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Men's Wearhouse CEO Explains The Company's Plan For Joseph Abboud And Jos. A. Bank

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Men's Wearhouse CEO Explains The Company's Plan For Joseph Abboud And Jos. A. Bank

Men's Wearhouse Inc (NYSE: MW) opened the first flagship store of designer brand Joseph Abboud in New York last week. Douglas Ewert, Men's Wearhouse CEO, was on CNBC Tuesday to discuss the company's plans and strategy for acquisitions Joseph Abboud and Jos. A. Bank Clothiers Inc (NASDAQ: JOSB).

Joseph Abboud

"Joseph Abboud attracts a different kind of customer than what shopped with us before," Ewert said.

"It's a classic American designer brand with tailor clothing made in the USA; it's a more aspirational product, and it's attracting a new customer to shop with us. And [it] gives an opportunity for existing customers to trade up to a higher quality product."

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Jos. A. Bank

Ewert was asked how he plans to bring a turnaround at Joseph A. Bank and boost its sales and comps in line with Men's Wearhouse. He replied, "Joseph Bank has suffered from a hyper-aggressive promotional strategy, and so we are weaning off of that."

Ewert explained, "We are going to be introducing new products, new fits, new styles – give the customer more reasons to shop than just price. And we think 2015 is going to be a transformational year for the Joseph Bank brand."

He continued, "Revenue synergy should start kicking in, in the back half of this year as we bring in an expanded shoes assortment, more big and tall product, more tailored and slim fit products. Tuxedo rental is an opportunity in the Joseph Bank business.

"So, we see lots of opportunity in that business to help recover from this hyper-aggressive promotional," Ewert concluded.

 
Image Credit: Public Domain

Posted-In: CNBC Douglas Ewert Joseph AbboudMedia

 

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