Fortunoff is trying to position itself for growth and lure younger customers.
The 84-year-old retailer, which specializes in fine jewelry, tabletop and outdoor items, is set to roll out a new advertising campaign featuring model Petra Nemcova. In addition, Fortunoff plans to open as many as five more doors on the East Coast by 2008 and is homing in on emerging jewelry designers in addition to the classic styles for which it is known.
“It’s our strategy to rebrand Fortunoff in a more youthful and fashionable way,” said Joel Kier, chairman of Kier Group and Fortunoff, adding that the campaign is the first step in the company’s new strategy.
In November 2004, the company agreed to a recapitalization transaction with two equity firms, Trimaran Capital Partners and Kier Group, but the terms were not disclosed. Kier said Fortunoff’s annual sales volume is $500 million.
Nemcova will unveil the campaign today at the firm’s Fifth Avenue flagship, in addition to the new fall jewelry collection. Print ads bow in The New York Times on Sept. 17 and in regional newspapers, with consumer magazines and outdoor to follow in coming months.
“For me, jewelry is an easy way to make a personal statement with your look,” said Nemcova, who also codesigned a line under her name for the store that retails from $125 to about $5,000. “I feel very blessed to now be a part of the Fortunoff family and the pieces I designed not only add a glamorous and sexy touch to any outfit, they add a bit of light and hope to your outlook each and every day.”
The Petra Nemcova Collection for Fortunoff will hit the firm’s six stores in Manhattan; White Plains and Westbury, N.Y., and Paramus, Woodbridge and Wayne, N.J., in time for the holiday season. Fortunoff’s last spokeswoman was Lauren Bacall, who represented the Westbury, N.Y.-based firm in the Eighties.
Images of Nemcova will also be seen throughout direct-mail catalogues, which the company will deliver to consumers this week.
Banking on its thriving bridal registry business, Fortunoff is going into more fashionable jewelry to retain the younger female customer. During the holidays, the retailer will host events supporting its new jewelers. The firm will reinstate the Fortunoff credit card, which will award bonus points for shopping.
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Fortunoff is simplifying and modernizing its jewelry displays and salespeople are being trained on the new product offering. The company will also unveil a redesigned e-commerce Web site that is to be up and running later this month.
Fortunoff is also looking to expand on its baby offerings, including giftware, and its outdoor selection that runs the gamut from barbecues to patio furniture, in addition to its engagement ring and fine jewelry selections that can climb into the hundreds of thousands of dollars.
“I don’t want to be categorized as a product category,” Kier said. “That’s what we’re changing. I want the brand to be identified as a fabulous place to have an incredible shopping experience.”