We have the answers for you. The company was formerly known as Aritzia Capital Corporation and changed its name to Aritzia Inc. in August 2016. In addition, it sells its products through online at aritzia.com. Moving to people. Jennifer Wong, who began her career at Aritzia as a style advisor in 1987 and worked her way up the ranks, became CEO in May. As much as real estate is a priority for Aritzia, the brands digital footprint is also a critical part of its strategy. So we're seeing it as an opportunity. They continue to navigate the ongoing headwinds of the global landscape to deliver for our clients and our business. Hill works closely with an in-house team of architects and designers to curate everything from fixtures to artwork to music. Okay. It's known for its retail mix, including a substantial roster of luxury brands. We look forward to sharing our long-term targets with you at our upcoming Investor Day. "We are very well known and loved in Canada," Wong said in an interview. As a followup to this capsule collection, Aritzia released a limited-edition collection, Cause Mom, in time for Mothers Day. Well, maybe I'll answer that. Five years ago, she also became president. While commerce was in her bloodher father was a banker, and she used to play business on a toy IBM typewriter as a childshe often sketched textile patterns during class and drove her mother crazy with wilful clothing choices. Jennifer Wong joined Aritzia in 1987. She has a creative writing PhD on Chinese diaspora poetry at Oxford Brookes University.Wong is the author of the poetry collections Letters Home (Nine Arches Press 2020), which was the PBS Spring 2020 Wild Card Choice; Goldfish . Leave this field empty if you're human: I will now pass the call over to Todd to share a more detailed look at our financials. In addition, it sells its products through online at aritzia.com. And also interesting Brian's comment about a friend who isn't seeing that. } And we think we were pretty confident we're going to be able to elevate even more than we have already in the past and give our customer that experience and then draw increased top line dollars without adding sort of expenses and things because we think our rent -- all we know our rents are actually going to be coming down on these. Jennifer Wong is the president and COO at Aritzia, an innovative design house and fashion boutique that conceives, creates and develops its own exclusive brands, each with a unique vision and. SG&A expenses in the quarter were $120 million or 29.5% of net revenue compared to 28.5% last year. She was recognized as one of Canadas Top 40 Under 40 (2008). Stay connected and sign up for our PREVIEW newsletter! He points out that Winners is the No. We now expect gross profit margin to decline up to an additional 50 basis points for the year to approximately 100 to 150 basis points down compared to last year, reflecting higher-than-expected inflationary pressure. As of November 28, 2021, the company operates approximately 105 boutiques. But as long as we continue to do what we think is best and continue to do what we see as right, that will guide us and lead us towards positive outcomes whether it's within our company or whether it has a bigger impact on our community., This is a BETA experience. In eCommerce, we saw our traffic grow further in Q1. And based on your commentary, Jennifer, it sounds as though the line extensions, notably the swimwear, the launch is going very well. As a second wave of COVID-19 threatens to roil retail again, however, even the most painstaking preparations may not be enough. As such, we expect net revenue for the second quarter to be in the range of $440 million to $460 million, representing an increase of approximately 26% to 31% compared to last year. Wong was 18 years old when she started working as a part-time sales associate at Aritzia in 1987. So we're trying to get ourselves in a position as we're actually even spending -- swing the pendulum farther than the other direction. A key reason Aritzia is in this enviable position is its president and chief operating officer, Jennifer Wong. Analysts had expected the company to generate about $135.4 million in net revenue. Yes. I will now turn the conference over to Beth Reed, Vice President, Investor Relations. Ms. Wong began her tenure with us in 1987 as a part-time sales associate. Aritzia Inc., together with its subsidiaries, designs and sells apparels and accessories for women in North America. "My job is broader than banking and finances. Even before the pandemic hit, Canadian fashion retail was littered with flame-outs, including Reitmans, Le Chteau and Danier. (Spoiler alert: Wong will be responsible for launching an e-commerce site later this year.). How it trends through the balance of the year and then sort of the current nature of the inventory? I cover captivating visionaries in fashion & lifestyle. Her husband, Brian, knew upon meeting Wong that she was just as crazy about work as she was about having a family, and when the couple started having kids a little more than a decade ago a boy followed by another two years later he assumed the role of the stay-at-home dad, so mom could keep bringing home the bacon. With almost 100 boutiques across Canada and the U.S., it plans to open five or six stores this year. (To date in fiscal year 2021, which started March 2, 2020, Aritzia has opened two new boutiques and expanded or repositioned two existing boutiques in Canada, and opened five new boutiques and expanded an existing one in the United States. Jennifer Wong is the Pres, COO, Corp. Sec. Were still an unknown entity. Many of the strategic decisions Aritzia had made in earlier years bore fruit during the crisis. & Non-Independent Director of Aritzia since . She certainly has the vision for it: shes credited for the Black Friday 2012 roll-out of Aritzias e-commerce business, making the company one of the first Canadian retailers to bring the annual sale across the border. The next question is from Meaghen Annett with TD Securities. It offers t-shirts, tops, bodysuits, shirts, blouses, sweaters, knitwear, sweatsuits, pants, denims, leggings, bike shorts, dresses, skirts, jackets, blazers, jackets, coats, shoes, and accessories, including hats, socks, face masks, intimates, gloves and mittens, belts, scarves, scrunchies, bags, and iphone cases. By evening, the decision was made: We had to close all the stores in an abundance of caution, Wong recalls. So these aren't just flagship footprint increases. But as stressful as it was, we had each others backs, and it was amazing to see how many people stepped up.. Aritzia was startedinside the Hill familys80-year-old department store in Vancouver. At the retailers behest, some also went into social media overdrive, which has been growing increasingly important to the retailer as it makes inroads stateside. event : evt, With every major initiative she took on, she had no direct previous experience, yet she was entrusted with leading it. We have doubled our U.S. active client base compared to last year. And I think that's proven. So I guess -- so what you attribute the ongoing really strong brand momentum, particularly in the U.S. where I think you said you had the double in the customer base. Our earnings release, the related financial statements and the MD&A are available on SEDAR as well as the Investor Relations section of our website at aritzia.com. If you have an ad-blocker enabled you may be blocked from proceeding. As an example, Aritzia Inc. founder Brian Hill rejected Jennifer Wong's utility when she initially utilized for a job on the girls's attire firm to be a mode adviser that's, a . Right now, we're just looking out to Q4 and what happens next year, I think we'll have a better visibility into over the next three to six months. ); Looking back on the months of closures, Wong sounds relieved. We've seen that register quite a bit now and come roaring back for us. a terrific start to the year. Can you just give a bit more color behind the change in the fiscal '23 gross margin guidance? And then we want to not only catch up with that, but we're trying to get our inventory even higher to sort of alleviate the expedited freight, coupled with the ongoing rolling COVID closures and some of our supply chain as well. And then so there could be savings there. Aritzia's net income of $70.7-million for the third quarter of fiscal 2023 was an increase of 8.9% from a year earlier . While Todd will provide you with our detailed financial results, I am pleased to share that we delivered net revenue of $408 million in Q1, an increase of 65% from last year, led by our business in the U.S., which continued to accelerate at a phenomenal pace, increasing 81% from last year. Shes done a great job of putting the strategic dream into place.. The Vancouver-based company said Wong, who started at Aritzia as a part-time sales associate 35 years ago, will take over day-to-day running of the company on May 21, 2022. unlock your potential with a degroote mba emba blended learning part-time mba I think the biggest difference is the timing this year. Jennifer L. Wong, MD. Aritzias sales at its roughly 30 U.S. locations have consistently exceeded expectations, and the market is now its main growth engine. & Non-Independent Director at Aritzia. Aritzia Inc. (OTCPK:ATZAF) Q1 2023 Earnings Conference Call July 07, 2022, 04:30 PM ET Company Participants Beth Reed - VP, IR Jennifer Wong - CEO Todd Ingledew - CFO Brian Hill - Founder. Aritzia executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Wallmine is a radically better financial terminal. Okay. We. That's great. This article was published more than 13 years ago. So there's a large timing shift, which is what's causing the variability quarter-to-quarter. (The company even has a mens collection for the first time in 36 years, after the celebrity-driven puff coat craze spilled over the gender line.) Jennifer Wong COO Aritzia LP. The company was formerly known as Aritzia Capital Corporation and changed its name to Aritzia Inc. in August 2016. Our business model continues to enable us to provide our clients with beautiful products for all aspects of their life. They are part of the Executive team within the C-Suite Department and their management level is C-Level. Leisurewear is selling a lot more.. "Exercise is a big relief," she says. And once again, I'm in this every day, and Todd and I have been having the most meaningful discussions we've had on inventory probably ever and as well as Jennifer and the three of us have been having these discussions. This concludes the question-and-answer session and today's conference call. Wong has been an integral part of the companys growth, spearheading the implementation of Aritzias resource planning system and overseeing the companys U.S. expansion, including the June 2011 opening of the New York City store, Aritzias ninth American location. Experience Chief Executive Officer Aritzia . While she admits that the hours can be gruelling, she doesnt subscribe to the clich work to live, live to work. In Q2, we're entering new markets. We deepened our partnership with the Stonewall Community Foundation. So just sort of curious what that means for the business? A new app will also allow advisers to stay in regular touch with customers, even sending packages of curated selections to those who prefer not to come in. The success of our geographic expansion strategy builds on our already flourishing boutique portfolio and positions Aritzia for continued growth into the future. Despite the challenges, our beautiful product assortment, best-in-class distribution centre, aspirational website, and response from our loyal clientele led to e-commerce growth in excess of 150% through the end of May 2020.. We've been doing a lot of research on this, and we've recently gone on a big trip around all through Europe and United States looking at what others are doing. Hi Irene, it's, Jennifer. We saw a strong eCommerce growth across all regions, except in Eastern Canada, where there was a channel shift to retail as the closed boutiques from last year were fully open this year. listeners: [], Hello! We were planning for a lot worse. But the recent resurgence of the virus makes it clear the pandemic isnt over, which could mean more emergencies ahead. "It's really nice working with a well-received brand," she adds. Our team is performing extremely well. This increase includes higher in-transit inventory due to the strategic decision to order and ship our fall product earlier. Thank you. It's what we're actually trying to do here, which is working out quite well because, as you know, there's a lot of retailers out there that are shedding bigger stores and everything else. Wong has been president and COO at Aritzia. This lays the foundation for more personalization and it forms the strategies we will employ to drive deeper loyalty with every client interaction. This improvement was achieved primarily from leverage on occupancy and warehousing costs that was amplified as we lapped the boutique closures from last year. I remember Brian and I looked at each other, and we were like, Thats a bad thing? The top leaders spend more time in stores than in their offices, and she personally visits stores regularly, partly to stay on top of operations (When I say something in front of a group at a podium, I need to know what the frick Im talking about) and partly to scope out staff standouts who would benefit from grooming and promotion, as she did herself. No wonder: shes been with the company since 1987, when she joined the Robson Street store as a seasonal style advisor. While the pandemic halted a run of 22 consecutive quarters of comparable sales growth, the Vancouver-based retailer registered a smaller revenue drop than many rivals, thanks to its nimble pivot to e-commerce. As the Pres, COO, and Corp. Sec. You can trust us to find something thats going to make you feel great and look great. Wongs impressive advancement can be attributed to a potent combination of commitment, ambition and her innate business acumen; forget dollhouses, as a child Wong was more interested in playing business on her toy IBM typewriter. I oversee the finance department, so I'm exposed to all that, but I'm also exposed to the breadth of the business: there's HR, IT, logistics. As Jennifer mentioned, we're going to be looking into the U.S. We're going to be looking into eCommerce. The company has identified roughly 100 locations that could support stores, and given the troubles of its retail competitors, there are many deals to be had. It does so through three pillars of impact: poverty alleviation, mentorship and job readiness. Get Jennifer Wong's email address (j*****@aritzia.com) and phone number (604-805-..) at RocketReach. On this Tuesday in September, the store is busy but not crowdedsomething it may never be again if COVID-19 permanently changes how we shop. And can I add something there, too, please? And I think we've held firm in saying that we are -- we see no need at this time to increase or change our pricing. The enviable position we are in today is a result of our proven long-term view of the business. Its a big buzzword in retail, says Harris, but you can count who does it well on three or four fingers. Since reopening most stores in May, the retailer has continued to keep its digital and bricks-and-mortar businesses in close synch. But even though I'm always available for work, my career is very important to me. But we're actually anticipating that, that will subside when potentially some kind of recession of some form or another, how deep it is who knows. This is the conference operator. The 100 basis point increase reflects the elimination of subsidies year-over-year and ongoing investments in talent and technology to deliver our growth. Picture by Aritzia Article content material. One of the things were good at is understanding what our customer wants, she explains. Outside brands like Levis make up less than 10% of its sales. It remains to be seen whether COVID-19 will permanently change shopping dynamics. Please go ahead. We're under construction on. The arrival of the fall lines is something of a relief, given the spring and summer seasons were largely cancelled by the pandemic. Wong says what she values in life isnt that complicated or luxurious, its actually kind of simplebut not lacking for quality. We still see the U.S. as there's a lot of white space there and ensuring that we continue to build the foundation for getting famous and propelling our brand and providing that exceptional client service that we are known for, that's what will keep us in the game, so to speak. She started as COO in 2007. Company Overview. She studied English at Oxford University and earned an MA in creative writing at the University of East Anglia. Its confidence in knowing weve taken the time to analyze something and make an informed decision., Wong says its not just the employees at the executive level who are responsible for keeping Aritzia cutting-edge. The hope is for annual revenue to exceed $1.1 billion in 2021, up from $743 million in 2018. Of course, Aritzia isnt the first Canadian fashion retailer to make tracks in the U.S. Its famous neighbours include fashion industry powerhouses like Prada, H&M and Bloomingdales. Sorry, I would just add something. Wong explains the growth of Aritzias e-commerce: Upon the closure of our boutiques, we took immediate action to drive e-commerce revenue, adjusting our product, marketing and operational strategies appropriately. The following day, Aritzia boutiques went dark. Aritzia has long been a closet staple for the fashion-conscious, attracting everyone from 14-year-old girls after its signature TNA leggings, to the stylish over 60s. He's talking. And we're very much aware of what other people are reporting. She pauses to consider. What are some additional names or alternative spellings that users use while searching for Aritzia? So we were at an extremely low level last year. Our marketing department cringes when I say this, but fundamentally, Aritzia sells clothes, he says. Today, Aritzia is a leader in the retail industry with a world-class team, a loyal community and an exciting future ahead of it. Inventory was $299 million at the end of the first quarter, up 81% from last year. The Joshua Tree won a Grammy for best album, the movie We have carried our strong momentum into Q2 and continue to lay the foundation for long-term lasting growth. Jennifer Wong began at Aritzia as a salesman 35 years in the past. This flexibility is further assisted by the fact that Aritzia buys its own materials, designs its own lines and even shoots its own ads, giving it greater control over pricing and quality, and enabling faster adaptation to trends. It's a journey through our experience, it's not just something one-dimensional experience for them. So that's what we're looking at doing, and we're super excited about it. This reflects continued strength in the United States in both retail and eCommerce as well as a strong recovery of our business in Canada. The company was formerly known as Aritzia Capital Corporation and changed its name to Aritzia Inc. in August 2016. We took the next couple of weeks to analyze our business and during that time, we kept all of our people employed. Aritzia is a very important part of my life, says Wong. And it's exciting to be in the business of fashion. But even that -- I don't -- that's not how we're looking at it. 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With stores closed, Wongs bigger worry was demand, so the company veered hard toward e-commerce. window.mc4wp = window.mc4wp || { So far, says Mark Petrie, an analyst with CIBC World Markets, Aritzia has shown admirable discipline in making the most of its strengths: a multibrand approach, vertical integration that makes it less vulnerable to supply-chain tangles, and affordable luxury positioning in a world of fast f. One of the hardest things to pull off in the apparel industry is consistency, says Petrie, and Aritzia approaches things in a very methodical way.. We're continuing to grow our boutique portfolio, expand our DCs, invest in infrastructure and build our team of world-class talent. ", Follow us on Twitter: @globebusinessOpens in a new window. Jennifer Wong CEO Aritzia Jennifer Wong is CEO of the Vancouver-based retailer Aritzia Inc. She has executive oversight of a broad portfolio that includes e-commerce, people and. It's proven through Q1, and it's moving into Q2. A similar willingness to stick to convictions propelled Aritzias move into the U.S. Every Canadian business that went stateside retreated with their tail between their legswhat makes you guys any different? she recalls advisers asking the team. So one, what are you seeing out there with regards to your competitors? Or do you sort of start at the flagship and then go to eCommerce and then see how clients respond before offering it more broadly? november 2020. With that, I'll now turn the call back to Jennifer. While International Women's Day and Women's History Month are notable occasions to celebrate the power of women, Aritzia recognizes women all year long, in leadership and executive roles. Wong embodies Aritzia's culture, championing our business and leadership philosophies. April 18, 2018 Mandate of the Board of Directors (opens in new window) 195 KB. We are cautiously optimistic about our outlook for the remainder of fiscal 2023. Date Download. So we've seen the mix of what we're selling has changed dramatically, but the actual uptake has not changed whatsoever as Jennifer mentioned. Aritzia's fiscal 2022 profit was up by more than eight times: to $156.9 million from $19.2 million. >> Rocketreach finds email, phone & social media for 450M+ professionals. Aritzia has also enjoyed well-deserved celebrity hype: The Super Puff puffer jacket, which was first released in 2018, has been worn by Ariana Grande, Kendall Jenner, Hailey Bieber, and Margot Robbie, catapulting it to fashion icon status. Social media is one of many vehicles, but in the fashion business, its an important one. When Meghan Markle, Duchess of Sussex (whose stylist has a connection to Aritzia), was photographed in a Wilfred Cocoon coat, Aritzia team made sure the world knew it, and the line sold out. I always have to be moving the peanut forward, so to speak. "I feel my best after a really good cardio workout. Aritzia Inc. was founded in 1984 and is headquartered in Vancouver, Canada. Are you seeing any mix shift? And then we also have, in the second quarter, COVID relief subsidies and rent abatements that we received last year that are -- that obviously we're not going to get this year. Yes, we're going to have a bit more food and beverage than we've had in the past because we think the experience for the customer, that's important. We've done such a good job to extend all other product expansion initiatives. "Retail is seven days a week; we're only closed one day a year," says Ms. Wong, who is married. The next question is from Patricia Baker with Scotiabank. But right now, as of today, we haven't seen a material change from the peaks that we've been experiencing over the last six to nine months. And so we think by opening these bigger stores and due to the economic environment out there in real estate, we're actually paying less or getting bigger stores and paying less rent than we were previously. And I think that we're in it for the long game, as Jen mentioned. In Canada, there are currently 70 storefront locations, including standalone storefronts for Babaton, TNA, and Wilfred, and the company launched its first concept caf, A-OK, at Torontos Bloor-Yonge flagship location in February. The growth of my career at Aritzia has matched my own personal career aspirations, says Wong, who upon graduating college in 1991 was offered a position managing the companys shoe division. This outstanding growth in spite of macro headwinds was driven by the incredible demand for our product across all geographies and all channels. This included improving our product discovery. As a fashion brand that is leading with empathy, action and innovation, and an optimistic story in the retail landscape, Aritzia is experiencing success by doubling down on a formula that is working. Wanda Costen is leading change in business education. View Jennifer Wong's profile on LinkedIn, the world's largest professional community. We opened three new boutiques in the quarter to a tremendous client response, two of which were in new markets, Las Vegas and Miami. Thanks, and good afternoon, everyone.
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