Betsey Johnson closing its doors
The end of the iconic brand opens up room for competing luxury retailers.
Long-time luxury retailer Betsey Johnson has seen the last of its flowery patterns and animal prints. The funky, gleefully spirited brand is going out of business, announcing an "everything must go" blowout sale that even includes the actual store shelves themselves.
During the 20% to 50% off sale, customers can purchase the newest Betsey styles at a discounted rate with no chance of return. Inventory will not be replenished following the sales at the privately held chain's 54 stores and nine outlets.
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"While the sales are ongoing, Betsey Johnson customers are still our main priority. We hope that they use this opportunity to find great discounts on all of the latest Betsey Johnson fashions," Friedman said.
While Betsey and her fans may be crying tears flecked with cobalt blue eye shadow and chunks of thick black mascara, other high-end retailers are able to rejoice at the prospect of attracting her groovy clientele.
Michael Kors (KORS) could potentially see share interest from investors after the demise of Betsey Johnson. Her loss is his gain, as the two brands compete at a comparable price level and attract a fairly similar customer base.
Express (EXPR) has seen a recent spike in men's retail spending, but has lost some of its female fan base. According to Piper Jaffray, men have been picking up their fashion game lately, and the ladies in their lives are likely not far behind. With this extra push from Betsey Johnson's abandoned female shoppers, there is an even better chance that EXPR will experience better-than-expected summer months.
For many women, the news of Betsey Johnson's goodbye marks the end of an era. Merchandise is expected to sell at warp speed, since the brand usually sells inventory at full price until pushing it off-price stores such as T.J. Maxx and Marshalls (TJX). With the discounted price tags and coveted outfits, Betsey Johnson has seen the last of its retail reign.
People are whining about the economy, but still paying for overpriced coffee at a sidewalk "cafe." overpriced danish, etc. Stop whining people and continue buying overpriced stuff.
$300 for a summer dress??? I drooled but could never justify spending that much for something that was almost as much as my rent.
I couldn't often afford it but I really liked her stuff!! The jewelry was so quirky and just fun
Omg! I am saddened, sorry and shock to see Betsey Johnson go. The jewelries are one of the cutest merchandises I've ever seen. I hate to see these things happen.
SIGH, the economy is epically suckish. That's all I have to say.
My daughter got a Betsy Johnson purse last Christmas and it was expensive. Expensive junk that is; from China. The zipper broke and the metalic shine of the fabric wore at the seams. Contacted Betsy Johnson and they would not do anything. I would not buy her one again, now i'm glad i didn't.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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