Fatal Attraction came out, and radio stations were playing Madonna's So we're trying to get ourselves in a position as we're actually even spending -- swing the pendulum farther than the other direction. While the retailer adds trendy items each season, it stocks small quantities to gauge customer demand in case a fad proves to be short-lived. I havent had to go anywhere for career challenges or opportunities, she says. Her polished demeanour was apparently in evidence even when she was a teenager. Search. Wong was 18 years old when she started working as a part-time sales associate at Aritzia in 1987. 2022 Women of Influence. SIGN UP FOR OUR THURSDAY NEWSLETTER And Wong is Aritzias analyst-in-chief. The next question is from Stephen MacLeod with BMO Capital Markets. Thanks, and good afternoon, everyone. 1,039 followers. } The strong momentum in our business has continued into the second quarter. The 100 basis point increase reflects the elimination of subsidies year-over-year and ongoing investments in talent and technology to deliver our growth. So, whatever the customer wants, we will give her.. 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. We're continuing to grow our boutique portfolio, expand our DCs, invest in infrastructure and build our team of world-class talent. This decision resulted in significantly higher freight costs, but we intentionally prioritized our accelerated momentum. Perhaps the embodiment of the Aritzia brand, Wong is effortless, fashionable, and poised. The end of bricks and mortar? Thank you, and thanks for joining Aritzia's first quarter fiscal 2023 earnings call. But so far, right now, we are not seeing any changes in consumer patterns or behaviors. Aritzias website, launched in 2012, was more than two years in the making. But Aritzia, the fourth-largest Canadian-owned womens apparel retailer, has a better chance than most chains of coming out strong, if not stronger. Develop your readiness for a crisis. Thank you. And these aren't just the flagships we're looking to expand. And as we've mentioned in many calls and many Q&As, we're managing our supply chain costs and our product costs and all of the inflationary costs that we're seeing as tightly and as closely as possible. In fact, we did, says Wong defiantly, launching the first stores right in the middle of the financial crisis. Our store in SoHo is half the size it should be at 20,000 feet. Photographed by Eric Soltan - [+] https://www.ericsoltan.com, The Super Puff pop-up shop, which is an immersive pop-up environment that opened in December 2020 in SoHo, is aptly named Super World. Please go ahead. Despite its linear path, her professional development has been anything but stagnant. And Petrie warns an overreliance on influencers could put Aritzias image at risk. Learn how the brand is doing it, by . Following management's discussion, we'll host a question-and-answer period open to analysts and investors. Sorry, Mark. That said, we saw key programs and proven sellers continue to resonate with clients and drive our strong demand. Where impact and internal change are concerned, its an ever-evolving process. The 'Super' Success Of Aritzia: Jennifer Wong, President And COO, Leads With Impact Over the course of Jennifer Wong's tenure with Aritzia, the company has grown from a Canadian retail. The Community Care program is an extension of Aritzias overall commitment to organizations that help women and girls succeed at work and in life. That helps them be nimble in periods of market disruption, particularly through COVID, says MacLeod. What makes Aritzia different, says Wong, is that it values its Canadian roots and is commitment to maintaining its unique culture. 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. We're positioned very nicely where we think that we might lose some customers at the bottom, but we will certainly see some customers trading down. What we're actually looking at is changing the footprints and increasing the footprints of the boutiques because we have such a long broad product experience. Education In recent years, it expanded several flagships, adding coffee shops where style advisers can grab drinks for clients and larger fitting rooms with couches for shoppers' entourages. unlock your potential with a degroote mba emba blended learning part-time mba 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. Aritzia is a very important part of my life, says Wong. Aritzia Inc. was founded in 1984 and is headquartered in Vancouver, Canada.. Just wanted to get your overall thoughts on where we are -- where your customer is and how they're feeling? Now its not about staying longer in the storecompanies need to be consistently introducing excitement into their assortment. Harris, however, believes the slump in store traffic will be brief. Find contact details for 700 million professionals. With every major initiative she took on, she had no direct previous experience, yet she was entrusted with leading it. The Joshua Tree won a Grammy for best album, the movie I dont know if that [opposition] drives me, but we said, We are going to do it, and we are going to do it successfully. But it has been a model of strong execution. Wong was studying economics at the University of British Columbia and planning to get a real job in finance. 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. Find Jennifer Wong's phone number, address, and email on Spokeo, the leading online directory for contact information. We plan to open 8 to 10 boutiques with all but one in the United States and to expand or reposition four to five boutiques. These results are exceptional, demonstrating the strength of our business as we continue to drive ongoing momentum in the United States and Canada returns to full strength and all accomplished in spite of impacts from ongoing global supply chain disruptions and the challenging macro environment. Aritzia Inc., together with its subsidiaries, designs and sells apparels and accessories for women in North America. So just sort of curious what that means for the business? Ms. Wong began her tenure with us in 1987 as a part-time sales associate. 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. Her plan was to make some extra cash while she studied economics at the University of British Columbia. Wallmine is a radically better financial terminal. 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 . We also further developed our data warehouse and deepened our partnership with Tableau. Thanks. Can you just give a bit more color behind the change in the fiscal '23 gross margin guidance? Right, she says, punctuating each word. That's great. Okay. joining us today. 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. Please go ahead. But it was the decision to vertically integrate in the 1990s that, she says, led to the brands high retention rate. So we're going to continue to push and open stores. So if you could just talk a little bit about some of the attributes that you think should help Aritzia weather this rocky period? So as I've been saying in my prepared remarks, we have a long-term view of the business. Brian Wong The cheat code. One of the things were good at is understanding what our customer wants, she explains. We're monitoring the challenges of supply chain, labor and inflationary pressures very closely, maximizing our position to deliver Everyday Luxury for our clients today and tomorrow is our top priority. Selling in our professional and fashion assortment increased as our clients begin to return to the office, social events and travel, all while maintaining our momentum in lifestyle apparel. Hello! This article was published more than 2 years ago. Aritzia is the name on the door, Wong explains, but there is no Aritzia on the labels. Today the three main labels are Babaton, youthful TNA, and breezy Wilfred, with various sub-brands and offshoots such as handbag lines and denim. 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. 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. Aritzia today also released fourth-quarter andfiscal 2022 financial data,for the period that ended February 27. Meanwhile, it makes deep buys of historically successful products that get refreshed year by year, says Stephen MacLeod, an analyst at BMO Capital Markets. The next question is from Lorraine Hutchinson with Bank of America. We -- as you mentioned, we have less off pricing going on. Hill has given every indication that Aritzias boutique expansion will continue, especially stateside. All rights reserved. With almost 100 boutiques across Canada and the U.S., it plans to open five or six stores this year. Right now, the positioning that we have in the marketplace with Everyday Luxury has positioned us given what might be coming down in terms of the environment and what we're seeing with competitors in that we see it being an opportunity. I mean, COVID, right? I've been into some of our stores in the last sort of four, five weeks, both in Manhattan and Chicago and other places and seeing lineups at the fitting rooms, seeing lineups at the cash registers, seeing lineups even in some cases to get into our stores. Yes. They said the company couldnt do it. Despite its strong navigation of the pandemic to date, Aritzia has been hit hard. They will require some capital, but we actually foresee our sales increasing. So the number one thing, as I said, creating the movement quarter-to-quarter is the variance in expedited freight spend timing last year compared to this year. Her plan was to make some extra cash while she studied economics at the University of British Columbia. And so what we're seeing now is getting ourselves back into a position where we feel comfortable with our inventory levels. "Retail is seven days a week; we're only closed one day a year," says Ms. Wong, who is married. In Q1, we were lapping two months of closures versus one month in Q2. by | May 25, 2022 | buvette nyc reservations | american cancer society 40 mile challenge 2021 | May 25, 2022 | buvette nyc reservations | american cancer society 40 mile challenge 2021 This concludes the question-and-answer session and today's conference call. Okay. Wong was 18 years old when she started working as a part-time sales associate at Aritzia in 1987. Is this happening to you frequently? . Leave this field empty if you're human: And also interesting Brian's comment about a friend who isn't seeing that. SG&A expenses in the quarter were $120 million or 29.5% of net revenue compared to 28.5% last year. And more specifically, how that change relates to what you're seeing in terms of challenges in the supply chain, anything noteworthy in terms of shipping times, freight rates or even your use of expedited freight? But generally speaking, we changed the size of the stores that we're actually communicating to the landlords that we're after. Company Overview. We already opened our first boutique in Orlando, and we'll be opening in Atlanta later this month. But were very analytical, she says. But we just have not seen an erosion of our sales per square foot as we've increased the size of our stores. This article was published more than 13 years ago. She rose through the ranks from assistant store manager, to manager, to vice-president of operations. It was really important for us not to layoff or furlough anyone. Having spent her entire career at the retailer, she led many of the inconspicuous but essential initiatives that proved so crucial at the start the crisis, from establishing a robust technological infrastructure that enabled the companys e-commerce platform to respond to the sudden demand spike, to developing a centralized distribution system that helped the retailer manage its supply chain while others struggled. Jennifer L. Wong, MD. Designed for executives who want to optimize their leadership potential and continue to establish their legacy. So I see this being obviously some opportunities for new categories, but at the same time, we just don't think our stores are doing -- our size of our stores are doing our customers and Aritzia just as at this point in time. 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. Soon after. "It sounds like they've made a really good decision overall, in terms of picking someone loyal to the company, tocontinue to move itforward," said retail analyst and Retail Insider Media owner Craig Patterson. Get Aritzia Inc. financial information by email. Prior to her current role, Ms. Wong was named our chief operating officer in 2007 where she created and led our executive committee as its chair. And so by covering many different categories across different brands and different occasion sets and different segments of our market, we have an offering that is resonating really well with our customer. So, thank you. This represents a collaboration withCause We Care, a Vancouver-based foundation supporting single moms and children living in poverty in Greater Vancouver, including the Downtown Eastside, one of Canadas most underprivileged communities. She was recognized as one of Canadas Top 40 Under 40 (2008). But whether we're going to sell it now or not, that has not -- is yet to be included. But it's not material at this point. ", He added that Wong's leadership style "exemplifies our values, and deeply resonates with and inspires our people.". I was just hoping you could do a little more handholding on the inventory growth. Ive been here a long timepeople here werent even born when I started, says Jennifer Wong, president and COO of Canadian fashion and design house, Aritzia. Potentially air freight prices could come down or expedited freight costs. The next question is from Dylan Carden with William Blair. We might be down 10% from the peak is what we're seeing. I mean I think that's a multimillion-dollar question. The next question is from Meaghen Annett with TD Securities. So if we're just thinking about how this might roll off going forward, and what piece of that would you expect to the stick going forward? 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