FINANCE

Target to expand online beauty footprint with DermStore acquisition

BY Katherine Boccaccio

Minneapolis — Target Corp. announced plans to acquire online beauty retailer DermStore for an undisclosed sum.

The move will allow Target to further tap into the online beauty market, as well as continue its trend toward acquiring specialty businesses to ramp up its presence in various niche markets. In March, Target announced its acquisition of Chefs Catalog and Cooking.com in two separate transactions to create a subsidiary.

Once this latest deal closes in about 60 days, DermStore will become a new subsidiary that will continue to operate under its online name, DermStore.com, according to Target. Current DermStore CEO Dan Obegi will become president of the subsidiary under Target’s ownership.

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FINANCE

Men’s Wearhouse completes Joseph Abboud purchase

BY Katherine Boccaccio

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.

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OPERATIONS

Forever 21 selects Kronos for workforce management solution

BY Katherine Boccaccio

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.

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