Vera Bradley Inc was incorporated in the state of Indiana on June 23, 2010. The Company is engaged in the designing, manufacturing, marketing and retailing of functional accessories for women. In the year 2010 the Company completed its initial public offering. Its products include a wide offering of handbags, accessories and travel and leisure items. The Company operates in two reportable segments: Direct and Indirect. As of January 31, 2015, the Direct segment consisted of sales of Vera Bradley products through 96 full-line stores and 29 factory outlet stores in the United States; 13 department store locations in Japan; the Company's websites, verabradley.com and verabradley.co.jp; and annual outlet sale in Fort Wayne, Indiana. As of January 31, 2015, the Indirect segment consisted of sales of Vera Bradley products to approximately 2,700 specialty retailers, substantially all of which are located in the United States, as well as select department stores and third party e-commerce sites. The Company offers an assortment of products that meet the customers' functional needs, including: handbags, such as purses, totes, and specialty bags; accessories, such as wallets, wristlets, smartphone cases, technology accessories, and eyewear; and travel and leisure items, such as weekend bags, duffel bags, and garment bags. The Company introduces its new patterns seasonally and with each season it introduces two to four patterns. It implements an integrated and cross-functional product development process that aligns design, market research, merchandise management, sales, marketing, and sourcing. The product development team works to ensure that new collections contains an assortment of products and styles that are in line with both fashion trends and customer needs and regularly updates classic styles. To promote the brand the Company adopts various marketing strategies including Direct Mail, Advertising, Public Relations and Product Placement, and Social Media and Online Marketing. The Company distributes the products through its Direct and Indirect segments. The Company directly competes with Coach, Nine West, Liz Claiborne, Dooney & Bourke, Kate Spade, Michael Kors, among others.
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