Introduction
Tailored Brands, Inc. is a leading specialty retailer of men’s apparel, renowned for its comprehensive range of products that cater to various customer needs, including business attire, casual wear, and formalwear. With a strong portfolio of brands, Tailored Brands has established a significant presence in the retail industry, offering quality, style, and personalized service.
Historical Background
Tailored Brands, originally known as Men’s Wearhouse, was founded in 1973 by George Zimmer. The company started with a single store in Houston, Texas, and quickly expanded due to its unique selling proposition: offering high-quality men’s suits at affordable prices, coupled with exceptional customer service. The famous slogan, “You’re going to like the way you look. I guarantee it,” became synonymous with the brand.
In 2016, Men’s Wearhouse rebranded as Tailored Brands to reflect its diversified portfolio, which includes other well-known brands such as Jos. A. Bank, Moores Clothing for Men, and K&G Fashion Superstore.
Brand Portfolio
- Men’s Wearhouse: The flagship brand, Men’s Wearhouse, is known for its wide selection of suits, sport coats, dress shirts, and accessories. It also offers custom tailoring and tuxedo rentals, catering to both everyday business needs and special occasions.
- Jos. A. Bank: Acquired in 2014, Jos. A. Bank is recognized for its heritage of quality craftsmanship and extensive selection of men’s clothing. The brand emphasizes traditional styles and offers a comprehensive range of sizes, including big and tall.
- Moores Clothing for Men: A leading Canadian retailer, Moores provides a similar range of products and services as Men’s Wearhouse, including custom tailoring and rentals. It is known for its friendly service and extensive selection of menswear.
- K&G Fashion Superstore: Catering to a broader market, K&G offers discounted prices on a wide variety of apparel, including men’s, women’s, and children’s clothing. It combines value with fashion, making it a popular choice for families.
Market Position and Strategy
Tailored Brands operates over 1,400 stores across the United States and Canada, positioning itself as a market leader in men’s apparel. The company’s strategy focuses on three main pillars:
- Customer Experience: Tailored Brands is committed to providing an exceptional shopping experience. This includes personalized service, expert styling advice, and custom tailoring to ensure a perfect fit.
- Product Innovation: The company continually innovates its product offerings to keep up with fashion trends and consumer preferences. This includes introducing new fits, fabrics, and styles that appeal to modern consumers.
- Digital Transformation: Recognizing the importance of e-commerce, Tailored Brands has invested significantly in its online platforms. This includes enhancing the user experience on its websites, offering virtual styling consultations, and integrating online and in-store shopping experiences.
Financial Performance
Tailored Brands has faced financial challenges, particularly with the advent of the COVID-19 pandemic, which significantly impacted the retail sector. In 2020, the company filed for Chapter 11 bankruptcy to restructure its debt and operations. Despite these challenges, Tailored Brands has emerged stronger, with a focus on optimizing its store footprint, reducing costs, and driving growth through its digital channels.
Corporate Social Responsibility
Tailored Brands is dedicated to giving back to the community through various initiatives. The company supports numerous charitable organizations and programs, including the National Suit Drive, which collects gently used professional attire to help individuals re-enter the workforce. Tailored Brands also emphasizes sustainability, working towards reducing its environmental impact through responsible sourcing and waste reduction initiatives.
Conclusion
Tailored Brands continues to be a prominent player in the men’s apparel market, known for its commitment to quality, customer service, and innovation. With a robust brand portfolio and a strategic focus on enhancing the customer experience and embracing digital transformation, Tailored Brands is well-positioned for future growth. As the company navigates the evolving retail landscape, it remains dedicated to helping men look and feel their best, ensuring they “like the way they look.”