdate=Feb 2, 2017}}</ref><ref>{{citation|title=How I Did It: Joe Sitt, Thor Equities|url=http://www.inc.com/magazine/20060101/qa-sitt.html|work=Inc. Magazine|last = Issenberg|first = Sasha|date = 1 January 2006|accessdate=Feb 2, 2017}}</ref> |
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The company focused on holding events like fashion shows instead of launching large advertising campaigns. They would often hold 300 to 350 fashion shows a year, which raised money for the communities they were in. Each Ashley Stewart store also hired from within the community, and the company was recognized by President [[Bill Clinton]] for its contribution to the [[Welfare-to-work program]].<ref name="Stern">[http://w4.stern.nyu.edu/sternbusiness/spring_2008/sternInCity.html “An Eye for Opportunity”], Stern Business, Spring/Summer 2008</ref> |
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===Company Turnaround & Reinvention=== |
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In 2000 Sitt sold the company, after which it was owned by multiple private equity firms. The company faced financial difficulties during this time period, and would eventually file for bankruptcy in 2010 and again in 2014. In the face of the company's financial difficulties, James Rhee, a member of the Ashley Stewart's board of directors, resigned from his position and assumed leadership of Ashley Stewart as the company faced imminent liquidation. |
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Rhee moved the headquarters into a smaller space without enclosed offices, putting an emphasis on developing a more egalitarian, friendly, open and collaborative corporate culture. Approximately 100 stores were closed during this time, while the production cycle was sped up, as to get fresh clothing into stores in four to six weeks. Rhee also put an emphasis on expanding online, increasing their use of email and SMS, and expanding their presence on social media. Despite their financial troubles, the company re-introduced a charitable giving program during the 2013 holiday season. |
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After Rhee became CEO the company's fortunes improved drastically, going from taking losses of US$5-6 million a year to bringing in profits of US $20 annually as of 2016. [[Inc. Magazine|Inc. Magazine]] described the turnaround as one of the fashion industry's most impressive in the past few years, and preventing bankruptcy saved the jobs of the approximately 1000 people who now work for Ashley Stewart. Rhee was also recognized by the [[National Retail Federation]]'s Foundation as a 2016 Power Player for his work in turning the company around and developing a core strategy based on kindness and loyalty.<ref>{{cite Web|title=THE POWER PLAYERS 2016|url=https://nrf.com/who-we-are/awards/the-list/the-list-2016/the-power-players-2016|work=National Retail Federation Website|access-date=9 March 2017}}</ref> Rhee has said that he seeks to manage the company 'like a hedge fund', with the level of mathematical analysis and operational discipline of a blue chip investment firm, while at the same time developing a kind, open, and egalitarian corporate culture.<ref>{{citation |last=Wilson |first=Marianne |date=20 April 2016 |title=The unlikely champion of Ashley Stewart |url=http://www.chainstoreage.com/article/unlikely-champion-ashley-stewart |work=Chain Store Age|access-date=6 March 2017}}</ref><ref>{{citation|title=How This Famous Retailer Pulled Off a Stunning Turnaround|url=http://www.inc.com/jeremy-goldman/the-secret-to-ashley-stewart-s-stunning-turnaround.html|work=Inc. Magazine|last = Goldman|first = Jeremy|date=11 November 2015|accessdate=Feb 9, 2017}}</ref><ref>{{citation|title=A Good Fit|url=http://edition.cnn.com/videos/living/2016/09/21/business-transformation---ashley-stewart.cnn|work=CNN|date=21 September 2016|accessdate=Feb 16, 2017}}</ref><ref>{{citation|title=Loyalty to and from Ashley Stewart customers spurs a revival|url=http://archive.northjersey.com/news/business/ashley-stewart-s-love-fest-1.1530599|work=NorthJersey.com|last = Verdon|first = Joan|date=20 March 2016|accessdate=6 March 2017}}</ref> |
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The company has also successfully moved into e-commerce, with e-commerce business accounting for approximately 40% of revenue as of 2016. They have also expanded internationally, and are now shipping to Canada, the Caribbean, and the UK.<ref>{{cite magazine |last=Binns |first=Jessica |date=May 2015 |title=Ashley Stewart |magazine=Apparel Magazine |location=Chicago |publisher=Edgell Communications, Inc.}}</ref> They plan on opening their first new store since the bankruptcy in Newark, NJ, in March 2017.<ref>{{citation|title=How a plus-size clothing label dug out of bankruptcy: Body pride, diversity and Instagram|url=https://www.washingtonpost.com/lifestyle/style/how-a-plus-size-clothing-label-dug-out-of-bankruptcy-body-pride-diversity-and-instagram/2016/09/01/5925b47a-63d4-11e6-be4e-23fc4d4d12b4_story.html?utm_term=.1832ecc282a7|work=The Washington Post|last = Givhan|first = Robin|date= 1 September 2016|accessdate=Feb 2, 2017}}</ref><ref>{{citation|title=How I Brought Ashley Stewart Back from Bankruptcy|url=https://hbr.org/2015/07/how-i-brought-ashley-stewart-back-from-bankruptcy|work=Harvard Business Review|last = Rhee|first = James|date=31 July 2015|accessdate=Feb 2, 2017}}</ref><ref>{{citation|title=Ashley Stewart To Open First Store Since Emerging From Bankruptcy|url=http://www.geomarketing.com/ashley-stewart-to-open-first-store-since-emerging-from-bankruptcy|work=GeoMarketing|last = Kaplam|first = David|date= 26 January 2017|accessdate=Feb 2, 2017}}</ref> |
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==References== |
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Revision as of 19:47, 15 March 2017
| File:Ashley Stewart Logo.png | |
| Industry | Retail |
|---|---|
| Founded | 1991 New York City, New York, U.S. |
| Headquarters | Secaucus, New Jersey, U.S. |
Number of locations | 89 |
Key people | James Rhee (Chairman & CEO) |
| Products | Clothing |
| Website | ashleystewart.com |
Ashley Stewart is an American plus sized women's clothing company and lifestyle brand, which was founded in 1991. The name Ashley Stewart was inspired by Laura Ashley and Martha Stewart, who the company saw as icons of upscale Americana.[1]
The Secaucus, New Jersey-based company has 89 stores across 22 states. They sell a variety of apparel, ranging from jeans to dresses and shoes. In recent years the brand has made a comeback, after filing for bankruptcy in 2010 and 2014.[2]
History
Ashley Stewart arose out of real estate investor Joseph Sitt's frustration in bringing retailers into the inner city New York neighborhoods where he was developing real estate projects. After hiring merchants to study the market, he found that the biggest gap was in upscale fashion for plus-sized urban career women, and decided to open retail stores himself.
Ashley Stewart was founded in 1991, and quickly grew to over 380 stores in more than 100 cities, recording annual sales as high as US $400 million, which prompted many national retailers to follow suit, and helped change the urban retail landscape.[3][4][5]
The company focused on holding events like fashion shows instead of launching large advertising campaigns. They would often hold 300 to 350 fashion shows a year, which raised money for the communities they were in. Each Ashley Stewart store also hired from within the community, and the company was recognized by President Bill Clinton for its contribution to the Welfare-to-work program.[3]
Company Turnaround & Reinvention
In 2000 Sitt sold the company, after which it was owned by multiple private equity firms. The company faced financial difficulties during this time period, and would eventually file for bankruptcy in 2010 and again in 2014. In the face of the company's financial difficulties, James Rhee, a member of the Ashley Stewart's board of directors, resigned from his position and assumed leadership of Ashley Stewart as the company faced imminent liquidation.
Rhee moved the headquarters into a smaller space without enclosed offices, putting an emphasis on developing a more egalitarian, friendly, open and collaborative corporate culture. Approximately 100 stores were closed during this time, while the production cycle was sped up, as to get fresh clothing into stores in four to six weeks. Rhee also put an emphasis on expanding online, increasing their use of email and SMS, and expanding their presence on social media. Despite their financial troubles, the company re-introduced a charitable giving program during the 2013 holiday season.
After Rhee became CEO the company's fortunes improved drastically, going from taking losses of US$5-6 million a year to bringing in profits of US $20 annually as of 2016. Inc. Magazine described the turnaround as one of the fashion industry's most impressive in the past few years, and preventing bankruptcy saved the jobs of the approximately 1000 people who now work for Ashley Stewart. Rhee was also recognized by the National Retail Federation's Foundation as a 2016 Power Player for his work in turning the company around and developing a core strategy based on kindness and loyalty.[6] Rhee has said that he seeks to manage the company 'like a hedge fund', with the level of mathematical analysis and operational discipline of a blue chip investment firm, while at the same time developing a kind, open, and egalitarian corporate culture.[7][8][9][10]
The company has also successfully moved into e-commerce, with e-commerce business accounting for approximately 40% of revenue as of 2016. They have also expanded internationally, and are now shipping to Canada, the Caribbean, and the UK.[11] They plan on opening their first new store since the bankruptcy in Newark, NJ, in March 2017.[12][13][14]
References
- ^ Issenberg, Sasha (1 January 2006), "How I Did It: Joe Sitt, Thor Equities", Inc. Magazine, retrieved Feb 2, 2017
- ^ Kaplam, David (26 January 2017), "Ashley Stewart To Open First Store Since Emerging From Bankruptcy", GeoMarketing, retrieved Feb 2, 2017
- ^ a b “An Eye for Opportunity”, Stern Business, Spring/Summer 2008
- ^ Givhan, Robin (1 September 2016), "How a plus-size clothing label dug out of bankruptcy: Body pride, diversity and Instagram", The Washington Post, retrieved Feb 2, 2017
- ^ Issenberg, Sasha (1 January 2006), "How I Did It: Joe Sitt, Thor Equities", Inc. Magazine, retrieved Feb 2, 2017
- ^ "THE POWER PLAYERS 2016". National Retail Federation Website. Retrieved 9 March 2017.
- ^ Wilson, Marianne (20 April 2016), "The unlikely champion of Ashley Stewart", Chain Store Age, retrieved 6 March 2017
- ^ Goldman, Jeremy (11 November 2015), "How This Famous Retailer Pulled Off a Stunning Turnaround", Inc. Magazine, retrieved Feb 9, 2017
- ^ "A Good Fit", CNN, 21 September 2016, retrieved Feb 16, 2017
- ^ Verdon, Joan (20 March 2016), "Loyalty to and from Ashley Stewart customers spurs a revival", NorthJersey.com, retrieved 6 March 2017
- ^ Binns, Jessica (May 2015). "Ashley Stewart". Apparel Magazine. Chicago: Edgell Communications, Inc.
- ^ Givhan, Robin (1 September 2016), "How a plus-size clothing label dug out of bankruptcy: Body pride, diversity and Instagram", The Washington Post, retrieved Feb 2, 2017
- ^ Rhee, James (31 July 2015), "How I Brought Ashley Stewart Back from Bankruptcy", Harvard Business Review, retrieved Feb 2, 2017
- ^ Kaplam, David (26 January 2017), "Ashley Stewart To Open First Store Since Emerging From Bankruptcy", GeoMarketing, retrieved Feb 2, 2017