Apparel and accessories retailer New York & Company announced its plans to rebrand by changing its corporate name and growing its online presence.
The new name, RTW Retailwinds, is a “corporate reinvention to a multibrand lifestyle platform,” according to a company statement. As a multibrand lifestyle platform, the company plans to be an incubator of lifestyle brands as well as grow its current women’s specialty brands and celebrity partnerships.
The strategy reflects a major focus on ecommerce, and a diminishing importance of brick-and-mortar stores. About 70 percent of store leases could be terminated by the company in two years or less, with the possibility of opening short-term leases for new brands to build brand awareness, according to the release.
“We are at a defining moment in our corporate reinvention, with a proven track record for developing celebrity and sub-brand collections that resonate with our consumers,” said Greg Scott, CEO of New York & Company. “Our goal is to drive sales to well over $1 billion and double digit EBITDA margins.”
The company has been working on the foundation of this launch for several years, Scott said. New York & Company annually has 165 million visits, a 30 million follower social reach and ecommerce reaching 30 percent of all sales, according to the company.
“We have optimized our retail footprint, and have the talent and infrastructure to capitalize on our strengths,” he said.
Other strategies include expanding it’s Fashion to Figure plus-size brand, introduce lingerie and grow its loyalty program that already accounts for more than 43 percent of sales.
There is a New York & Company store at the Dayton Mall and five in the Cincinnati area.