About
Claire's Stores, Inc. is a leading specialty retailer of value-priced jewelry and accessories for girls and young women through its two store concepts: Claire's (North America and Europe) and Icing.
History
In 1961 a predecessor to Claire's, Fashion Tress, Inc., went public in over the counter trading. In 1973 the name was changed to FT Industries, Inc. when the former Chairman Emeritus, Rowland Schaefer, bought Claire's Boutiques, Inc. which operated 60 stores in the Chicago area. In 1983, the Company's name changed again, this time to Claire's Stores, Inc. The Common Stock was listed on the New York Stock Exchange in 1985 and began trading under the ticker symbol of CLE.
The Company traces its beginnings to Rowland Schaefer, who established Fashion Tress, Inc., a manufacturer of wigs and accessories distributed worldwide. In the early 1980's, Mr. Schaefer set new strategic directions by divesting the business of capital-intensive manufacturing businesses in favor of the specialty retailing of women's fashion accessories. In the 90's, the emphasis of Claire's Stores shifted to value-priced jewelry and accessories for girls and young women.
After decades of steady growth Claire's Stores undertook a review of strategic alternatives which ultimately led to the Company being sold to Apollo Management VI, L.P. and certain affiliated co-investment partnerships on May 29, 2007.
Constant Newness
Merchandising and marketing practices reinforce our position as the accessory headquarters for our customers. A steady flow of new merchandise into our stores is key to their freshness and appeal, since many of our customers shop frequently. This freshness is attained through constant product testing and fast placement of successful test items in all departments. Prime sourcing in the Far East and our efficient distribution systems worldwide make quick response to "what's new" in merchandise both possible and profitable. Our Hoffman Estates, Illinois distribution center efficiently ships merchandise to North American stores on a daily basis with merchandise being received into the distribution center and shipped out again that same day!
International Expansion
Claire's Stores concept translates internationally: a store that targets girls and young women with the latest jewelry and accessory styles. Claire's first arrived in the United Kingdom and Ireland in 1996 and continued its early European expansion into Austria, France, Germany and Switzerland. Our original expansion approach for Europe was to purchase a retail chain with existing management infrastructure, local buying expertise and knowledge of local customs. The acquired stores were then converted to the Claire's concept and our best practices for rolling out and operating stores were introduced. In 2005, we began to open stores in European countries without first completing an acquisition, and have entered Spain, Portugal, Belgium and the Netherlands in this manner.
Claire's Stores has been pursuing a successful international expansion strategy. Our European stores typically measure 630 square feet (smaller than North American stores) and ring up more than twice the sales per square foot of their North American counterparts. As a result, our current plans for expansion in Europe are more aggressive than in North America. At the end of Fiscal 2007 (February 3, 2007), we operated 859 stores in Europe.
The 193 stores we operated in Japan at the end of Fiscal 2007 are owned by a joint venture in which Claire's Stores has a 50% interest. In addition, 124 Middle Eastern, Russian and South African stores operated under franchise agreements at the end of Fiscal 2007. Additional franchise arrangements may be employed to further our international expansion.
Source:
clairestores.com
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