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Claire's Stores - Essay Example
Claire’s Stores Inc. is a group of small shops indulged in the fashion industries. Rowland Schaefer, the founder of the group, had already acquired a number of shops dealing in fashion accessories since 1960 that finally ended with the acquisition of Claire’s Boutique, Inc. in 1973. …
in 1973. Previously, it known as FT Industries after the acquisition of Fashion Tress, Inc. in 1961, and the new name was conceived in 1983, two years before getting enlisted with the New York Stock Exchange. The latest one, however, had been the biggest of all deals and eventually the most popular one with 60 stores scattered in different parts of Chicago. 1994 saw the industry moving out of homeland when it entered into a joint venture with Japan’s Jusco Co., Ltd., which resulted to the opening of the first branch of Claire’s Stores in Tokyo. Eventually, it spread out to 172 other locations by 2006.
Though the company had been continuing with its overseas acquisitions since 1993, the next biggest one had been that in 1995 when it purchased Bow Bangles Holding Ltd., a Birmingham based chain of stores. It was followed by the acquisition of Bijoux One, a 53-chain store scattered across Switzerland, Austria and Germany in 1998, and Cleopatre Stores in France with chain of 42 stores. Schaeffer had strategized his moves so as to acquire almost all rival firms of the company. Although it had started out as a fashion accessories group of stores meant for young teenagers, it soon moved into the domain of selling accessories for older teenagers and young women post the acquisition of Afterthoughts in 1999; Afterthoughts had been a giant chain of 768 stores. ...