Customers of Jos. A. Bank Clothiers Inc. can expect an expanded assortment of shoes, new styles of tailored and slim fit clothes, and more big and tall apparel in stores this year as the chain moves away from "hyper-aggressive" promotions, the CEO of Men's Wearhouse, Jos. Bank's owner, said this week.
The Jos. Bank brand has suffered from a "hyper aggressive promotional strategy, so we're weaning off of that," said Douglas Ewert during an appearance Wednesday on "Squawk on the Street" on CNBC. "We're going to be introducing new product, new fits, new styles, give the customer more reasons to shop than just price. We think 2015 is going to be a transformational year for the Jos. A. Bank brand."
The company hopes to expand the demographic appeal to attract new customers while retaining the loyal Jos. Bank following, Ewert said. Plans call for continuing with some discounting, while also "giving them additional product to… give them other reasons to shop with us other than just buy one get three free," Ewert said.
Men's Wearhouse acquired Jos. Bank nearly a year ago for $1.8 billion in a contentious takeover. Last month, the chain said it would lay off 122 employees at the company's corporate headquarters in Hampstead.