//Why is the cladding on Mainstay Avenue Henri Bendel an alarm signal for luxury brands?

Why is the cladding on Mainstay Avenue Henri Bendel an alarm signal for luxury brands?

 

 

This holiday season will be the last for a retail establishment in New York.

] Henri Bendel, one of the most iconic showcases on Fifth Avenue, will close in early 2019, announced Friday the parent company L Brands ]. The store's website, New York's flagship store and 22 other sites across America will all be closed after the holiday season of 2018. L Brands said this decision was driven not only by slowing sales, but also by desire to focus on its other brands, including Victoria's Secret and Bath and Body Works.

exploit Bendel to improve the profitability of the business and focus on our big brands that have higher growth potential, "said Leslie Wexner, president and chief of the management of L Brands, reports the Wall Street Journal.

may be relatively common nowadays, but this one is decidedly different. Bendel is one of New York's best-known stores, perhaps most often associated with its brown and white striped bags, which founder Henri Willis Bendel himself introduced in 1907. Its history goes back to more than a century. its first store a little more in downtown Greenwich Village. After a move in 1912, the brand spent 74 years at 10 West 57th Street, just off Fifth Avenue, before moving to its current flagship location in 1991.

Today Today, Bendel sells almost exclusively handbags, accessories, jewelery and other trinkets – think of candles and cups – designed internally and bearing a Henri Bendel label. But for most of the twentieth century, it's one of New York's most innovative department stores. It is the first American store to offer Coco Chanel designs in the United States. Geraldine Stutz, who served as president of Bendel from the 1960s to the first half of the 1980s, today brought iconic American designers such as Perry Ellis and Ralph Lauren. Andy Warhol also worked as an illustrator for Bendel in the 1960s, while the Duke of Windsor (King Edward VIII before his abdication from the throne in 1936) was a frequent patron, even using the store's fur vault. ]

"It's sad for New York to lose an icon, but other than that, it's not a huge loss because [Bendel’s] the influence on the industry has been missing for some time. "

-Jared Tomlinson, Founder and CEO of Standard Black

The beginning of Bendel's transformation to its current state – and current product offerings – was acquired by L Brands , then known as The Limited Brands . in 1985. Under his ownership, Bendel stopped selling clothes and developed his internal designs, developing throughout the country. But in recent decades, he has lost much of his past brilliance. As Jared Tomlinson, founder and CEO of Standard Black, said: "It's sad for New York to lose an icon, but in addition, it's not a huge loss because its influence on the industry has disappeared. some time. According to Bob Phibbs, CEO of New York, it was a brand that had no reason to be beyond its history.

Human Rights Based Counseling The Retail Doctor. Phibbs argued that Bendel had failed to capture the in-store luxury experience in recent years, perhaps because L Brands lacked experience in the field.

"They certainly did have a nice product presentation, but I do not think they engaged the sales force in a personalized customer service," said Phibbs . "Luxury is different. This is not Victoria's secret. It's exclusive, it's about being pampered, and I do not think you felt that at Bendel.

"Luxury is different. This is not the secret of Victoria. I think you felt that at Bendel. "

-Bob Phibbs, CEO of the consulting firm The Retail Doctor, based in New York

to focus on others in his portfolio – is the one that they used previously The company previously owned stores like Abercrombie & Fitch, Lane Bryant and Express, all sold or derived.A movement like this should not be a huge shock because the company has had a difficult year financially: According to CNN Money its stock fell by 55% for the year.

However, Allen Adamson, co-founder of the trademark consulting company Metaforce, stated that any change that would have truly given Bendel a chance for growth would have been an effort like L Brands, which has much larger companies in its arsenal.This is especially true given that even its biggest scorers es, as Victoria's Secret and Bath and Body Works, themselves suffer declines.

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