2/15/2023 0 Comments Halo reddit lockdownWe are going to grow our wholesale business as well. We have a team where we continue to add talent and that firmly believes e-commerce could be a $300 million business in the next three or four years. He brought Columbia from $100 million-plus to over $400 million. For our e-commerce, call it circa $100 million in sales, in March we brought in a new leader for that business: Scott McCabe. Then number two is wholesale, and number three would be from stores. The real growth is going to come from number one, e-commerce. M.B.: It’s a three- to five-year time frame. What’s the time frame on that, and how will you grow the business? WWD: You have mentioned the company is striving to reach $500 million in sales, doubling the current $250 million. That’s probably 90 percent of our jeans business and the super T, that very big stitch jean that we’re famous for, sells mainly for $120 to $150, which is still expensive but that’s only 10 percent of our jeans business. Our denim MSRPs are $149 and the out-the-door retail is $59 to $99 on most jeans. We still work under very good, profitable margins. We know our customer buys Nike and other logo-driven brands and we feel good about that because there is a much bigger audience that the brand caters to today and we also know that with lower incomes they want to buy a brand at a price point where we have been able to engineer the product to. We don’t consider our competition the “premium” denim brands like Seven For All Mankind, AG Jeans, Joe’s Jeans. M.B.: We compete with Levi’s, Guess, the Fashion Novas. WWD: Who do you consider the competition nowadays? We’ve done a number of collaborations with artists like Blu Boy, rapper Chief Keef. There were a couple of styles of bottoms. We did the collaboration with Supreme last year, which really helped elevate the stature. M.B.: We do some halo product, and we would love to go back to Neiman’s and Saks. Clearly, there are more consumers that are able to access the brand today, based on the price point we sell goods at and the fact that half of my business is jeans, the other half is T-shirts, hoodies, joggers, baseball caps, woven shirts. That’s triple what it was when I was here in 2010. This year we will sell somewhere between 8 million and 9 million garments. M.B.: We have 4 million-plus in our database, which is much larger than it’s ever been. WWD: How many consumers are buying True Religion? But it’s 150 million strong in that demographic. Quite honestly, that’s the American average. Based on research we’ve done, it’s lower incomes today, with an average household income of about $65,000. It’s men and women, ages 15 to 60, African American, Latino, Asian, white - all races. It’s not the Neiman’s or Saks customer of years ago. We continued to fine tune the retail store footprint, and continued to rebuild the wholesale business. We focused on building the e-commerce business. So we built a product we knew this customer wanted. I knew the audience was very different from what we had years ago. They just kept doing the same thing over and over again. I saw that, and unfortunately other people at the helm did not see that. But you have to know your customer and the customer evolved here, call it from to present. I really knew that the brand still had just tremendous cache with the audience. When I came back here, I saw how the brand changed dramatically. We were going after a $200,000 average household income customer, paying $250 to some $300 for a pair of jeans. I ran this when it was absolutely a different brand. We took it from $100 million to $350 million plus. I was here from 2006 to 2010, the heyday of the brand. Michael Buckley: The brand has obviously changed over the years. He leads a team of 120 workers at the True Religion corporate offices in New York, Los Angeles and London, plus an additional 250 to 300 workers at stores and the warehouse. It’s not $159 or $199 like it used to be but it’s still status for this consumer.” At one time, True Religion sold jeans priced as high as $465.īuckley rejoined True Religion in November 2019 as CEO after serving as CEO of Differential Brands Group (renamed Centric Brands) and earlier serving as True Religion’s president from 2006 to 2010. Even for the lower-income consumer wearing True Religion today, at $59, $69 or $99, it’s still status. True Religion has always meant status to people. “I’ve seen a lot of brands come and go over my 35-year career. That’s not 120 years, but in the apparel business, it’s a pretty long period of time,” Buckley told WWD. Now True Religion is positioned far differently from its launch 20 years ago, and according to CEO Buckley, it’s in a better place, casting a wider net. They Are Wearing: Paris Fashion Week Spring 2023
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