Men's Wearhouse (NYSE:MW) CEO Douglas Ewart recently told CNBC that the retailer is looking to widen its consumer base by expanding the demographic appeal of its Jos. A. Bank brand.
The current Jos. A. Bank consumer is assumed to be loyal and interested in quantity discounts. However, the company wants to go beyond the hyper-discounter image and introduce quality products worth a heftier price, reported CNBC.
Ewert hopes to wean off of the "hyper-aggressive promotional strategy" and introduce new products, styles and fits.
In 2013, Men's Wearhouse acquired Joseph Abboud, a high-end brand, for $97.5 million in efforts to expand its customer base. And last year the retailer acquired discounter Jos. A. Bank in a $1.8 million deal. Around the same time, the company began rolling out a new click-and-collect feature in all of its roughly 900 stores in the United States, following a successful pilot in the Houston market.
-See this CNBC article
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