Men’s Wearhouse completes Joseph Abboud purchase
Fremont, Calif. — The Men’s Wearhouse has wrapped up its previously announced acquisition of Joseph Abboud (JA Apparel Corp.).
The cash transaction is valued at about $97.5 million; JA Holding will operate as a wholly owned subsidiary of The Men’s Wearhouse.
Forever 21 selects Kronos for workforce management solution
Chelmsford, Mass. — Forever 21 has tapped workforce management solution-provider Kronos Inc. for a global solution to address multinational needs and standardize the specialty retailer’s brand experience delivery across the world.
According to Kronos, Forever 21 will use its time and attendance and forecasting and scheduling solutions across 500 stores in Austria, Canada, China, France, Germany, Japan, Korea, the Netherlands, Spain, UK, and the U.S. The retailer is rapidly expanding, and more than 40,000 Forever 21 retail associates around the world will use Kronos.
Kronos will help Forever 21 minimize compliance risk by managing the complexities related to variations in work and pay rules, languages, and currencies. With one solution for all of its workforce management needs, Kronos will offer Forever 21 a comprehensive view of labor costs on a global basis.
As well, the Kronos forecasting and scheduling solution will ensure optimal labor coverage across all store locations, enabling Forever 21 to predict labor needs and control staffing demands. This will help reduce over- and under-staffing as well as minimize overtime costs.
“When looking for a vendor that could meet our needs, it was obvious that Kronos has developed a workforce management solution with multinational retailers in mind,” said Jay Cha, IT director, Forever 21.
Michael Kors Q1 profit leaps 82%; plans new stores in India and Brazil
New York — Fashion presence Michael Kors Holdings Ltd. reported a first-quarter profit of $125 million, nearly double the $68.6 million profit of the year-ago period.
Revenue for the quarter ended June 29 soared 54% percent to $640.9 million, well above Wall Street’s expected $570.5 million. Same-store sales climbed 27.3%. In North America, which generates 86% of the company’s business, same-store sales rose 25%.
Despite the stronger-than-expected sales, Kors’ full-year sales forecast of $2.8 billion to $2.9 billion was in line with Wall Street’s projections for $2.84 billion.
Helping its overall results were the roll-out of shops within department stores and substantial gains in Europe. The company said it plans new stores in India and Brazil, as well as a bigger push for its watch and jewelry business worldwide. The company operates 249 of its own stores in North America and CEO John Idol said that could grow to 400. In Europe, Kors has 49 stores and thinks it can eventually have 200 locations. It also said it opened its first stores in Brazil and, with a partner, in India.