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Henry Bendel's famous brown and white shopping bags and hats will soon be in the story. (Photo by Craig Barritt / Getty Images for Henri Bendel)
The famous brown and white striped bags of the luxury retailer Henri Bendel will soon be history, the parent company L Brands closing all of Henri Bendel's 23 stores.–including its 5th Avenue lighthouse in New York–Come January But do not blame the problems with its biggest sister channel, Victoria's Secret.
In a statement released Thursday night, L Brands President and CEO, The Wexner, said that he the Bendel stores and online operations because the company, which also owns Bath & Body Works, wants to improve its profitability and focus on its "big brands with greater growth potential".
Yes, Victoria's Secret, with nearly 1,200 stores and the largest unit in the company, saw its profits and sales drop, the demand even for its once-trendy and younger label, Pink, having weakened. But Henri Bendel himself lost money: L Brands estimates that the turnover and the operating loss of Henri Bendel in 2018, excluding closing costs, will amount respectively to 85 and 45 million euros. dollars.
Although this activity is small compared to the $ 12.6 billion in sales generated by L Brands last year, the loss was disproportionate in comparison. The other segment of L Brands, which includes Henri Bendel and the Canadian lingerie chain acquired La Senza, recorded a $ 93 million operating loss since the beginning of the–At least–the third year is not money. That was about half of Victoria's Secret's operating profit of $ 197 million.–after a drop of 42%–during the same period.
Bath & Body Works, with about 1,700 stores, was the only brilliant place, with operating income up 13% to $ 292 million.
Henri Bendel's losses and closures also reflected the challenges facing the luxury space as he struggles to cope with a growing trend towards online shopping in markets such as Farfetch, which recently filed IPO plan. The industry is also competing with changing consumer preferences to reduce fashion and spend more on things like the latest iPhone and other gadgets.
According to Euromonitor, US luxury department stores saw their sales drop by 23% between 2012 and 2017 to reach $ 5 billion last year.
Henri Bendel says it's the first luxury retailer with a top address on Fifth Avenue. (Photographer: Craig Warga / Bloomberg)
Henri Bendel's closures will rewrite the retail map of New York's prestigious Fifth Avenue. At about twenty meters from Henri Bendel, the flagship of Lord & Taylor will also close its doors after the holiday season to make room for a common workspace, WeWork. The famous shopping district now includes tenants such as Apple, Microsoft and Dyson, as well as traditional luxury fashion boutiques, including Bergdorf Goodman and Tiffany & Co., of Neiman Marcus.
Henri Bendel can go back to 1895, when his founder opened a shop in the Greenwich Village of New York. Wexner bought the company in 1985 before opening its current flagship in 1991.
With the help of Jacqueline Kennedy Onassis, the flagship store received Landmark Preservation Commission status because of the unique Lalique windows on the side of the store that were discovered during the renovation, said Henri Bendel on his site.
Of the department's notable "achievements", Bendel is the first retailer to introduce itself, the first luxury retailer to have a superior address on Fifth Avenue, the first to hold a biannual sale, the first to offer in-store renovations . and the first to hold a fashion show, the retailer said on his website. He stated that Bendel was also responsible for Coco Chanel's introduction to the United States and that he discovered Andy Warhol, an in-house illustrator.
In 2008, Henri Bendel began opening new stores outside of New York. At the time, Wexner described the new Bendel stores as "probably one of the most promising things we have ever created".
Wexner, 81, is no stranger to the loss of brands he considers no longer part of the strategy of the company. Formerly an apparel empire with brands ranging from Abercrombie & Fitch to Express, Columbus, Ohio-based L Brands, under the leadership of Wexner, has gradually decided to sell or close its brand portfolio. He had also left the clothing sector of Henri Bendel to devote himself to his beauty activities, jewelry and other accessories.
About Forbes: What Farfetch's IPO says about the $ 300 billion luxury industry
Linked to Forbes: Here's the real problem behind the dramatic fall of Victoria's Secret
Linked to Forbes: A big potential beneficiary of the trend of coworking space? Brick and mortar retailers
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Henri Bendel's famous brown and white hats and hatbags will soon make history as Victoria's parent company, L Brands, will close all stores. (Photo by Craig Barritt / Getty Images for Henri Bendel)
The famous brown and white striped bags of the luxury retailer Henri Bendel will soon be history, the parent company L Brands closing all of Henri Bendel's 23 stores.–including its 5th Avenue lighthouse in New York–Come January But do not blame the problems with its biggest sister channel, Victoria's Secret.
In a statement released Thursday night, L Brands President and CEO, The Wexner, said that he the Bendel stores and online operations because the company, which also owns Bath & Body Works, wants to improve its profitability and focus on its "big brands with greater growth potential".
Yes, Victoria's Secret, with nearly 1,200 stores and the largest unit in the company, saw its profits and sales drop, the demand even for its once-trendy and younger label, Pink, having weakened. But Henri Bendel himself lost money: L Brands estimates that the turnover and the operating loss of Henri Bendel in 2018, excluding closing costs, will amount respectively to 85 and 45 million euros. dollars.
Although this activity is small compared to the $ 12.6 billion in sales generated by L Brands last year, the loss was disproportionate in comparison. The other segment of L Brands, which includes Henri Bendel and the Canadian lingerie chain acquired La Senza, recorded a $ 93 million operating loss since the beginning of the–At least–the third year is not money. That was about half of Victoria's Secret's operating profit of $ 197 million.–after a drop of 42%–during the same period.
Bath & Body Works, with about 1,700 stores, was the only brilliant place, with operating income up 13% to $ 292 million.
Henri Bendel's losses and closures also reflected the challenges facing the luxury space as he struggles to cope with a growing trend towards online shopping in markets such as Farfetch, which recently filed IPO plan. The industry is also competing with changing consumer preferences to reduce fashion and spend more on things like the latest iPhone and other gadgets.
According to Euromonitor, US luxury department stores saw their sales drop by 23% between 2012 and 2017 to reach $ 5 billion last year.
Henri Bendel says it's the first luxury retailer with a top address on Fifth Avenue. (Photographer: Craig Warga / Bloomberg)
Henri Bendel's closures will rewrite the retail map of New York's prestigious Fifth Avenue. At about twenty meters from Henri Bendel, the flagship of Lord & Taylor will also close its doors after the holiday season to make room for a common workspace, WeWork. The famous shopping district now includes tenants such as Apple, Microsoft and Dyson, as well as traditional luxury fashion boutiques, including Bergdorf Goodman and Tiffany & Co., of Neiman Marcus.
Henri Bendel can go back to 1895, when his founder opened a shop in the Greenwich Village of New York. Wexner bought the company in 1985 before opening its current flagship in 1991.
With the help of Jacqueline Kennedy Onassis, the flagship store received Landmark Preservation Commission status because of the unique Lalique windows on the side of the store that were discovered during the renovation, said Henri Bendel on his website.
Of the department's notable "achievements", Bendel is the first retailer to introduce itself, the first luxury retailer to have a superior address on Fifth Avenue, the first to hold a biannual sale, the first to offer in-store renovations . and the first to hold a fashion show, the retailer said on his website. He stated that Bendel was also responsible for Coco Chanel's introduction to the United States and that he discovered Andy Warhol, an in-house illustrator.
In 2008, Henri Bendel began opening new stores outside of New York. At the time, Wexner described the new Bendel stores as "probably one of the most promising things we have ever created".
Wexner, 81, is no stranger to the loss of brands he considers no longer part of the strategy of the company. Formerly an apparel empire with brands ranging from Abercrombie & Fitch to Express, Columbus, Ohio-based L Brands, under the leadership of Wexner, has gradually decided to sell or close its brand portfolio. He had also left the clothing sector of Henri Bendel to devote himself to his beauty activities, jewelry and other accessories.
About Forbes: What Farfetch's IPO says about the $ 300 billion luxury industry
Linked to Forbes: Here's the real problem behind the dramatic fall of Victoria's Secret
Linked to Forbes: A big potential beneficiary of the trend of coworking space? Brick and mortar retailers
