NEW YORK — Pink has joined the migration of retailers to Wall Street.
The company on Monday opened a 3,000-square-foot store at 63 Wall Street at the corner of Hanover Street. One-third of the unit's space is devoted to women's wear, which has its own entrance on Hanover Street. The store is projected to generate $4 million to $5 million in sales in the first year, said Robert Dundon, president of Pink.
Women's accounts for 20 percent of the company's business, Dundon said. "In certain markets, women's has the opportunity to [grow], this being one of them," he said, adding that the brand does well in "urban dressing environments. There really is nothing down here for professional attire."
And Pink is about nothing if not professional attire. Women's wear, which was introduced four years ago, consists of men's wear-inspired shirts, priced from $165 to $250, in a variety of fabrics. There are basic Egyptian cotton shirts and staples such as a light pink cotton stretch shirt and a blue-and-navy striped "power" shirt borrowed from the men's. Irish linen shirts with roll-up sleeves are $160 and come in cream, black, white and blue-and-white stripe. They are an example of the quality of the fabrics at Pink, Dundon said.
A white shirt collection includes 18 variations on the theme, with belted and cuffed varieties, one with an eyelet lace placket, another that's gathered at the back, a wrap style and one with seaming details.
Attention is paid to each part of the shirt with cuff knots and special cuff links designed for women. Pink never ventures too far from its core competency, but does offer mercerized cotton polos for $90 and fine-gauge merino long-sleeve V-neck sweaters in shades of pink and hot pink for $165.
A made-to-order shop is housed in the rotunda of a former bank, which is in the same building and has its entrance on the corner of Wall and Hanover Streets. There's a third entrance that leads to the men's area.
Besides the new unit, made-to-measure services are offered only at Pink's stores in London, Paris and on Madison Avenue in Manhattan. Prices range from $225 to $450, depending on the fabric and bespoke treatments. The shirts take six to eight weeks to make. Dundon said made-to-measure accounts for 5 percent of a store's sales. "I'm looking for Wall Street to have double that figure," he said. "This is an area of great opportunity and we have vastly underestimated it."Luxury retailers have begun betting on Wall Street. Hermès opened a store in the area last week and Tiffany & Co. will arrive in the fall. Asked about the competition, Dundon said, "Hermès is a different price point, $300 and up. Pink is a perceived luxury item. Ours has all the look and feel."
Pink began negotiating its Wall Street lease before Tiffany signed on and rents started to climb. "Being part of LVMH Moët Hennessy Louis Vuitton, there's a certain leverage we have when we get into negotiations," Dundon said. But the positive changes in the neighborhood will mitigate high rents, he said. "Now there's so much residential and hotels. We even heard that Whole Foods is coming."
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