Vancouver fashion retailer Aritzia Inc. (TSX:ARTZ)has appointed Jennifer Wong as CEO, while current CEO, Brian Hill, becomes executive chair. Our business in the United States accounted for 51% of net revenue in the first quarter compared to 46% last year. . Meaghen, I'll take that one. Wong dropped off her two school-aged boys at ski school and drove to the office to meet with Hill and Aritzias COVID-19 task force. I think we're having some technical difficulties here. We've seen that register quite a bit now and come roaring back for us. I mean I think that's a multimillion-dollar question. For the year, we are expecting between 250 and 300 basis points of pressure from expedited freight. Opinions expressed by Forbes Contributors are their own. And can I add something there, too, please? If you have an ad-blocker enabled you may be blocked from proceeding. This article was published more than 2 years ago. 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In its Q3 results, Aritzia reported that its e-commerce revenue was up 78.5% vs.Q3 last year. When we made the decision to close our stores in the middle of March last year, the first thing that was top of mind for us, was our people, Wong shares. "We are very well known and loved in Canada," Wong said in an interview. Get Contact Info for All Departments. Aritzia Inc., together with its subsidiaries, designs and sells apparels and accessories for women in North America. How much is for product versus other services, dressing rooms or cafes? The Aritzia store at the McArthurGlen Designer Outlet Vancouver mall opened in mid-2020 | Rob Kruyt, Rob Shaw: Eby selects Penny Ballem as his special adviser on health, Eby announces $90M jobs fund to boost BC forestry economy, Inside Vancouver Mayor Ken Sims first six weeks in office, B.C. We're hoping that we're also going to get margins and some -- a little bit of leverage to offset some of those inflationary pressures as well. What could change? And so by covering many different categories across different brands and different occasion sets and different segments of our market, we have an offering that is resonating really well with our customer. Jennifer Wong joined Aritzia in 1987. Soon after. When the pandemic hit, the company couriered clothes to models to photograph at home and moved stock from stores to the distribution centre. After the Black Lives Matter protests last summer, Aritzia started by investing $1 million to expand and strengthen its Diversity and Inclusion Program and established an Executive Diversity and Inclusion Committee led by Wong. And as Jen mentioned, we're going to monitor all the other aspects of this. I hadnt even finished my last year exams, Wong explains, her role evolving to key holder and then assistant store manager while she was still studying economics at the University of British Columbia. Over time, the company kept investing in the backbone technology and upgrading the online experience, improving the layout, photography, fit information, packaging and many other facets that kept the online experience consistent with the store experience, says CIBCs Petrie. As Pippa Morgan, executive vice-president of the retail division, puts it: It took 36 years to open 100 stores and 36 hours to close them., In the preceding weeks, Wong and the pandemic task force had spent long days running through scenarios based on infection trajectories, various degrees and durations of closures, and triangulated them with anecdotal reports from staff in different cities. You may opt-out by. And then, Todd or Brian, if you can get your audio going, we'll have you jump in. "My job is broader than banking and finances. So where we land, we don't know at this point in time. But Jennifer Wong has given little away because shes been in the office almost every day since the lockdown started, co-ordinating Aritzias pandemic response. This reflects continued strength in the United States in both retail and eCommerce as well as a strong recovery of our business in Canada. Welcome to Aritzia's First Quarter of Fiscal Year 2023 Earnings Call. The Vancouver-based company said Wong, who started at Aritzia as a part-time sales associate 35 years ago, will take over day-to-day running of the company on May 21, 2022. As Jennifer mentioned, we're going to be looking into the U.S. We're going to be looking into eCommerce. Stay connected and sign up for our PREVIEW newsletter! I guess there's two, now Manhattan and now Chicago and they're substantially larger than the stores that you typically build. In Q1, we reached the 50 people milestone on our data and analytics team. . Around the time of the IPO, Wong recalls a TV commentator opining that there was nothing special about its business model; it was just a good executer. It was also the year that Vancouver native Jennifer Wong started working at clothing retailer Aritzia. (The company even has a mens collection for the first time in 36 years, after the celebrity-driven puff coat craze spilled over the gender line.) 5 5 0. So where last year, the majority of the air freight was in the back half of the year, this year the majority is in the first half, including partially into the third quarter. Jennifer Wong is the Pres, COO, Corp. Sec. Having spent her entire career at the retailer, she led many of the inconspicuous but essential initiatives that proved so crucial at the start the crisis, from establishing a robust technological infrastructure that enabled the companys e-commerce platform to respond to the sudden demand spike, to developing a centralized distribution system that helped the retailer manage its supply chain while others struggled. These are all our store footprint increases. I'm excited to report our results for the first quarter of fiscal 2023 and our plan for continuing to capitalize on the many growth opportunities we see ahead. Aritzia forecast revenue for the current quarter to be as much as C$600 million, surpassing analysts' projections of C$525.9 million. Follow. During the first months of the pandemic, Aritzias e-commerce revenue surged by more than 150% compared to fiscal 2020. And it's exciting to be in the business of fashion. A similar willingness to stick to convictions propelled Aritzias move into the U.S. Every Canadian business that went stateside retreated with their tail between their legswhat makes you guys any different? she recalls advisers asking the team. SIGN UP FOR OUR THURSDAY NEWSLETTER She grows animated while relating the episode. To boost sales, Aritzia invested in an Instagram campaign with Kendall Jenner, who reportedly gets north of US$500,000 per post. I had a friend call me who is in the business from -- in the U.S. to ask -- to say they had seen some softness for about four weeks. The next question is from Lorraine Hutchinson with Bank of America. And Petrie warns an overreliance on influencers could put Aritzias image at risk. We're not even convinced at this point in time, we're going to offer intimates and swim in our stores. The following day, Aritzia boutiques went dark. She pauses to consider. The company said today that it plans to open eight to 10 boutiques this year including two stores that it called Forum Shops, which arealready open in Las Vegas and at Miami's Aventura Mall. ", Follow us on Twitter: @globebusinessOpens in a new window. It remains to be seen whether COVID-19 will permanently change shopping dynamics. The online infrastructure held up despite days that were as busy as Black Friday and Cyber Monday, says Wong. Team Members. Our geographic expansion continues to be our most effective vehicle for propelling our brand and acquiring clients for all of our channels. He's talking. Yes, I'll take that. Related products. What developed was the vision to vertically-integrate a variety of different brands, rounding out an assortment of fashion apparel to appeal to mum, grandma, and daughter. Original labels Babaton, Talula, and TNA are among 16 exclusive Aritzia in-house brands which now make up 95 per cent of the stock; Denim Form, launched in 2018, is the most recent. Some of Aritzias activities over the past year that stand out and were spearheaded by Wong include its leadership during the pandemic and how it gave back to its communities; creating an optimal framework to enhance its digital selling and e-commerce during store closures; and walking the talk by operating from the mantra that real change starts from within.. We continue to be one of the industrys leading retailers,and we have a sustainably profitable business, she insists, with the company boasting 21 consecutive years of positive net revenue growth. Thank you, Todd. Jennifer has 1 job listed on their profile. We are focused on driving long-term lasting growth through our strategic initiatives and as always, investing in the infrastructure required to scale for years to come. Thanks for that color too Brian. The sustained momentum is reflective of the significant acceleration in our U.S. client base, which has doubled in the last 12 months as more clients discover and become loyal to the Aritzia brand. Aritzia is the name on the door, Wong explains, but there is no Aritzia on the labels. Today the three main labels are Babaton, youthful TNA, and breezy Wilfred, with various sub-brands and offshoots such as handbag lines and denim. We. But I'm just curious, is that something that you would expect to roll out over the -- across the entire network? The uncertain and dynamic nature of the global COVID-19 pandemic and its ongoing impact could continue to materially alter our performance. And presently, we're not looking at -- we're looking at promoting our swim and things in our stores, for sure, intimates as well. window.mc4wp.listeners.push( You can trust us to find something thats going to make you feel great and look great. The Vancouver-based company, which went. Designed for enterprising woman who want to get ahead of their career goals by taking a proactive approach. And so we think rather than opening more stores and changing the target on those stores, we're actually thinking the bigger footprints to increase and improve the overall Everyday Luxury experience. })(). At the end of the day, she shrugs, were a demand-driven organization. In a retail landscape littered with flameouts, Aritzia has managed to stand apart, thanks in no small part to its nimble leap to e-commerce and a president and COO who focuses on everything but fashion. And so we did talk a bit about some of the transitory impacts on the gross margin here. Search. On the heels of a successful International Womens Day with its WomenWomen (or Women to the Power of Women) capsule collection and campaign that was released in March 2021, and a 2020 filled with growth, new store openings and a successful e-commerce strategy, Aritzia is making its mark as the destination for everyday luxury. For the full fiscal year, Aritzia generated $1.495 billion in sales, which was up 74.3 per centfrom $857.3 milllion in its2021 fiscal year, the company said. Outside brands like Levis make up less than 10% of its sales. The house-of-brands approach also enables the company to shift focus and inventory with fashions ebbs and flows. 784 following. A long-term shift toward more casual clothing may permanently impair its Babaton and Wilfred labels. For the full year, we have increased our net revenue expectations to a range of $1.875 billion to $1.9 billion from our previous outlook of $1.8 billion. So we're balancing that. Not if you know how to do bricks and mortar right. And how much of it relates to sort of new categories versus just sort of giving more exposure to the existing assortment? Aritzia Inc. (OTCPK:ATZAF) Q1 2023 Earnings Conference Call July 07, 2022, 04:30 PM ET Company Participants Beth Reed - VP, IR Jennifer Wong - CEO Todd Ingledew - CFO Brian Hill - Founder. Jennifer Wong We're continuing to deepen our presence in the U.S. However, upon graduating in 1991, Aritzia's president and CEO, Brian Hill, gave her an offer she couldn't refuse, and she became a buyer. We might be down 10% from the peak is what we're seeing. I think the biggest difference is the timing this year. We plan to open 8 to 10 boutiques with all but one in the United States and to expand or reposition four to five boutiques. With every major initiative she took on, she had no direct previous experience, yet she was entrusted with leading it. Wong was studying economics at the University of British Columbia and planning to get a real job in finance. Aritzia has never been stronger or better positioned for the future. These results are exceptional, demonstrating the strength of our business as we continue to drive ongoing momentum in the United States and Canada returns to full strength and all accomplished in spite of impacts from ongoing global supply chain disruptions and the challenging macro environment. She worked at the Robson Street location part-time, earning cash to buy clothes from the same store she adored for its hip designs. Its a testament to their discipline in investing in their business, says Petrie. Women to the Power of Women is a simple equation that drives us and our beliefs forward by amplifying womens voices to make exponential progress towards gender equality and inclusivity for all, Wong explains. We're really pleased with that. window.mc4wp = window.mc4wp || { So the number one thing, as I said, creating the movement quarter-to-quarter is the variance in expedited freight spend timing last year compared to this year. I think it's starting with last year is probably the right place to start when you look at the year-over-year growth. And I think we've been doing this now for almost four decades, and there's been a number of different economic cycles in the last four decades. jennifer wong aritzia husband 21st May 2022 . So we're going to continue to push and open stores. Our sites are always set on the future. Ordering Dr. Martens directly from the factory in England, she recalls, made Aritzia one of only five retailers in Canada to do so. Aritzia executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Please note that remarks on this call may include our expectations, future plans and intentions that may constitute forward-looking statements. Our inventory buys are focused on our proven sellers, and we are confident we are on track to have the product to meet demand through the fall/winter season. Jennifer Wong is currently Chief Executive Officer at Aritzia - View - Aritzia org chart Set up your alert to follow the career of Jennifer Wong. "In Q2, we made further progress on our path to getting famous in the U.S.," said Aritzia CEO Jennifer Wong on a conference call with analysts Wednesday evening. Education Aritzias sales at its roughly 30 U.S. locations have consistently exceeded expectations, and the market is now its main growth engine. . So we've seen some of the product that during COVID was not really registering with clients. ", He lauded Wong, and said, "our tremendous success is a result of Jennifer's contributions. Please disable your ad-blocker and refresh. Yes, good afternoon. There were many firsts: our first-ever capsule collection,featuringfor the first time our remarkable Aritzia people,and with 100% of proceeds going to our Aritzia Community partner organizations.. So the economics work. We continue to advance our data and analytics capabilities to empower our team to make informed data-driven decisions. It's hard to predict at this point. Thank you. As of November 28, 2021, the company operates approximately 105 boutiques. 11_20_cover_final.indd 1 2020-10-09 2:24 pm mba mba with co-op accelerated mba. We saw a strong eCommerce growth across all regions, except in Eastern Canada, where there was a channel shift to retail as the closed boutiques from last year were fully open this year. event : evt, Aritzia's Jennifer Wong built a fashion empire by leading with style - and plenty of substance In a retail landscape littered with flameouts, Aritzia has managed to stand apart, thanks in no. She became COO in 2007. A core value guiding the brand is its give-back initiative, as evidenced by the work it committed to at the start of the pandemic. "I hadn't even finished my last year exams," Wong explains, her role evolving to key holder and then assistant store manager while she was still studying economics at the University of British Columbia. Wong has been at the Canadian womenswear brand for We're monitoring the challenges of supply chain, labor and inflationary pressures very closely, maximizing our position to deliver Everyday Luxury for our clients today and tomorrow is our top priority. The chain oozes cool: it often hires DJs to play in its stores. <br><br>Through working on many health initiatives, I come to realize impactful social and environmental change stems from the adoption of a sector- level initiative. Providence Patient. We already opened our first boutique in Orlando, and we'll be opening in Atlanta later this month. Hi Irene, it's, Jennifer. And also interesting Brian's comment about a friend who isn't seeing that. With them, we started a scholarship program to provide LGBTQ students with financial assistance, opportunities and access to education. Leave this field empty if you're human: We delivered gross profit of $181 million, up 66% from the first quarter last year. . And so what we're seeing now is getting ourselves back into a position where we feel comfortable with our inventory levels. From there, she moved through human resources, legal, finance, marketing and technology, and was named COO in 2007. We would refer you to our most recently filed management's discussion and analysis and our annual information form, which include a summary of the material assumptions as well as risks and factors that could affect our future performance and our ability to deliver on these forward-looking statements. Just wanted to get your overall thoughts on where we are -- where your customer is and how they're feeling? Selling in our professional and fashion assortment increased as our clients begin to return to the office, social events and travel, all while maintaining our momentum in lifestyle apparel. Open Your Heart. Are you seeing any mix shift? Meanwhile, it makes deep buys of historically successful products that get refreshed year by year, says Stephen MacLeod, an analyst at BMO Capital Markets. The latest Super Puffs, now also available for men, are the stars of fall window displays in Aritzias flagship stores, and the company recently opened Super Puff pop-ups in New York and L.A. Stores continue to be the companys primary marketing vehicle. As such, we finished the quarter with more clients than ever before. While Aritzia is no stranger to designing its own signature brands, it created a limited-edition capsule collection to celebrate an equation at the heart of it all Women to the Power of Women which dropped ahead of International Womens Day, this past March. So obviously, sometimes real estate and the opportunities don't necessarily present the opportunity for a bigger store. The Community Care program is an extension of Aritzias overall commitment to organizations that help women and girls succeed at work and in life. } As such, we expect net revenue for the second quarter to be in the range of $440 million to $460 million, representing an increase of approximately 26% to 31% compared to last year. Date Download. While the pandemic halted a run of 22 consecutive quarters of comparable sales growth, the Vancouver-based retailer registered a smaller revenue drop than many rivals, thanks to its nimble pivot to e-commerce. Our marketing department cringes when I say this, but fundamentally, Aritzia sells clothes, he says. All rights reserved. Their tireless hard work, dedication and resilience is unmatched and is what delivered another exceptional quarter. Before that she was vice-president of support operations, manager of a shoe department and astore's assistant manager. & Non-Independent Director at Aritzia. Like all global businesses, we continue to experience supply chain disruptions and logistics delays in Q1. I think last year -- throughout the entire year, we were chasing -- our inventory levels were between 20% and 30% up over the prior year, but our sales were up 75%. Sitting criss-cross applesauce in a studio in Vancouver's Railtown neighbourhood, Wong, founder of mobile advertising platform Kiip, isn't afraid to act his age. We work hard to create opportunities for young women to join the workforce and gain skills to grow in multiple career paths because championing, supporting, and growing women in leadership and across all levels of our organization is core to our beliefs., Tasha Tilberg with her twins, wearing the Cause Mom collection, a unique collaboration with Cause We [+] Care, Photo Credit: Courtesy of Aritzia. And these new categories are looking down the road and down in the future as we continue to expand. But at the same time, I don't think that we're depending on these launches for our sales and driving our growth over the next few years. Just with the success on the very strong demand that you're having in the U.S. and with strong productivity from the new boutiques that you're building, is it changing your longer-term perspective on the U.S. market and just how big that could be for you and maybe the potential number of boutiques that you might open there over the long run?
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