J.C. Penney is hoping to go Platinum with yet another exclusive line — this time, a collection of special occasion dresses under the Nicole by Nicole Miller Platinum label.
Following the exclusive Nicole by Nicole Miller sportswear line, which was launched for spring 2005, the debut Platinum collection will feature 13 looks for spring 2007.
“This line is a natural evolution in our relationship with Nicole — great dresses is what Nicole does,” said Siiri Dougherty, vice president and divisional merchandise manager of women’s apparel for Penney’s. “This fills the hole for our modern customer who wants a special occasion dress to wear to a party or wedding, but who doesn’t want a prom dress or a plain little black dress.”
For the launch, more than 500 stores, the same number that carry the Nicole by Nicole Miller sportswear line and about half of Penney’s 1,000-plus units, will sell the dresses in the dress department. That number, as well as the number of dresses in each collection, will likely grow over time, Dougherty said. Although Dougherty would not project volume, analysts peg the sportswear line’s revenues at more than $100 million.
The retailer hopes the collection will attract not only Penney’s faithfuls, but new customers who want Nicole Miller at a price — $149 to $199 a dress at retail.
“We are a national department store where a woman can buy Nicole Miller designs at affordable prices,” Dougherty said. “One of our greatest strengths at J.C. Penney is our proprietary brands, offering a customer something she can’t find anywhere else.” (For more on Penney’s and its proprietary brands, see page 14.)
The exclusive nature of its secondary line is important to the Nicole Miller side of the venture, as well.
“The key to our reputation is our squeaky-clean distribution,” said Bud Konheim, chief executive officer of Nicole Miller. “We make a destination out of J.C. Penney for Nicole by Nicole Miller Platinum dresses. The exclusivity enhances the reputation of J.C. Penney, and it helps our sales because it keeps them from being too available.”
Nicole by Nicole Miller Platinum is joining a slew of other exclusive Penney’s offerings. Just last week, the retailer and Liz Claiborne Inc. unveiled two new Liz Claiborne brand lines, Liz & Co. for women and Concepts by Claiborne for men, both being launched for spring 2007. Penney’s also opened its first Sephora shop-in-store.
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As department stores eliminate their moderate lines, midtier retail chains like Penney’s and Kohl’s are growing rapidly, giving the moderate customer a home. Generating sales of $221 a square foot, up 23 percent from five years ago, Penney’s had sales of $18.7 billion last year, and is putting about $3 billion into building 150 new stores and renovating more than 200 others, as part of its accelerated growth strategy.
Konheim said Penney’s was an ideal partner for the designer. “J.C. Penney has actually carved its own level,” he said. “It cannot be typecast as midtier. It has taken initiatives to become something very special.”
A staff is designing the Platinum dresses, but Miller herself is “actively involved,” selecting the 13 winning dresses from 60 looks, Konheim said. The manufacturing will be licensed out.