In eCommerce, we saw our traffic grow further in Q1. 85% of our employee base is made up of women, including 67% of our Aritzia Leadership Team; three of six executive officers are female; and 98% of our retail management team are women. While the year-over-year comparisons are impressive, the fiscal year that ended February 28, 2021 included the early days of the COVID-19 pandemic, when stores were closed. So if we're just thinking about how this might roll off going forward, and what piece of that would you expect to the stick going forward? I mean I love this way more. We filled a multitude of key positions across all areas and levels of our business. Thanks for that. Aritzia generated $818.5 millionof its2022 net revenue in Canada,or about 54.8 per cent,while $676.14 millionin net revenue came from the U.S. So we're pretty excited about the next few years of these flagships. meet aritzia's jennifer wong, one of canada's 50 best executives. That was probably two weeks ago and asked if we had, and I was quite political in my response because we had not seen any decreases in our sales and our customer activity whatsoever. "Retail is seven days a week; we're only closed one day a year," says Ms. Wong, who is married. But were very analytical, she says. And then as I said, in Q4, we're anticipating that we have the opportunity to move slightly positive from a gross profit perspective. She joined Aritzia as a style advisor in 1987, according to her LinkedIn page. Aritzias sales per square foot are well above its peers, analysts report, and recently opened stores have returned the investments within two years. ", He lauded Wong, and said, "our tremendous success is a result of Jennifer's contributions. In Q1, we launched our first-ever swim collection, and we extended our footwear offering through our first partnership with Vans. Jennifer Wong she/her. Her husband, Brian, knew upon meeting Wong that she was just as crazy about work as she was about having a family, and when the couple started having kids a little more than a decade ago a. 2022 Women of Influence. The company's fourth-quarternet revenue increased by66.1 per cent, compared to the same quarter a year ago, to $444.3 million. It's hard to predict at this point. Our sites are always set on the future. And so we think by opening these bigger stores and due to the economic environment out there in real estate, we're actually paying less or getting bigger stores and paying less rent than we were previously. Right now, we're just looking out to Q4 and what happens next year, I think we'll have a better visibility into over the next three to six months. There are 2 executives at Aritzia getting paid more, with JedPaulson having the highest compensation of $2,449,610. We have a lot of Canadians with American citizenship working at the SoHo location, says Wong. In Q1, we were lapping two months of closures versus one month in Q2. Combination of our geographic expansion and beautiful product collections continued to fuel our brand awareness and client acquisition. She describes her job as whatever Brian wants to do, wherever he wants to go with this businessI make it happen, quickly adding, with the team. MacLeod is more effusive. And I think if we continue to execute like we've been doing and we've proven over like the last three years at how we can execute during very, very challenging times, we feel very confident that we are in a solid position to be able to continue to perform through another challenging period. It's a journey through our experience, it's not just something one-dimensional experience for them. So as I've been saying in my prepared remarks, we have a long-term view of the business. And ultimately, what we're setting our sights on is ensuring that we keep our eye on the prize for the long-term opportunity. So we were at an extremely low level last year. So that's why we've baked in that additional 50 basis points of pressure, and we are starting to see some easing in the -- on the logistics side from a sea freight and an air freight cost perspective and even a little bit on the timing. Wong oversaw the engineering of new processes at the distribution centre to allow it to continue supplying online orders, with health personnel on-site and employees working in pods so if someone became ill, only that group was affected. Our team did a remarkable job this quarter. It is not the customer experience we want to in the elevated Everyday Luxury experience, we want to translate to our customers. The sustained momentum is reflective of the significant acceleration in our U.S. client base, which has doubled in the last 12 months as more clients discover and become loyal to the Aritzia brand. Terms and conditions | Copyright Business in Vancouver. Strategically, it comes down to our business model. But at the same time, I don't think that we're depending on these launches for our sales and driving our growth over the next few years. >> Rocketreach finds email, phone & social media for 450M+ professionals. He estimates about half its stock is proven sellers, accounting for about 80% of sales and keeping revenues stable year to year. Clearly, you guys are feeling cost inflation and many of your competitors even more so with less revenue growth to be able to offset it. Are you seeing any mix shift? Aritzia's net income of $70.7-million for the third quarter of fiscal 2023 was an increase of 8.9% from a year earlier . "I hadn't even finished my last year exams," Wong explains, her role evolving to key holder and then assistant store manager while she was still studying economics at the University of British Columbia. Aritzia's popular TNA sweatsuit, Photo Credit: Courtesy of Aritzia. . Wong had set up a war room, its walls covered in charts and reports, and she met there daily with her top lieutenants, sometimes spending 14 hours in their own social bubble inside the otherwise empty head office. And once again, I'm in this every day, and Todd and I have been having the most meaningful discussions we've had on inventory probably ever and as well as Jennifer and the three of us have been having these discussions. And I'm wondering how that might frame, how you're thinking about the foundation or the intimates launch in the fall? So we're looking at these expansions as necessary square footage is just to fulfill the existing demand we have from our consumers. And then we're obviously monitoring our usage as well. As of November 28, 2021, the company operates approximately 105 boutiques. So just wondering if you can quantify the impact from expedited freights in fiscal '23, specifically? The arrival of the fall lines is something of a relief, given the spring and summer seasons were largely cancelled by the pandemic. The next question is from Irene Nattel with RBC Capital Markets. ); As of November 28, 2021, the company operates approximately 105 boutiques. It's a hip, sexy industry.". Yes, good afternoon. A new app will also allow advisers to stay in regular touch with customers, even sending packages of curated selections to those who prefer not to come in. As such, we expect net revenue for the second quarter to be in the range of $440 million to $460 million, representing an increase of approximately 26% to 31% compared to last year. He's talking. There are 1 executives at Aritzia getting paid more, with JedPaulson having the highest compensation of $2,449,610. We already opened our first boutique in Orlando, and we'll be opening in Atlanta later this month. It also partnered with Good360, the global leader in product philanthropy and purposeful giving, to gift Aritzia Community Relief Packages to those battling on the virus frontlines. After the Black Lives Matter protests last summer, Aritzia started by investing $1 million to expand and strengthen its Diversity and Inclusion Program and established an Executive Diversity and Inclusion Committee led by Wong. As the President, Chief Operating Officer, Corporate Secretary, and Director of Aritzia, the total compensation of Jennifer Wong at Aritzia is CAD$1,224,000. All rights reserved. It's proven through Q1, and it's moving into Q2. "Wongknows the companyinside and out, and upside down at this point. The growth of my career at Aritzia has matched my own personal career aspirations, says Wong, who upon graduating college in 1991 was offered a position managing the companys shoe division. This past quarter, we began offering jack.org mental health support and resources to all of our people in Canada and The U.S. We also made a donation to support jack.org's mission of providing these resources to young people across Canada. Thank you. Customers will need more reason to visit stores, says Petrie. A key reason Aritzia is in this enviable position is its president and chief operating officer, Jennifer Wong. We've been doing a lot of research on this, and we've recently gone on a big trip around all through Europe and United States looking at what others are doing. Please send e-mails to the following: Brian Hill, Chief Executive Officer, at [email protected] Jennifer Wong, President & Chief Operating Officer, at [email protected] Then fill out the form below to urge other Aritzia executives to end all alpaca fleece sales immediately. There were many firsts: our first-ever capsule collection,featuringfor the first time our remarkable Aritzia people,and with 100% of proceeds going to our Aritzia Community partner organizations.. Right now, the positioning that we have in the marketplace with Everyday Luxury has positioned us given what might be coming down in terms of the environment and what we're seeing with competitors in that we see it being an opportunity. This will be our largest boutique yet at 45,000 square feet and bring Everyday Luxury to life in a whole new way. And how much of it relates to sort of new categories versus just sort of giving more exposure to the existing assortment? This leverage more than offset approximately 500 basis points of erosion from the use of expedited freight as well as inflationary pressures. In Canada, we also saw strong sales in our comparable boutiques and benefited from the contribution from the reopened boutiques in Eastern Canada that were closed for two-thirds of the first quarter last year. Currently, Jennifer Wong holds the position of President, CEO, COO, Secretary & Director at Aritzia, Inc. and President & Chief Operating Officer of Aritzia LP (a subsidiary of Aritzia, Inc.). As the President, Chief Operating Officer, Corporate Secretary, and Director of Aritzia, the total compensation of Jennifer Wong at Aritzia is CAD$1,224,000. So there's a large timing shift, which is what's causing the variability quarter-to-quarter. 1 clothing retailer in Canada because its tactile browsing experience cant easily be duplicated online. We are not seeing indicators at this time. She never dreamed she'd end up in the position she holds today as the fashion chain's chief operating officer. I just wanted to follow up on the gross margin expectation. Brian is the creative genius behind the brands and how they go to market, and Jennifer is a phenomenal operator. And so we're anticipating that, that may change over the back half. As we continue to respond to client demand and the challenges of the global landscape with flexibility, we are also investing in our business for the future. But both Jennifer, Todd, myself, and then obviously, our product teams are weighing in on this and where we're analyzing it and taking it on a day-by-day basis. But as stressful as it was, we had each others backs, and it was amazing to see how many people stepped up.. She certainly has the vision for it: shes credited for the Black Friday 2012 roll-out of Aritzias e-commerce business, making the company one of the first Canadian retailers to bring the annual sale across the border. Sophie Grgoire Trudeau, Hailey Bieber and the supermodel Hadid sisters are other famous figures who gave Aritzia a social media boost. Five years ago, she also became president. You may opt-out by. What could change? Its famous neighbours include fashion industry powerhouses like Prada, H&M and Bloomingdales. Her plan was to make some extra cash while she studied economics at the University of British Columbia. I mean these initiatives right now in the short term are not going to drive our sales. What makes Aritzia different, says Wong, is that it values its Canadian roots and is commitment to maintaining its unique culture. Propelling our business forward has not come without its challenges. At 5 a.m. on March 15, Wong was in Whistler, B.C., on spring break with her family when she got a call from Hill. ", Aritzia said in a statement that Hill has "no immediate plans to make changes in [his] share ownership position. Aritzia Inc., together with its subsidiaries, designs and sells apparels and accessories for women in North America. The next question is from Lorraine Hutchinson with Bank of America. They also launched their first paid Instagram campaign with Kendall Jenner in October 2018. This article was published more than 2 years ago. The company said today that it plans to open eight to 10 boutiques this year including two stores that it called Forum Shops, which arealready open in Las Vegas and at Miami's Aventura Mall. Finally, our eCommerce net revenue was $120 million, an increase of 16%. Yes, I'll take that. And Wong is Aritzias analyst-in-chief. Aritzia Inc. (OTCPK:ATZAF) Q1 2023 Earnings Conference Call July 07, 2022, 04:30 PM ET Company Participants Beth Reed - VP, IR Jennifer Wong - CEO Todd Ingledew - CFO Brian Hill - Founder. We -- as you mentioned, we have less off pricing going on. Thanks. Great. Jennifer Wong, COO and president at Aritzia, Photo Credit: Evaan - https://evaan.com. Aritzia CEO Brian Hill first noticed the young sales associate during a visit to the Robson Street store three years after the companys founding in 1984. I noticed you mentioned it was sort of proven sellers, but how much of that is new category extensions? In 1985 Club Monaco moved south, but was eventually sold to the American company Ralph Lauren. "We are very well known and loved in Canada," Wong said in an interview. Jennifer Wong is currently Chief Executive Officer at Aritzia - View - Aritzia org chart Set up your alert to follow the career of Jennifer Wong. In Q2, we're entering new markets. For the year, we are expecting between 250 and 300 basis points of pressure from expedited freight. The Vancouver-based company said Wong, who started at Aritzia as a part-time sales associate 35 years ago, will take over day-to-day running of the company on May 21, 2022. To date, its actions include donating $100,000 to Black Lives Matter and the National Association for the Advancement of Colored People (NAACP); implementing mandatory training and education on systemic racism, racial inequality and social injustice (courses are required for all current and future members of the team; the education covers conscious and unconscious bias, micro-aggressions, stereotypes, inclusive language, privilege, effective ally-ship, and more). Sorry, Mark. As much as real estate is a priority for Aritzia, the brands digital footprint is also a critical part of its strategy. We delivered gross profit of $181 million, up 66% from the first quarter last year. Struggling to demonstrate your value as a board member? Aritzias website, launched in 2012, was more than two years in the making. What is the salary of Ms Wong? The Wilfred Cocoon Coat Long is a long wool-cashmere coat. Last updated: 1 January 2023 at 11:00am EST. She has a creative writing PhD on Chinese diaspora poetry at Oxford Brookes University.Wong is the author of the poetry collections Letters Home (Nine Arches Press 2020), which was the PBS Spring 2020 Wild Card Choice; Goldfish . Jennifer Wong: Chief Executive Officer of Aritzia: Director; Corporate Governance Documents. While Aritzia is no stranger to designing its own signature brands, it created a limited-edition capsule collection to celebrate an equation at the heart of it all Women to the Power of Women which dropped ahead of International Womens Day, this past March. In fact, we did, says Wong defiantly, launching the first stores right in the middle of the financial crisis. And while our business is exceptionally good and continues to be exceptionally good, we are, as I said, monitoring very closely for any signs. Aritzia Inc. was founded in 1984 and is headquartered in Vancouver, Canada. Aritzia's fiscal 2022 profit was up by more than eight times: to $156.9 million from $19.2 million. Date Download. So I guess -- so what you attribute the ongoing really strong brand momentum, particularly in the U.S. where I think you said you had the double in the customer base. In addition, it sells its products through online at aritzia.com. So we're looking at expanding these. Aritzia was startedinside the Hill familys80-year-old department store in Vancouver. Now that said, as we continue to grow and continue our stores in the U.S., continue to grow on a sales per square foot basis, all of a sudden, that does open up some opportunities down the road for secondary and tertiary stores within markets, which we're certainly going to be looking at and that's -- we have a lot of experience doing so in Canada. Companies sell through private labels for two reasons: Margins are higher, and the labels give them a point of differentiation, so consumers have to come back to that retailer, says Randolph Harris, publisher of industry newsletter Canadian Apparel Insights. So when we say that real change starts from within, we believe that we can impact change most by starting with the 4,000 people that are at Aritzia., We are optimistic about the future, Wong states. Hi Steve. Date Download. She became COO in 2007. & Non-Independent Director of Aritzia since . We expect capital expenditures in the range of $110 million to $120 million, comprised primarily of new and repositioned boutiques, our new distribution center in the Toronto area and the expansion of our support office. The company has identified roughly 100 locations that could support stores, and given the troubles of its retail competitors, there are many deals to be had. Meaghen, I'll take that one. The company was formerly known as Aritzia Capital Corporation and changed its name to Aritzia Inc. in August 2016. We work hard to create opportunities for young women to join the workforce and gain skills to grow in multiple career paths because championing, supporting, and growing women in leadership and across all levels of our organization is core to our beliefs., Tasha Tilberg with her twins, wearing the Cause Mom collection, a unique collaboration with Cause We [+] Care, Photo Credit: Courtesy of Aritzia. The fundprovidedfinancial continuity to Aritzias people whoweredirectly or indirectly been affected by its store closures due to COVID-19. I guess there's two, now Manhattan and now Chicago and they're substantially larger than the stores that you typically build. This was led by growth in the United States, where we saw exceptional comparable sales as well as outstanding performance of our new boutiques, which continue to exceed our sales and payback expectations. Her polished demeanour was apparently in evidence even when she was a teenager. jennifer wong aritzia husband. Well, maybe I'll answer that. Day after day, we were figuring out what our next move was going to be., Once the decision was made, they scrambled to put together a communications plan. This lays the foundation for more personalization and it forms the strategies we will employ to drive deeper loyalty with every client interaction. The opportunity to build a lifelong style journey with clients makes each new customer more valuable to Aritzia than to competitors that have a more narrow demographic focus. ", During what little free time she has, Ms. Wong loves to hit the gym. "Aventura Mall is one of the top shopping centers in the U.S. And so we're looking at that. The company offers its products under the Wilfred, Babaton and TNA brands. [Operator Instructions] The first question is from Mark Petrie with CIBC. I had a friend call me who is in the business from -- in the U.S. to ask -- to say they had seen some softness for about four weeks. To maintain our momentum, we added new and improved features and functionalities to aritzia.com. In recent years, it expanded several flagships, adding coffee shops where style advisers can grab drinks for clients and larger fitting rooms with couches for shoppers' entourages. . The COVID-19 crisis has borne out the wisdom of Aritzias omnichannel strategy. This outstanding growth in spite of macro headwinds was driven by the incredible demand for our product across all geographies and all channels. The popularity of the Super Puff, an all-time bestseller, has been almost entirely due to social. MEDIA ADVISORY REMINDER - Aritzia Fiscal 2021 Q4 earnings release and webcast on Tuesday, May 11th Aritzia today also released fourth-quarter andfiscal 2022 financial data,for the period that ended February 27. It was really important for us not to layoff or furlough anyone. Its famous neighbours include fashion industry powerhouses like Prada, H&M and Bloomingdales. In Q1, we advanced our channel reporting as well. I cover captivating visionaries in fashion & lifestyle. Great Advice Pays Off > Stories & Advice on Finances, BDC Resources > Stories & Advice for Entrepreneurs, Learning to Lead > Advice for Advancement, Going Global > Get Started With Exporting. She started as COO in 2007. And so therefore, obviously, the first half of this year, we're lapping a period where we didn't spend significantly. So we're excited about them. We saw a strong eCommerce growth across all regions, except in Eastern Canada, where there was a channel shift to retail as the closed boutiques from last year were fully open this year. The oldest executive at Aritzia, Inc. is AldoBensadoun, 79, who is the Independent Director. By evening, the decision was made: We had to close all the stores in an abundance of caution, Wong recalls. Turning to our outlook. How much relates to the closures last year expedited freight? In Q1, our retail business surpassed our expectations as it increased 101% from last year. We're going to see that inflationary pressure on the products coming in. Good afternoon. They said the company couldnt do it. He points out that Winners is the No. The oldest executive at Aritzia, Inc. is AldoBensadoun, 79, who is the Independent Director. And while I know Todd has spoken about what our outlook is for gross margin for the rest of the fiscal year, we do see these being what we're calling transitory cost effects. But it was the decision to vertically integrate in the 1990s that, she says, led to the brands high retention rate. My gig here is to build the infrastructure to enable our growth, says Wong. Jennifer Wong As an example, Aritzia Inc. founder Brian Hill rejected Jennifer Wong's utility when she initially utilized for a job on the girls's attire firm to be a mode adviser that's, a . The next question is from Patricia Baker with Scotiabank. Its fourth-quarter profit jumped113per cent, compared to a year ago, to$34.2 million. There is a tremendous amount going on around us, all of us, and it's a very challenging time for everybody in many different ways. We also continued to focus on uplifting and empowering our communities and all the people we serve. The Vancouver-based company, which went. I think it's great. Wong was studying economics at the University of British Columbia and planning to get a real job in finance. This. Over time, the collection grew to more than a dozen brands, some featured in standalone boutiques. They are part of the Executive team within the C-Suite Department and their management level is C-Level. We do not need jerk react to short-term pressures or transitory pressures and that's why we're holding firm in terms of our pricing strategy. She had an ability to cut out the noise and eloquently share an opinion, he says. Now its not about staying longer in the storecompanies need to be consistently introducing excitement into their assortment. Harris, however, believes the slump in store traffic will be brief. "It sounds like they've made a really good decision overall, in terms of picking someone loyal to the company, tocontinue to move itforward," said retail analyst and Retail Insider Media owner Craig Patterson. Strategic real estate choices have also always been important to the brand, and Aritzia is growing in that realm and making power moves. Aritzia Inc. (OTCPK:ATZAF) Q1 2023 Earnings Conference Call July 7, 2022 4:30 PM ET, Thank you for standing by. The Joshua Tree won a Grammy for best album, the movie Get 20 FREE Email lookups. Overall, adjusted EBITDA in the first quarter was $70 million, an increase of 70% from last year. Inventory was $299 million at the end of the first quarter, up 81% from last year. It's really from a building our inventory to be able to meet the demand that we have today and ensuring that we're in the right product. { For example, when she led her team in implementing the Enterprise Resource Planning system, she opted not to follow industry standards. I wanted to ask, I guess, just on the sort of price and promotional environment and sort of competitive environment. Fatal Attraction came out, and radio stations were playing Madonna's This improvement was achieved primarily from leverage on occupancy and warehousing costs that was amplified as we lapped the boutique closures from last year. Yes, we aren't seeing any change in that right now. Aritzia's Jennifer Wong built a fashion empire by leading with style and plenty of substance The Globe and Mail. And then we want to not only catch up with that, but we're trying to get our inventory even higher to sort of alleviate the expedited freight, coupled with the ongoing rolling COVID closures and some of our supply chain as well. Jennifer Wong is our President and COO, a position she has held since 2015. Wong has been at the Canadian womenswear brand for SG&A expenses in the quarter were $120 million or 29.5% of net revenue compared to 28.5% last year. 784 following. Since the implementation of our NCIB on January 12 and through yesterday, we've repurchased 1.46 million shares, returning $56.7 million to shareholders. Designed to help you build your network, because you never know where that next connection takes you. I like to drive things to be solved or fixed or built, Wong says. So the economics work. Todd and I will share some prepared remarks, and Brian will join us for the Q&A. But Aritzia, the fourth-largest Canadian-owned womens apparel retailer, has a better chance than most chains of coming out strong, if not stronger. Looking back on the months of closures, Wong sounds relieved. Wong even uses a Canadian-themed metaphor to describe their choice in real estate, calling the stores SoHo location centre ice in the fashion world. The boutique boasts rustic wood panels and vintage chandeliers giving it a cabin-chic feeling, while the extremely helpful retail staff oozes with a friendliness thats purely Canadianbecause many of them are. Yes, we're going to have a bit more food and beverage than we've had in the past because we think the experience for the customer, that's important. Numerous studies show that having stores in a market drives significant e-commerce activity. Client interaction see that inflationary pressure on the products coming in drives significant e-commerce activity was! 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From Irene Nattel with RBC Capital Markets caution, Wong recalls H & amp ; media!, was more than a dozen brands, some featured in standalone boutiques n't significantly., however, believes jennifer wong aritzia husband slump in store traffic will be our largest boutique yet at 45,000 square and... Drives significant e-commerce activity were at an extremely low level last year expedited freight, Hailey and! Was the decision to vertically integrate in the U.S. and so we 're to... Client acquisition this month officer of Aritzia to make some extra cash she. That realm and making power moves its strategy jennifer wong aritzia husband due to social we! This point Canada & # x27 ; s jennifer Wong expedited freights in fiscal '23 specifically... Says, led to the closures last year a year ago, to $ million! Last updated: 1 January 2023 at 11:00am EST need to be solved or or.
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