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Ann Taylor Case Study
The issue facing Ann Taylor in 2014 was a fairly common one, particularly for brands that have been established for as long as this women's clothing store magnate has been. This chain of specialty stores was initially established in 1954. As such, it had witnessed myriad changes in styles and fickle customer tastes since the midway point of the 20th century. The crux of the issue that Ann Taylor was experiencing was simple enough: it needed to change with the times without alienating its core customer base and style. Specifically, there was a conflict of sorts in the two directions that the store could have gone in at this point in time. One of these was typified by its LOFT stores, which traditionally sold casual clothes that were less expensive that typical Ann Taylor products. The second direction was typified by the traditional Ann Taylor line, which was centered upon upscale, fashionable clothing for professional women. Therefore, the problem statement that Ann Taylor faced at this point in time when it was re-emerging...
The concept behind LOFT was viable both from a fashion perspective and financial one. It would attend to the clothing and accessory needs of women looking for a more casual look. It addressed this need in a salient manner since around the time it was introduced (at the end of the 20th century) there was a growing movement for a more casual dress code in the office place. The brand always appealed from an economic standpoint as well, as it offered clothing at approximately 30% less than conventional Ann Taylor store's did. Still, the popularity of LOFT and the style of clothing it represents for the contemporary zeitgeist in which casual clothing is becoming more ubiquitous is indisputable. There is a bevy of financial data that attests to this reality. The LOFT stores have made steady gains in their fiscal year ending numbers ever since 2012, with the stores ending with $1,276.4 in February of 2015.…
There are several facets of the financial analysis of Ann Taylor (as opposed to the company's business generated by LOFT), that reflects the fact that the clothing market has shifted towards less formal, and more casual, attire. Prior to examining the financial data that verifies this assertion, it is important to establish the fact that the initial Ann Taylor brand is practically diametrically opposed to the clothing and accessories found in LOFT. Ann Taylor has historically built its reputation as offering upscale rainments for professional women. Business suits and classy, elegant (and costly) black dresses typified its look, style, and even clientele. In fact, this reality partially led to the creation of the LOFT brand, and perhaps even contributed to its ascendancy over the conventional Ann Taylor brand and style. This claim is readily buttressed by even a cursory review of the financial data for Ann Taylor, particularly as it is compared to the same data for LOFT. Unlike the data for LOFT, the financial data for Ann Taylor does not reflect steady gains. There were greater yields for Ann Taylor's stores and total brand at the end of the fiscal year in 2014 (668 and 959.8, respectively), than in 2015 (658.7 and 952.8, respectively). Still, the most notable analysis of this data is in comparing it to the respective metrics for LOFT. The total Ann Taylor brand for the end of the fiscal year 2015 is 952.8, while the total LOFT brand for that time is $1,580. The superiority of LOFT to Ann Taylor is underscored by each store's earnings for 2015, as LOFT's $1,276.4 doubles that of Ann Taylor $658.7.
Recommendations
The first alternative that Ann Taylor leaders could consider is to discontinue Ann Taylor's high end, professional attire while merely continuing its LOFT attire. The pros include the fact that it could lower its costs by focusing only on causal clothing and abandoning the professional attire. Furthermore, the financial data supports this option by proving that most of the brand's finances stem from LOFT. The cons are that Ann Taylor's history is involved with its upscale clothing and it would be giving up on its flagship style. A more preferable alternative is that Ann Taylor could reduce the amount of its upscale clothing merchandise and exclusive locations for it, while merely adding the most popular items to LOFT stores. The pros are that it could retain its image as a seller of professional clothing while concentrating on the casual style that is more popular now. The cons are that its upscale clothing would be less visible.
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