Lands' End

Last updated

Lands' End, Inc.
Company type Public
Nasdaq:  LE
Industry Retail
Founded Chicago, Illinois
(1963;61 years ago (1963))
Founder Gary Comer
Headquarters Dodgeville, Wisconsin [1]
Number of locations
28 (2023) [1]
Key people
Andrew McLean (CEO) [2]
ProductsClothing, luggage, home furnishings
RevenueDecrease2.svg US$1.555 billion (FY2022) [1]
Decrease2.svg US$24.7 million (FY2022) [1]
Decrease2.svg US$-2.12 million (FY2022) [1]
Total assets Increase2.svg US$1.082 billion (FY2022) [3]
Total equity Increase2.svg US$380.8 million (FY2022) [3]
OwnerPublicly traded company [4] [5]
Number of employees
5,000 (2023) [1]
Parent Sears (2002–2005)
Sears Holdings
(2005–2014)
Website www.landsend.com

Lands' End is an American clothing and home decor retailer founded in 1963 and based in Dodgeville, Wisconsin, that specializes in casual clothing, luggage, and home furnishings. The majority of the company's business is conducted through mail order and Internet sales, but the company also has 28 retail stores, primarily in the Upper Midwest and Hawaii. [1] From 2002 to 2014, Lands' End was a subsidiary of Sears Holdings. [6] [7]

Contents

History

Lands' End began as a mail-order yachting supply company in 1963 in Chicago. [4] It was founded by Gary Comer, [8] [9] along with his partners, 1963 Pan American Games gold medalist sailors Richard Stearns and Robert Halperin, and two of Stearns' employees. [10] [11] As the business became successful, it expanded into general clothing and home furnishings, and moved to Dodgeville, Wisconsin, in 1978. [9] The company is named from its sailboat heritage, after Land's End, but the misplaced apostrophe in the company name was a typographical error that Comer could not afford to change, as promotional materials had already been printed. [8]

Lands' End's catalog business expanded in the 1980s, as mail-order retail grew nationwide. The company expanded its computer systems and customer service operations. In 1986, it became a publicly traded company. [4] The 1990s saw continued growth, as the company began international expansion and became an early embracer of e-commerce, establishing a website and "live chat" customer service. Lands' End was named among the 100 Best Companies To Work For In America by FORTUNE Magazine. [12]

In the late 1980s, Lands' End was the jersey supplier of the United States national rugby union team. [13]

In 2002, Sears acquired the company for $2 billion in cash. [6] In July 2023 the company's valuation by market capitalization was $0.3 billion. [14]

In addition to operating mail order and online business and Lands' End Inlet stores (a reverse pun used for its outlet stores), Sears offered a Lands' End clothing line in a large number of its retail stores. [15] In 2012, the company formed an "online partnership" with the UK's Debenhams and House of Fraser department stores; [16] in 2016 it began selling on Amazon. [17]

In November 2009, Lands' End launched a new line called Lands' End Canvas, which offered a more fashion-oriented selection of casual clothing for men and women. It was discontinued in 2013. [18] [19] The line was reintroduced in 2016 and promptly cancelled in 2017 by an incoming new CEO. [20] [21]

On December 6, 2013, Sears Holding Corp. announced that it would spin off Lands' End catalog business as a separate company by distributing stock to the retailer's stockholders. [22] Lands' End stock began trading on the NASDAQ on April 7, 2014. [7] Jerome Griffith became CEO in March 2017, succeeding Federica Marchionni. [17]

In 2016, feminist activist Gloria Steinem was featured in the catalog of Lands' End. After an outcry from anti-abortion customers, the company removed Steinem from their website, stating on their Facebook page:

It was never our intention to raise a divisive political or religious issue, so when some of our customers saw the recent promotion that way, we heard them. We sincerely apologize for any offense.

The company then faced further criticism online, this time both from customers who were still unhappy that Steinem had been featured in the first place, and customers who were unhappy that Steinem had been removed. [23]

In 2019, Lands' End announced the closure of its remaining store-within-a-store branches in Sears stores, after Sears Holdings filed for Chapter 11 bankruptcy. [24] [17] The last of these closed by the end of 2019. [25] As of the end of 2022, the company operated 28 retail stores. [1]

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References

  1. 1 2 3 4 5 6 7 8 "Form 10-K to January 2023 - Lands' End Inc". Dodgeville, Wisconsin: Lands' End Inc. April 10, 2023.
  2. ↑ "Lands' End Announces CEO Succession Plan". GlobeNewswire News Room (Press release). September 12, 2022. Retrieved July 14, 2023.
  3. 1 2 "Lands' End, Inc. (LE) Balance Sheet". Yahoo Finance.
  4. 1 2 3 "Investor Relations". Lands' End. Retrieved December 11, 2023.
  5. ↑ "Frequently asked questions". Lands' End. Lands' End became a wholly owned subsidiary of Sears in 2002. In 2014, Lands' End spun off from Sears Holdings and became a publicly traded company on the NASDAQ under the ticker symbol 'LE'.
  6. 1 2 "Sears buys Lands' End". CNN . May 13, 2002. Retrieved December 11, 2023.
  7. 1 2 "Lands' End Starts Trading as Public Company". Associated Press . April 7, 2014. Retrieved December 11, 2023.
  8. 1 2 Kapner, Suzanne (October 30, 2013). "Sears Weighs A Spinoff of Lands' End; Core Chains' Losses Grow". The Wall Street Journal. Archived from the original on November 2, 2013.
  9. 1 2 Hevesi, Dennis (October 6, 2006). "Gary C. Comer, 78, Founder of Lands' End, Dies". The New York Times .
  10. ↑ "American National Business Hall of Fame". Anbhf.org. Archived from the original on November 2, 2013. Retrieved July 12, 2011.
  11. ↑ Kogan, Rick (October 5, 2006). "Gary Comer: 1927 - 2006". Chicago Tribune . Archived from the original on November 2, 2013.
  12. ↑ Levering, Robert; Moskowitz, Milton; Solovar, Maura Griffin (January 12, 1998). "The 100 Best Companies To Work For In America". Fortune Magazine.
  13. ↑ Leung, Gabrielle (September 5, 2019). "Rowing Blazers Taps Lands' End for Colorful Capsule Collection". HYPEBEAST. Retrieved September 23, 2019.
  14. ↑ "Lands' End, Inc. (LE)". Yahoo! Finance. July 28, 2023. Retrieved July 30, 2023.
  15. ↑ "Sears stores carrying Lands' End". Internetretailer.com. October 17, 2003. Archived from the original on September 27, 2007.
  16. ↑ "Corporate Overview". landsend.com. Retrieved October 10, 2013.
  17. 1 2 3 Wahba, Phil (December 7, 2018). "How Lands' End Emerged From the Shadow of Sears and Prospered Again". Fortune.
  18. ↑ Moin, David (April 6, 2016). "Lands' End Paints a New Canvas". Women's Wear Daily. Retrieved July 30, 2023.
  19. ↑ Lester, Tracey Lomrantz (November 12, 2009). "Lands' End Gets Chicified: Get To Know Canvas". Glamour. Retrieved July 30, 2023.
  20. ↑ "Lands' End Introduces Canvas by Lands' End". PR Newswire (Press release). April 8, 2016. Retrieved July 30, 2023.
  21. ↑ Romell, Rick (May 15, 2017). "Lands' End axes ex-CEO's apparel line". Milwaukee Journal Sentinel. Retrieved July 30, 2023.
  22. ↑ Malcolm, Hadley (December 6, 2013). "Sears to spin off Lands' End business". USA Today .
  23. ↑ Rogers, Katie (February 29, 2016). "'Catalog Interview With Gloria Steinem Has Lands' End on Its Heels'". The New York Times. Retrieved February 29, 2016.
  24. ↑ Jansen, Caroline (May 29, 2019). "Lands' End to take final steps away from Sears". Retail Dive. Retrieved July 27, 2019.
  25. ↑ "Lands' End Stores FAQ". landsend.com. Retrieved January 10, 2022.
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