Case Study
Tailored Brands
Brand Transformation
Challenge
In 2014, the two largest men’s specialty retailers merged – Men’s Wearhouse and Jos. A. Bank. Although the two companies were intended to cater to different consumers at a mass and premium tier, the brands were cannibalizing each other and in decline.
Opportunity
- Repositon and revitalize the brand
- Transform consumer and market perception
- Shift product offering within limited constraints
- Drive profitable growth
Issues
- Once a premium brand known for quality and tailoring expertise, Jos. A. Bank became heavily dependent upon deep discounting
- Brand equity in disaster
- The brand lost 30% of its value in one year — over $300 million in lost sales
- Product was undifferentiated within the portfolio and from offerings in mass discounters
- Old inventory remained in stores for years. Some was 4-5 years old
- Eroding profitability. In addition to profit loss from discounting, consumers were increasingly shifting from store sales to online sales which diminished profit
Actions
- Led qualitative and quantitative consumer research including perceptions, barriers, habits, practices and desires
- Discovered core equity and product offerings that Jos. A. Bank could uniquely deliver at scale
- Created first brand equity campaign in company’s 117-year history
- Surfaced rich history virtually unknown to the brand and completely unknown to consumers. Captured hand-craftsmanship story, celebrated vintage US-production plant (the only one in the suit industry), and product quality
- Developed comprehensive marketing plan. Led execution
- Led field training for employees of 700+ stores nationwide
Results
- Transformed company from declining sales with high customer attrition to record-setting results:
- Acquisition (+11%)
- Sales (+5%)
- Drove the company’s first profitable quarter since 2014
- Facilitated profitable growth every quarter thereafter despite -20% reduction in
YOY marketing budget