Express, Inc.

Express, Inc.
Public
Traded as NYSE: EXPR
S&P 600 Component
Industry Retail
Founded 1980[1]
Headquarters
Number of locations
 641 (January 2015)[2]
Areas served
 United States
Canada (online only)
Puerto Rico
Key people
 David Kornberg, CEO
Revenue Decrease US$2.192 billion (2016)
Decrease US$57.42 million (2016)
Total assets Increase US$1.185 billion (2016)
Number of employees
 17,000 (2017)
Parent Limited Brands
(1980–2011)
Website express.com
Express Men at Fairview Mall

Express, Inc. is an American fashion retailer that caters mainly to young women and men. The company is headquartered in Columbus, Ohio.[1] Express operates 635 stores in the United States, and Puerto Rico, and formerly in Canada.[3] Its revenue was US$ 2.192 billion in fiscal year 2016.[4]

History

Limited Brands, in 1980, opened the first Express store,[5] as women's clothier "Limited Express" in Chicago's Water Tower Place.[6] Former CEO Michael Weiss joined the brand in 1981 when the test expanded to include eight stores. By 1986, Express had 250 stores strong and began testing the sale of men’s merchandise in 16 stores the following year. The men’s fashion line was spun off into its own brand, Structure, in 1989.

In 2001, Express became a dual gender brand with the reintegration of its Structure stores as "Express Men". Dual gender Express stores began opening the following year. Structure apparel brand was sold to Sears in 2003.[7]

Express as a privately held company

On May 16, 2007, Limited Brands announced its intent to sell a 67% stake in Express to an affiliate of a private equity firm called Golden Gate Capital Partners, based in San Francisco.[8] When the sale was finalized in July 2007, Golden Gate's stake in the company was 75% instead of the announced 67%.

On May 13, 2010, the company sold 16 million shares for $17 each, raising about $272 million. Shares had been planned to sell between $18 and $20 each. On May 14, 2010, the shares opened at $17 to $16.50 before recovering slightly to close down 1.5% at $16.75 on the New York Stock Exchange.[9]

Since the IPO, Golden Gate and Limited Brands gradually reduced their ownership interest in the Company. On July 29, 2011, Limited Brands sold its remaining ownership interest in the Company, and as a result of this disposition, ceased to be a related party as of the end of the second quarter of 2011. On March 19, 2012, Golden Gate sold its remaining ownership interest in the Company, and as of May 31, 2012, Golden Gate no longer had representation on the Board. As a result of the disposition and Board seat removal, Golden Gate ceased to be a related party as of June 1, 2012.[10]

In May 2017, Express announced that it would close all 17 Canadian stores in Ontario, British Columbia and Alberta as part of a challenging retail environment and unfavorable exchange rates.

Styles

In 2005, Express introduced a denim line, with a stitching on the back pockets called DPD. In 2006, Express introduced the King of Prides collection for men, which includes denim, T-shirts, and hooded sweaters.

In April 2008, Express released a limited women's collection designed by Celia Birtwell. In early 2009, replacing the discontinued DPD jeans; Express introduced its newest denim line, Rerocks, in both women's and in men. Just like the DPD jeans, Rerocks also have stitching on the back pockets and the materials are different.

In 2009, Express denim line was expanded with its extra low-rise Zelda jeans as well as introducing two new styles. One is a women's denim, barely boot-cut in either the low-rise Zelda or the regular-rise Stella. The other is the men's denim Zach, which is an extra-slim fit.

Express jeans come in different washes from darkest to lightest and fits from loose to tight.

For women's denim: Mia styles: slim fit with a mid rise, Zelda styles: slim fit with an ultra low rise, Stella styles: regular fit with low rise jeans, Rerock styles: thick-stitched jeans

For men's denim: Blake styles: loose fit Kingston styles: classic fit, tighter fitting than the Blake and looser than the Rocco or Zach, Rocco styles: slim fit Alec styles: extra slim fit

Express clothes are designed at the Express Design Studio on 111 Fifth Avenue New York City, New York in Manhattan's Flatiron District.[11]

References

  1. 1 2 "Shop Men's and Women's Clothing". Express. Retrieved 2014-05-31.
  2. ↑ Express, Inc. Reports a 35% Increase in First Quarter Operating Income Exceeding Q1 Guidance; Raises Full Year 2011 Guidance
  3. ↑ "American clothing retailer Express to close its 17 Canadian stores". CTVNews. 2017-05-04. Retrieved 2017-11-18.
  4. ↑ "Clothing company Express files for $200 million IPO - News : Fashion (#88427)". Us.fashionmag.com. 2010-02-18. Retrieved 2014-05-31.
  5. ↑ "Limited to Sell Most of Express Brand - washingtonpost.com". www.washingtonpost.com. Retrieved 2017-01-27.
  6. ↑ "The Express Way". tribunedigital-chicagotribune. Retrieved 2017-01-27.
  7. ↑ "Sears Buys Structure Apparel Brand - Los Angeles Times". Articles.latimes.com. 2003-09-16. Retrieved 2014-05-31.
  8. ↑ REED, MATT (2007-05-15). "Limited to Sell Most of Express Brand". The Washington Post. ISSN 0190-8286. Retrieved 2017-01-27.
  9. ↑ Baldwin, Clare. "Express, Roadrunner fall in debut; TeleNav rises". Reuters. Retrieved 2014-05-31.
  10. ↑ Express_10Q_20120830.pdf, http://www.express.com/content.jsp?pageName=Investor
  11. ↑ "Explore Design Studio Job Opportunities at Express, Apply Online". Express.com. Retrieved 2014-05-31.
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