Abercrombie & Fitch deals with resurrected complaints about lack of large sizes
In 2006, Abercrombie & Fitch Chief Executive Michael S. Jeffries gave a magazine interview in which he said the brand is "exclusionary," focusing on "the cool kids...the attractive all-American kid." "A lot of people don't belong [in our clothes], and they can't belong," he said. In May, the interview resurfaced and went viral, with consumers protesting Abercrombie's lack of XL and XXL women's sizes. After a week of shopper complaints -- a Change.org petition demanding an apology has garnered more than 65,000 signatures; one man began handing out Abercrombie clothing to homeless Skid Row residents -- Jeffries spoke out. He emphasized that his brand is an "aspirational" one but that it is "completely opposed to any discrimination, bullying, derogatory characterizations or other anti-social behavior based on race, gender, body type or other individual characteristics." "I sincerely regret that my choice of words was interpreted in a manner that has caused offense," he said. Still no plans to offer larger women's clothing, though. (Lawrence K. Ho / Los Angeles Times /August 11, 2009)
Inc., owner of luxury department stores stuffed with brands such as Prada, Chanel and Gucci
, said in a regulatory filing Monday that it plans to raise up to $100 million in an initial public offering.
The Dallas company was taken over eight years ago for $5.1 billion by private equity firms TPG Capital and Warburg Pincus. The retailer did not disclose its projected IPO price range, how many shares it planned to offer or even its intended ticker symbol or host exchange.
Neiman Marcus operates 41 namesake stores in the U.S. as well as two Bergdorf Goodman locations. The company also owns 35 smaller Last Call and six CUSP outposts targeted at younger, budget-conscious shoppers.
In its filing with the Securities and Exchange Commission, Neiman Marcus said it has been riding a surge of high-end shopping.
In its 2012 fiscal year, it reported revenue of $4.4 billion, up from $4 billion a year earlier. Its profit during the period also increased to $140.1 million from $31.6 million.
And the global luxury goods industry, which according to Euromonitor research has already grown an average of 4.2% a year since 2005, is slated to boom 7.2% a year from 2012 to 2017.
Since the start of the year, competitor Saks Inc. has seen its stock boom more than 27% to $13.39 a share Friday.
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