The Importance of Leadership, Values and Vision in Successful Fashion Retailing.
Rhea Hendrickson
BA (Hons) Fashion Buying Retail and Management
RFRM4005: Identifying the M and E in Team
Introduction
The retail company which has been selected is Next, due to the long successful leadership skills from CEO Simon Wolfson. This essay is going to look at how Simon has managed to keep Next running and how he successfully leads his management team.
Looking at the history of Next it is seen that the previous CEO David Jones saw potential in Simon, from when he was working for them as a buyer back in the early nineties, helping them to rebuild their shares as they had fallen to around ten pence. Simon has also been on the board since 1997 helping to plan of the company putting it together.
How Simon has managed to take over from David Jones and how has he kept the business running successfully.
Simon Wolfson was appointed the role Chief Executive Officer in 2001, the role was passed down from David Jones who was the previous Chief Executive Officer from 1988. It mentions in a report from the Telegraph (20th May 2001) ‘it helped even more that Jones spotted his talents early on and promoted him into ever more senior, precarious positions. If Wolfson 's promotion had been blind nepotism, the whole company would have suffered the consequences by now. Instead it has flourished.’ The quote mentions the fact that if Simon didn’t take over the business it may not have flourished
To analyse Next we need to get a clear view of the business and start from the very beginning. So back in 1864 was the very beginning for the company we now know as Next. J.
Next pc is a uk based retailer that sells moderately price clothing for men, women and children. It also specialize in housewives and furnitures through 500 stores primarily in uk and irelandl. It also franchise more than 200 stores in asia nad Europe counties.
The team behind Jones Carter LLC is CEO Nicholas Walker and Vice President Lee Jones. Nicholas Walker is delegated to setting strategy and direction. Mr. Walker brings an array of personnel management experience from his time spent as a consultant from Booz Allen Hamilton, to the U.S. Armed Forces. Also, modeling and setting the company's structure. Lee Jones has excellent skills in leadership from his experience with The Citadel and being an infantryman in the U.S. Army. His highly disciplined background brings in invaluable amount of personnel structuring experience that he uses as leverage to build and lead the company while also allocating to the company priorities. The two U.S Army veterans have been working together for 2 years but 4 months on Jones Carter LLC.
This report looks into River Island store visit in Brent Cross Shopping Centre on 15th of November 2016. With over 60 years of experience River Island is well-know brand on the High Street fashion, which offers stylish and affordable fashion items for its customer. It has over 350 stores across the UK, Ireland and internationally throughout Asia, the Middle East and Europe. (Riverisland.com) The main aim of this report is to overlook stores visual merchandising, layout, customer service and other factors based on a stores visit and identify the main strengths and weaknesses among its competitors. As we can see from the market positioning below in terms of quality and price River Island biggest competitors are Zara and Topshop online and retail stores. Turning to recent financial perfomance, the privately-owned fashion retailer did not publish its recent performance, just in 2015 it has announced a 69.4% increase in pre-tax profits to £149.1m for the year to December 27, as turnover increased 10.4% to £925.8m (Geoghegan,2015). This shows, that River Island is fast-growing and successful apparel retailer in these days.
Next pc is a uk based retailer that sells moderately price clothing for men, women and children. It also specialize in housewives and furnitures through 500 stores primarily in uk and irelandl. It also franchise more than 200 stores in asia nad Europe counties.
Next plc is a retailer founded 1864 in the United Kingdom, that not only sells men’s, women’s and children’s wear but also has a home ware department. Their clothes wear are stylish but affordable. Throughout the United Kingdom and Ireland there are over 550 Next stores plus 50 franchises operating in Asia, Europe and The Middle East.
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There is no doubt that the Fashion Institute of Technology stands out and has so much to offer to an aspiring fashion merchandise manager. Courses such as: Advertising and promotion, the fundamentals of textiles, and product development will provide me with the knowledge base to not only run a successful business, but to be an innovative leader in the industry. FIT is notable for their exceptional faculty who are experts with real- world experiences. From its many internship possibilities to field trips, FIT’S location in the center of New York City is ideal for this industry. In addition, attending classes with students who are also fascinated in Fashion Business Management, would motivate my creativity and enrich my education. The Merchandising
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