Retail News: Nordstrom Is Nation’s Favorite Fashion Retailer, New Market Force Study Finds

Annual Retail Study Also Uncovers Top Shoe Brands, And Trends In Consumer Confidence, Wearables And E-Commerce

Nordstrom’s fan base is as fervent as ever. For the fifth time in a row, Nordstrom ranked as the nation’s favorite fashion retailer in an annual retail industry study conducted by Market Force Information (Market Force). Market Force polled over 10,000 consumers for the study, which ranks top fashion retailers, reveals retail technology trends and looks at spending plans and habits.

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Market Force Information (Market Force) logo

The survey was conducted online in December 2016 across the United States. There was an overall pool of 10,714 respondents covering all four U.S. Census regions. Within the survey pool, 7,241 reported shopping for fashion at a favorite retailer within the past 90 days, and 5,494 reported shopping for shoes within the past six months. There was a broad spectrum of income levels, with 54% indicating incomes of over $50,000 a year. Respondents’ ages ranged from 18 to over 65. Approximately 75% were women and 25% were men. For the rankings, Market Force asked participants to rate their customer satisfaction with their most recent fashion retailer experience, and their likelihood to refer the brand to others. The results were averaged to attain a Composite Loyalty Score. Only retailers with at least 100 locations were included.

Dillard’s and T.J. Maxx Climb Higher in Rankings

Nordstrom, which has built a reputation for incomparable customer service, ranked first among the retailers studied with a score of 64%, up 6% from 2016. Dillard’s made even larger strides from last year, gaining 16% percentage points to rank second with 54%, and was closely trailed by off-price retailer T.J. Maxx, which earned a 53% score. Ann Taylor and Nordstrom Rack landed in the top of the rankings, after not making the cut last year, tying with Kohl’s for fourth place. [See Graph 1].

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Graph 1 – 2017 Fashion Retailer Rankings

Nordstrom Top for Value, Dillard’s for Creating Full Looks

In the attributes that set one retailer apart from the others, Nordstrom, Ann Taylor and Dillard’s all performed exceedingly well. Overall-winner Nordstrom ranked first for value, atmosphere, and ease of finding items, while Dillard’s took the No. 1 spots for creating a look and finding correct sizes. Ann Taylor landed in the top three in all of these categories. T.J. Maxx and Ross were called out for merchandise selection, and American Eagle has the fastest checkout speeds. [See Graphs 2 and 3].

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Graph 2 – Rankings by Attributes

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Graph 3 – Rankings by Attributes

Sizing up Sales Support

Despite the fact that sales assistance is shown to boost satisfaction and sales, less than half (42%) of consumers report being helped by an associate during their last shopping trip. Lane Bryant’s and Nordstrom’s associates assisted customers most often, while Target and T.J. Maxx shoppers received the least help. [See Graph 4].graph-4-sales-associate-effectiveness-by-retailer

Sales associates are the front-line representatives for retailers, and how they engage with customers can make or break the shopping experience and impact sales,” said Cheryl Flink, chief strategy officer for Market Force Information. “The research shows that 90% of customers who were assisted by a sales associate bought something. When customers were not assisted, only 82% made a purchase. That 8% difference in conversion rate is a key reason why fashion retailers need to invest in their sales staff.” Continue reading

The Business of Fashion: Tom Ford Names Brian Blake President And Chief Operating Officer Of Tom Ford International

Tom Ford announced today the promotion of Brian Blake to President and Chief Operating Officer of TOM FORD INTERNATIONAL. He will report directly to Tom Ford, Chief Executive Officer. His appointment is effective immediately. In addition to his role as President, Blake will assume the responsibilities of Tom Mendenhall who has left his position as Executive Vice President and Chief Operating Officer to pursue other opportunities.

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Tom Ford logo (Tom Ford International)

Most recently Blake has held the position of Chief Executive Officer of Distribution and Manufacturing within the company. In his newly expanded role, Brian will oversee all business activities and operations for TOM FORD INTERNATIONAL.

Blake, a 40-year veteran of the fashion industry, has extensive experience in the luxury sector. Prior to joining TOM FORD INTERNATIONAL, Blake served as President and CEO of Gucci Worldwide, COO and Commercial Director Worldwide for Prada and Miu Miu and President and COO Worldwide for Burberry.

Tom Ford commented: “I have known and worked with Brian Blake for the past 27 years since we began our working relationship and friendship at Gucci in 1990. We have grown and developed together over that time and most recently worked closely together at TOM FORD INTERNATIONAL. Brian is a rare creature in our industry as he is highly analytical and practical yet also has tremendous people skills and is a proven leader. He has made many great contributions to TOM FORD INTERNATIONAL and I look forward to a new chapter in our growth and development with Brian at my side.”

Blake commented: “Since I joined TOM FORD INTERNATIONAL, I have had the privilege of working alongside an outstanding team of talented individuals who have significantly contributed to the growth of our company. I am honored to be part of this exceptional organization and look forward to working closely with Tom Ford as we continue to build our business and reputation as the world’s leading luxury brand.”

Tom Ford announced the creation of the TOM FORD brand in April 2005 and was joined in this venture by former Gucci Group President and Chief Executive Officer Domenico De Sole, who serves as Chairman of the company. In that same year, Ford announced his partnership with Marcolin Group to produce and distribute optical frames and sunglasses, as well as an alliance with Esteé Lauder to create the TOM FORD Beauty brand. In April 2007, his first directly owned flagship store opened in New York at ‪845 Madison Avenue and coincided with the debut of the TOM FORD Menswear and Accessory collection. In September 2010, during an intimate presentation at his Madison Avenue flagship, Ford presented his much-anticipated Womenswear collection. Presently, there are 124 freestanding TOM FORD stores and shop-in-shops in locations such as New York, Toronto, Beverly Hills, Zurich, Milan, Puerto Banus, Moscow, Osaka, Atlanta, Las Vegas, Baku, Dubai, Tokyo, Seoul, Montreal, San Francisco, Beirut, Hong Kong, Shanghai, New Delhi, Rome, London, Munich, Beijing, and Sydney.

Revlon Announces Linda Wells to Join Company as Chief Creative Officer

Revlon, Inc. announced the appointment of Linda Wells to the new role of Chief Creative Officer at Revlon. In this capacity, Ms. Wells will be responsible for overseeing the look and feel of the Company’s brands across all consumer touch points including advertising, product innovation, packaging, digital and social presence, and point of sale. Working collaboratively with the Marketing, Product Development and Research & Development teams, Ms. Wells will support the brands’ strategic growth priorities. Ms. Wells will report to Mr. Fabian Garcia, President & CEO of Revlon and will officially join the company on February 13, 2017.revlon-logo

Mr. Garcia stated, “As we continue to strengthen our portfolio of iconic brands, Linda’s extensive knowledge of the beauty industry and her experience assessing and reporting on the global beauty sector will elevate the prestige, image, and execution of our brands. She will also be integral to ensuring the glamor, sophistication, and innovativeness that are original to both Revlon and Elizabeth Arden brands’ iconic heritage.”

Ms. Wells is the Founding Editor in Chief of Allure magazine, allure.com, and the Allure video channel. During her 25-year leadership tenure, she created the Allure Best of Beauty Awards, the Best of Beauty seal, and the Allure Beauty Box subscription service. Highly respected in the industry Ms. Wells is recognized as an innovator in media and in beauty. In addition to establishing Allure as the preeminent beauty authority, she provided the highest level of journalistic coverage on important health and beauty topics for her readers.

Most recently, Ms. Wells was contributing beauty editor at large at New York Magazine’s The Cut and the producer of “The Linda Wells Report,” a beauty magazine within Hearst’s Harper’s Bazaar, Elle, Marie Claire, Cosmopolitan and Town & Country since March 2016.

Ms. Wells has a BA in English Literature from Trinity College and resides in New York City with her two sons.

CuriosityStream™ Launches Print Ad Campaign That Positions The New SVOD Service As “the Antidote To ‘Reality’ TV”

TV Commercials To Increase Brand Awareness Will Air Concurrently On Networks Including Fox News, CNN and Bloomberg

The Independently-Owned, Ad-Free SVOD Service Created By The Discovery Channel Founder Now Offers Over 1,500 Titles In History, Science, Nature, And Technology

All Titles Are Available For Instant Access By Subscribers With Annual And Monthly Subscription Plans Available for SD, HD, and 4K Streamingcuriositystream

John Hendricks, the Founder of CuriosityStream and the Founder and Former Chairman of Discovery Communications, announced today that CuriosityStream, which is currently available in 196 countries worldwide, is launching its first print ad campaign with a theme of positioning the SVOD service as “the antidote to ‘reality’ TV.curiositystream-logo-1

During the week of February 6, 2017, the print campaign will launch in the New York Times, Wall Street Journal and other major newspapers. Concurrent with the print campaign, CuriosityStream has begun to test television commercials designed to increase brand awareness. With commercials currently being tested on networks such as CNN, Fox News, and Bloomberg, the TV campaign has been created around the theme “Long Live the Curious.”

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John Hendricks

Hendricks stated, “The economic realities of ad-supported linear television have understandably driven most cable networks toward ‘reality’ TV programming which appeals to the large audiences for amusement content. As a result, the curious 25% of television viewers have witnessed a dramatic loss of choice in high-quality programs in science, history, nature, and technology. CuriosityStream is now available worldwide with a mission to satisfy the demand of audiences who are eager to learn about the mysteries of civilization, recent advances in science, fascinating breakthroughs in technology, in-depth explorations of current events, and the wonders of nature.” Continue reading

The Business of Art: Lord Harry Dalmeny Appointed Chairman Of Sotheby’s In The United Kingdom

Sotheby’s is pleased to announce the appointment of Lord Harry Dalmeny as Chairman in the United Kingdom. In this capacity, Lord Dalmeny will lead Sotheby’s client-focused activities in the United Kingdom and Ireland, continuing to develop and nurture key relationships, and drive Sotheby’s strategy. He will also be responsible for ensuring a rich and exciting trajectory for Sotheby’s long tradition of landmark house and single-owner sales – an area in which he has, for many years, played a highly significant role.sothebys-logo

Harry is one of those remarkable forces of nature that attracts everyone to it,” said Tad Smith, Sotheby’s CEO. “He is a master on the rostrum and that passion and charisma carry through everything he does. I am delighted that he has accepted this crucial leadership position in Sotheby’s founding home.”

Lord Dalmeny began his career at Sotheby’s in 1990 as a graduate trainee. Early on, he worked in the Old Master, Furniture and Silver departments, and in 1993 he joined the House Sales & Private Collection department, which he now leads. Over the course of his tenure at Sotheby’s, He has played a leading role in many of the most significant British house and single-owner sales of the last quarter century,

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Lord Harry Dalmeny appointed Chairman of Sothebys United Kingdom

including the Duke & Duchess of Windsor sale (February 1998), the Chatsworth Attic sale (October 2010), and the Castle Howard sale (July 2015).

Lord Dalmeny is one of Sotheby’s most senior auctioneers, having presided over many landmark sales. He is also an active charity auctioneer and in the past 5 years he has taken 124 charity auctions, raising £17.6 million for organizations such as The National Children’s Trust, the National Portrait Gallery, and The British Heart Foundation, among others.

Having watched Harry in action over many years, and having him seen him work his magic – both on the rostrum and at some of Sotheby’s most prestigious and exciting events – I am thrilled to see him take on the position of UK Chairman,” commented The Duke of Devonshire. “Humorous and quick-witted, his limitless energy and enthusiasm are contagious. He is one of the few auctioneers who can keep up the momentum on the rostrum for hours – days even – on end. I know that with Harry at the helm, Sotheby’s can be sure that major projects are executed with style and verve, and with characteristic attention to detail.”

Sotheby’s has been uniting collectors with world-class works of art since 1744. Sotheby’s became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby’s presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby’s BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby’s offers collectors the resources of Sotheby’s Financial Services, the world’s only full-service art financing company, as well as the collection advisory services of its subsidiary, Art Agency, Partners. Sotheby’s presents private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby’s Global Fine Art Division, and two retail businesses, Sotheby’s Diamonds, and Sotheby’s Wine. Sotheby’s has a global network of 80 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).

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*Estimates do not include buyer’s premium. Prices achieved include the hammer price plus buyer’s premium and are net of any fees paid to the purchaser where the purchaser provided an irrevocable bid.

 

Sotheby’s Expands Private Sales Business and Appoints David Schrader as Head of Private Sales For Contemporary Art, New York

Sotheby’s has announced the appointment of David Schrader as Head of Private Sales for Contemporary Art, New York. Mr. Schrader will join Sotheby’s after nearly two decades on Wall Street, most recently as a Managing Director at J.P. Morgan dealing with some of the world’s largest financial institutions. During that time, he also established himself as a respected collector of Post-War and Contemporary Art. In his new role, he will work with Sotheby’s Global Contemporary Art Team and bring his perspective and acumen as a sophisticated collector.sothebys-logo

David successfully combined a passion for art and business to build an enviable collection,” said Amy Cappellazzo, Chairman of Sotheby’s Fine Art Division. “Over a 20 year period, he systematically refined his collection through thoughtful acquisitions and sales, gaining the respect of prominent dealers and collectors. His talent as a seasoned market player and collector is a formidable addition to our team and his appointment is another step forward as we continue to harness the dynamic changes impacting the art world today.”

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David Schrader, Sotheby’s new Head of Private Sales for Contemporary Art in New York

David Schrader began on Wall Street at Bear Stearns in the late 1990s and bought his first work of art around that same time. His professional path took him to Credit Suisse before spending the past five years at JP Morgan. His interest in collecting grew as he built a successful career in finance and his market intelligence is particularly deep on artists including, Josef Albers, Mark Grotjahn, Yayoi Kusama, Sol Lewitt, Gerhard Richter, Ed Ruscha, Rudolf Stingel, Andy Warhol, and Christopher Wool, among others.

Cappellazzo added, “Research has always played a significant role in David’s collecting journey – from visiting galleries every weekend and traveling to fairs, to the analysis of data on artists and individual works. The quick pace of technological development presents, even more, transparency and access to data in today’s market, and David’s approach is a seamless fit into Sotheby’s ethos.”

Mr. Schrader will begin at Sotheby’s in the near future.

Tiffany & Co. Announces Chief Executive Officer Transition As Frederic Cumenal Steps Down as CEO

Chairman Michael Kowalski Will Serve as Interim CEO; Board Will Work with Executive Search Firm to Recruit Successor

Company Reaffirms FY 2016 Earnings Guidance

Tiffany & Co. today announced that Frederic Cumenal has stepped down as Chief Executive Officer, effective immediately. The Board of Directors has commenced a search to recruit a successor in which it will be assisted by a leading executive search firm. During this process, Michael J. Kowalski, Chairman of the Board of Directors and previous CEO of Tiffany, will serve as Interim CEO while continuing as Chairmantiffany-co-logo-hd

Tiffany is the internationally renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations.

On behalf of the entire Board of Directors, I would like to thank Frederic Cumenal for his contributions to Tiffany,” said Mr. Kowalski. “At a time of continuing challenges in the global luxury market, Frederic has enhanced the management team and taken important steps to position Tiffany for success in the long term. We wish him the best in his future endeavors.”

Mr. Kowalski continued, “The Board is committed to our current core business strategies, but has been disappointed by recent financial results. The Board believes that accelerating execution of those strategies is necessary to compete more effectively in today’s global luxury market and improve performance. As such, we remain focused on enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness, optimizing the store network, and improving our business operations and processes, all while efficiently managing our capital and costs. We believe these initiatives and the pace of their execution are key to driving shareholder value. Tiffany is an iconic brand with a family of talented and committed employees to match, and I look forward to supporting both during the transition.”

Mr. Cumenal said, “I am proud of what we have accomplished at Tiffany and would like to thank the management team and our many talented employees around the world with whom I have had the pleasure to work. I have great confidence in Tiffany’s brand, strategic direction, and people, and I believe the Company will have many exciting opportunities in the future.”

Reaffirms Annual Guidance

The Company also affirmed, based on its plans and assumptions detailed in the January 17, 2017 holiday period sales news release, its fiscal year 2016 guidance described in that press release. The Company expects to report its fourth quarter and full 2016 fiscal year results, and also to provide its expectations for the 2017 fiscal year, on March 17 before the market opens.

For additional information, please visit www.tiffany.com or call the shareholder information line at 800-TIF-0110.