Kenneth Cole to close majority of its stores in six months
Kenneth Cole is closing its stores according to the American press. The New York City-based fashion company will reportedly close all of its retail locations in the next six months except for two stores in New York City and Arlington, VA.
Kenneth Cole operates 63 outlet stores that will all be shut down so that the company, according to CEO Marc Schneider, can focus on its e-commerce and international business. Schneider announced this news via email to Bloomberg, and added, “As we continue on our path of strengthening our global lifestyle brand, we look to expand our online and full-price retail footprint across the globe. We need to focus our energies and resources to better serve the consumer on their terms.”
In addition to focusing on e-commerce and international business, according to Bloomberg, Kenneth Cole will follow in the footsteps of Perry Ellis and rely “on licensing deals, which generate revenue from its name without the need for physical stores.”
In June, the company entered a license agreement with Global Brands to produce men’s, women’s and children’s apparel and handbags for the Kenneth Cole New York, Kenneth Cole Reaction, and Unlisted, a Kenneth Cole Production labels in the US, and partnered with LF Brands to enter the footwear market in parts of Europe in fall 2016.
Founded in 1982, Kenneth Cole currently operates 6 clothing and accessories lines and 1 shoe line.
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