About LERNER NEW YORK, INC.

New York & Company has taken a bite out of fashion's big apple. The chain caters to working women ages 25 to 45 looking for moderately priced apparel (jeans, dresses, and coordinates) and accessories (sunglasses, costume jewelry, handbags, and hosiery), mostly at the mall. It sells its proprietary branded fashions at more than 500 stores, including a growing number of New York & Company Outlet shops, in 40-plus states and online. Founded in 1918 and operated as a subsidiary of Limited Brands (since renamed L Brands) from 1985 to 2002, the chain was sold for $153 million to an investor team including former CEO Richard Crystal and Irving Place Capital, who took New York & Company public in 2004.

Operations

While 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.

Geographic Reach

The New York-based retailer operates stores in 41 US states. 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.

Sales and Marketing

To compete in the competitive women's apparel and accessories arena, New York & Company has been gradually increasing its spending on advertising and 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. The fashion chain targets women between the ages of 25 and 45.

Financial Performance

New York & Company reported $929.1 million in revenue for fiscal 2017, down from $950 million the prior fiscal year. Despite the relatively strong revenue, high operating expenses resulted in the company suffering a net loss of $17 million in fiscal 2017. New York & Company reported a net loss of $10 million in fiscal 2016.

Strategy

New York & Company is reaping the benefits of a restructuring and cost cutting program, elements of which included job cuts at the corporate and store levels and the closure of many stores. Expansion of its New York & Company Outlet store operation has proven to be a profitable channel for the company. 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.

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LERNER NEW YORK, INC.

330 W 34th St Fl 7
New York, NY 10001-2406
Phone: 1 (212) 884-2000
Fax: 1 (212) 629-2719

Stats

  • Employer Type: Public
  • Chairman; Chief Executive Officer: Richard Crystal
  • Executive Vice President Real Estate and Strategi: John Dewolf
  • Chb: Gregory Scott
  • Employees: 2,100

Major Office Locations

  • New York, NY

Other Locations

  • Kansas City, MO
  • New Hyde Park, NY