Urban Outfitters Inc., who also owns Anthropologie, is planning to start a wedding-focused bridal business next year. Here are the businessy words:
Aiming to maintain the growth that led to record 2009 sales and profit, Urban Outfitters Inc. today disclosed plans to start another retail brand next year, this one aimed at the $60 billion wedding industry. The Philadelphia specialty retailer, whose Urban Outfitters and Anthropologie stores target an upscale clientele, said it planned to launch the as-yet-unnamed bridal business by Valentine's Day 2011, first online and later with a store opening.
"We think this is going to be a meaningful business," Glen T. Senk, chief executive officer, told analysts today while reviewing the company's 2009 earnings, which included record sales of $1.9 billion and record profit of $220 million. "Anybody we talk to about this goes, 'Wow, that's exciting,' " he said. [cool story, bro]
An institutionalized pixie bride from Anthropologie
The idea for creating a brand aimed at weddings - featuring heirloom gowns, accessories, intimate apparel, decor, and gifts - grew out of the company's existing business, which often catered to brides and their entourages, Senk said. According to the company's research, matrimony means money: The average wedding costs $45,000 to stage, and the bride alone spends $4,500 on clothing and accessories. Bridalwear is a niche that suffered badly last year in the economic downturn; many high-end boutiques closed.
Okay, blahblahblah, there's more info (including numbers) at the source but if my experience is any prediction, all the crap at this store will look cool but be overpriced and lacking substance...just like Urban Outfitters and Anthropologie. I always stop in Anthropologie to drool over their crazy sweaters, but I know not to buy any because they always fall apart (at least the ones I've bought always have) and I'm left bitter, $115 poorer, and sans-crazy sweater.