Woolrich to open 80 stores by 2020
Nov 16, 2015
New York - Woolrich is taking their popular coats to 80 new expected doors by 2020. The Pennsylvania-based company, which celebrated its 185th anniversary this year, plans to open 80 stores around the world over the next five years. WP Lavori, the brand's longtime partner, will be at the forefront of the retail door expansion.
In June 2012, Woolrich and Italy-based WP Lavori, expanded their 35 year licensing deal. Under the new deal, Woolrich oversees the business for the North American markets, while WP Lavori oversees operations for the European, Japanese, and Korean markets. WP Lavori is expected to invest 50 million dollars into the rollout.
The company is also working on reforming their distribution model. Their current model is 88 percent wholesale, 2 percent retail, and 10 percent online in Europe, and 70 percent wholesale, 40 percent online, and less then 5 percent retail in the U.S. By 2020, Woolrich hopes to have 68 percent wholesale, 24 percent retail, and 8 percent online globally.
Woolrich unveils massive retail store expansion plan
The company currently only operates 2 stores in the U.S., one in New York City in Soho, and another in Boston on Newbury Street. Both of these areas are known for their high retail traffic and surrounding luxury stores.
The company's main focus for their expansion is their higher-end label Woolrich John Rich & Bros. Currently, there are plans to add 54 stores in Europe, 11 in the U.S. and Canada, and five in Asia between now and 2020.
Andrea Cane, creative director of WP Lavori, has admitted the plan is ambitious. Whether or not this plan will work shall be seen once they begin their aggressive rollout of stores planned for 2016, beginning with cities like Milan, Rome, Chicago, and Oslo. The brand's Q4 earnings for 2016 will give a clear outlook of their hopes for their expansion plan, and whether their plan will continue to be feasible.