Men’s Wearhouse investor still pushing for deal with Jos. A. Bank
New York — Eminence Capital which owns 9.8% of the common stock of The Men’s Wearhouse and is its single largest shareholder, on Wednesday released a presentation describing why Men’s Wearhouse board of directors should engage in merger discussions with Jos. A. Bank Clothiers, Inc. Eminence Capital also said that it has retained Moelis & Company as a strategic advisor.
The presentation comes less than a week after Jos. A. Bank said it had withdrawn a $2.3 billion takeover bid for the company. Men’s Wearhouse has steadfastly rebuffed the approaches from its rival for weeks, calling the bid too low and refusing to enter into talks.
The presentation, which was developed with the assistance of Moelis & Company, is available here.
On Nov. 15, Eminence Capital filed a preliminary solicitation statement with the SEC in connection with calling a special meeting of Men’s Wearhouse shareholders to vote on a number of bylaw amendments that, if approved, will permit shareholders to remove directors without cause before the next annual meeting of shareholders. Pursuant to Texas law the special meeting may be called by holders of at least 10%, in aggregate, of all of the shares of Men’s Wearhouse are entitled to vote at the special meeting.
Gap, Banana Republic offer omni-channel ‘reserve in store’
San Francisco – Gap Inc. is rolling out its “Reserve in Store” capabilities to all U.S. Banana Republic stores and more than 200 Gap stores in 15 major U.S. markets. The launch, which follows a successful pilot in San Francisco and Chicago-area Gap and Banana Republic stores, makes it easy for customers to shop online or with their mobile device, place items on hold and pick them up in local stores.
Online and mobile shoppers at Gap and Banana Republic’s e-commerce sites can now reserve up to five items per day and within one hour they will receive an email or text confirming their items are on hold, along with pick-up instructions. Items will be held in their selected store until close of business the next day.
“With Reserve in Store, our stores are open 24 hours a day, seven days a week,” said Tom Sands, executive VP, Gap North America. “We’re focused on delivering an incredible store experience and making it even more convenient for our customers to shop with us however and whenever they want.”
Gap Inc.’s omni-channel initiatives are designed to bridge the online world and the bricks-and-mortar experience. Gap, Banana Republic, Old Navy and Athleta customers who shop online and on their mobile devices can also use the “find in store” feature, which tells customers if a particular item is in stock at their local store. “Ship from store” uses Gap’s inventory engine to connect online demand to in-store inventory.
Study: Showroomers more likely to buy in store
Boston – Despite conventional industry wisdom, shoppers who use mobile devices for showrooming are almost twice as likely to purchase from the retailer in-store or online (38%) than buy elsewhere (21.6%). A new study from e-commerce technology provider SeeWhy, “Showrooming Realities: When Worlds Collide,” also shows that one third (33%) of more 60,000 consumers surveyed who owned a mobile device had used a device as part of their shopping process, and 12% do it routinely.
When asked about the actions shoppers took when using a mobile device in-store as part of their shopping process, the most common behaviours were looking for cheaper prices elsewhere (35%) and reading reviews of the product (34%), followed by checking prices online for the same retailer (27%) and looking for promo codes (27%). Sixteen percent have checked the stock for an item while in stores.
Other results include:
- Less than 5% of the total survey pool feel showrooming is unfair to the retailer, and a mere 3% feel “guilty” when showrooming inside a store.
- The most likely showroomers are young, urban, affluent men. Thirty six percent of this segment has showroomed, and they are twice as likely to use their devices routinely as part of the shopping process.
- Urban populations (32%) are most likely to showroom, followed by those living in suburban areas who showroom (25%).