J.C. Penney Company Inc has announced the launch of a Growth Brands Division, which will pursue high potential opportunities in the retail sector. These initiatives will be separate from the company’s core JCPenney brand and will leverage its exceptional merchandising, marketing, product development, sourcing, IT, planning and allocation, and consumer research capabilities to create new retail businesses and drive sales growth.
The first two initiatives under the new division – CLAD and Gifting Grace – will be launched in summer of 2011.
CLAD is an online modern menswear resource aimed at fashionable men in the 25-54 year age group. It will provide a full assortment of well-curated designer brands in a savvy digital environment.
Gifting Grace is targeted at women in the 30-54 year age group. The website, giftinggrace.com, will be a comprehensive online gifting resource offering an extensive assortment of unique and memorable gift items, compelling content and convenient tools for the year-round gift-giver.
Myron E (Mike) Ullman, III, chairman and CEO, JC Penney Company, said, “Our objective through this new division is to capitalise on our extraordinary retail expertise to strategically pursue untapped opportunities to serve key customer segments. Our aim is to generate new revenue streams consistent with our ‘Long Range Plan’ mission of being the growth leader in the retail industry.”
He further said, “Our ability to attract a highly accomplished team of experienced, visionary retailers to lead our new growth businesses speaks to the potential we all see ahead to create the next generation of retail industry leaders. We look forward to aggressively pursuing these and other opportunities and providing consumers with innovative, new shopping experiences that reflect the exceptional operational resources that our company can bring to bear.”
– IndiaRetailing Bureau