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ABERCROMBIE & FITCH New Albany, Ohio; Retailer To The Young And Preppy Adopts A More Upscale Look.(THE NEW AMERICA)
Byline: MARILYN ALVA
Bring on the cashmere sweaters, $200 handbags and Italian-cotton woven shirts. Abercrombie & Fitch is moving up the luxury ladder.
"There has always been a luxurious component to our business," said company spokesman Thomas Lennox. "We're taking the quality up."
Merchandise isn't all that's being tweaked at the 365 flagship Abercrombie & Fitch stores. Since October, the company also has increased staffing levels in stores to improve customer service.
Meanwhile, a new and higher priced brand within a brand, called Ezra Fitch, debuted during the back-to-school season, with prices up to 30% higher than the core brand. The Ezra Fitch line includes cashmere sweaters, woven shirts and denims priced well over $100.
In a December note, analyst Paul Lejuez of Credit Suisse First Boston wrote that management's new "casual luxury" strategy will help differentiate it from rivals as well as its fast-growing store concept, Hollister. Hollister is geared to a younger demographic: high school teens.
A more upscale focus also should help Abercrombie & Fitch expand internationally and improve underpenetrated categories such as handbags, Lejuez wrote.
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