New York & Co. to Acquire Plus-Size Retailer
New York & Company announced yesterday that it was the winning bidder in a recent bankruptcy auction for Fashion to Figure. The women's apparel chain agreed to purchase Fashion to Figure, a retailer of plus-size women's apparel, for a total of $2.4 million, including all fees and expenses. The New York Business Journal reports Fashion to Figure was founded by the great-grandsons of Lena Bryant, the founder of plus-size clothing chain Lane Bryant. The deal is expected to close in the fourth quarter of fiscal 2017.
Total Retail's Take: A study from market research firm Plunkett Research found that 67 percent of American women were “plus-size,” meaning size 14 or larger, yet only 18 percent of clothing sold was plus-size, according to NPD Group, another research firm. New York & Company's purchase of Fashion to Figure speaks to the the opportunity it sees in the plus-size market. Fashion to Figure's customer base is small, around 500,000, but those customers are loyal to the brand. New York & Co. hopes to engender that same type of customer loyalty as it brings Fashion to Figure under its umbrella.
"We look forward to working with the Kaplans to reintroduce the brand to the marketplace and to Fashion to Figure’s loyal customers at the start of our new fiscal year," said New York & Co. CEO Gregory Scott, referring to Fashion to Figure's founders, Michael and Nicholas Kaplan.