Belk Inc., which is investing heavily in modernizing its business, expects to reach $6 billion in revenues in five years, chairman and chief executive officer Tim Belk said at the National Retail Federation annual convention on Tuesday.
Last year, the company was just shy of $4 billion, but the Charlotte, N.C.-based, family-run regional department store, expects significant growth through its $600 million, five-year modernization program, which Belk detailed during his presentation at the Jacob K. Javits Convention Center. He said $270 million will be spent on remodels and expansions; $263 million will be spent on new technology; $42 million has been earmarked for branding, and $14 million will be devoted to enhancing service.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)