Michael Atmore – Footwear News https://footwearnews.com Shoe News and Fashion Trends Sun, 19 May 2024 16:30:31 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://footwearnews.com/wp-content/uploads/2023/05/cropped-FN-Favicon-2023-05-31.png?w=32 Michael Atmore – Footwear News https://footwearnews.com 32 32 178921128 Bruce Nordstrom, the Ultimate Shoe Dog Who Grew His Family Business Into a Retail Powerhouse, Dies at 90 https://footwearnews.com/business/business-news/bruce-nordstrom-dies-1203640908/ Sun, 19 May 2024 06:09:46 +0000 https://footwearnews.com/?p=1203640908


Im a shoe dog. I say that with all my heart. That doesn’t sound like a complimentary title, but that’s me,” declared Bruce Nordstrom onstage at the FN Achievement Awards in December 2018.

Nordstrom, the ultimate shoe dog, died on Saturday at age 90.

“It is with deep sadness we announce our dad passed away comfortably at home on May 18, with his wife Jeannie by his side,” said Pete and Erik Nordstrom, in a joint statement. “Our dad will be remembered not only for his significant contributions to Nordstrom, but also for his unwavering dedication to his family and friends. His passion, integrity and tireless work ethic served as an inspiration to everyone around him. But perhaps his greatest achievement was being an amazing father, husband and grandfather. Our dad leaves a powerful legacy as a legendary business leader, a generous community citizen and a loyal friend.”

Bruce Nordstrom’s storied career began at the tender age of 9, when he started working at the family shoe store, and his love for his family defined his life and his work.

In 2018, a few months before he received FN’s Lifetime Achievement Award, Nordstrom admitted that being in the business wasn’t a mandate for the third-generation Nordstrom.

Bruce Nordstrom
Bruce Nordstrom graces the Dec. 3, 2018, cover of FN.

My daddy [Everett] said, ‘If you don’t want to do this, go do something else,’ but I never did,” said Bruce at the time. “It was the Second World War, and I was sweeping floors, emptying shoeboxes, breaking them up, flattening them and tying them into bundles. It was hard work, as I was a skinny little guy.”

That skinny kid, who “absolutely loved” retail and its simplicity at the time, inherited a tireless family work ethic.

Driven and detail-oriented, Bruce was asked to be president at 30.

Amid a period of great growth, Bruce and team took the company public in 1971, debuted the first Nordstrom Rack in 1973 and continued major expansion throughout the U.S., including the lucrative California market, before he officially retired in 1995.

Bruce Nordstrom and Sons
The three sons and their dad: Erik, Pete, Blake and Bruce Nordstrom in 2008.

His retirement was somewhat short-lived, as he returned to the chairman role in 2000 during a rocky time for the company — and then he retired for good in 2006.

More than a decade later, Bruce — who proudly handed the reins to his sons, Erik, Pete and the late Blake Nordstrom — relished any opportunity to be on the retail floor.

“I still like to go around and ask about everything,” Bruce said in 2018. “I get to know the store manager and look around different departments. Of course, I can’t know everyone now, but they know Mr. Bruce.”

Erik Nordstrom, then co-president of the family business (and now CEO), told FN that same year that his dad’s vision for retail was best exemplified on the shoe floor. “You literally are on your hands and knees in front of the customer trying to take care of them. This spirit of service and healthy humility is a great lesson for us wherever we are serving customers,” the younger Nordstrom said. His brother Pete added: “[His best advice was to] get on the floor — the sales floor. All the answers to your business are on the floor.

The late Blake Nordstrom, who also served as co-president with his brothers at the time, recalled how fortunate he and his brothers were to spend their earliest years in the shoe division. “We were extremely fortunate to work with a number of terrific managers. They, in turn, were supported by our dad, who was unwavering over the years in his true north of how to be a good merchant and be successful in the shoe business,” Blake said in 2018.

Erik also spoke about his father’s love for his family. “Loyalty has always been of the utmost importance to my dad, and nowhere does this show more than when he talks about family,” he said.

Bruce Nordstrom is survived by his wife Jeannie; his sister Anne Gittinger; his sons Pete and Erik; daughter-in laws Brandy, Julie and Molly; and seven grandchildren, Alex, Andy, Leigh, Sam, Sara, Micki and Chet.



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Retail Legend Bruce Nordstrom Reveals Untold History of His Family’s Empire https://footwearnews.com/entertainment-news/culture/bruce-nordstrom-fnaa-2018-lifetime-achievement-award-1202712629/ https://footwearnews.com/entertainment-news/culture/bruce-nordstrom-fnaa-2018-lifetime-achievement-award-1202712629/#comments Mon, 13 Sep 2021 04:10:13 +0000 https://footwearnews.com/?p=1202712629 Editor’s Note: A version of this story first appeared in the Dec. 3, 2018 edition of FN.

Im a shoe dog. I say that with all my heart. That doesn’t sound like a complimentary title, but that’s me,” declared Bruce Nordstrom onstage at the FN Achievement Awards in December 2018. It’s an apt statement coming from a retail icon who cut his teeth sweeping floors at his family’s store.

Nordstrom admitted that a career in the family business wasn’t a mandate for this third-generation Nordstrom, but a close relationship with his father, Everett, and grandfather, John, led him down that path at the tender age of 9, when he started working at the family shoe store.

“My daddy said, ‘If you don’t want to do this, go do something else,’ but I never did,” said Bruce. “It was the Second World War, and I was sweeping floors, emptying shoeboxes, breaking them up, flattening them and tying them into bundles. It was hard work, as I was a skinny little guy.”

That skinny kid, who “absolutely loved” retail and its simplicity at the time, inherited a tireless family work ethic. In fact, he used a 30-minute lunch break to propose marriage, at age 23. Bruce told his bride-to-be that his work was all-consuming, and the proposal came with a telling disclosure. “We decided to get married, but I told her I didn’t have much time off to do so. Maybe two weeks.”

To her credit, Fran was undeterred, allowing Bruce to dedicate hundreds of hours to the family company as his own family grew at home. “She was really something,” Bruce said of his late wife. “She raised our boys beautifully and was up for whatever it was.”

Bruce Nordstrom
Bruce Nordstrom graces the Dec. 3 cover of FN.
CREDIT: Amber Fouts

Driven and detail-oriented, Bruce was asked to be president at 30.

“I felt like a lost dog in the tall grass,” he said. “But we were a much smaller company in those days, just a couple hundred employees and a few shoe stores in Portland [Ore.] and Seattle.”

Almost immediately, his father and Uncle Elmer retired — and Bruce was left to determine his path.

Wisely, he turned to “Uncle” Lloyd Nordstrom (chairman at the time) for guidance. Lloyd suggested he visit his friend Stanley Marcus in Texas.

“He said he would love to have me down, and I jumped at the chance,” said Bruce. “They let me see everything, and I even ate in the executive dining room. They couldn’t have been nicer.”

Uncle Lloyd also suggested a trip to New York City to meet with buyers and brands.

“I didn’t know anything, so I asked a lot of questions,” Bruce said. “I called on a lot of vendors and got to know what they thought. I did that for a couple of weeks, and I learned a lot.”

Bruce Nordstrom
Bruce Nordstrom with second- and third-generation members of the family.
CREDIT: Courtesy of Nordstrom

But specific advice was sometimes hard to come by. “I learned the most from my dad, but you had to know him,” said Bruce. “He was smart, but he didn’t want to interfere with anything. When I was made president, he almost stopped coming to the store. It was a sink-or-swim deal for me.”

Bruce jokingly looked in his son’s direction as he added, “Erik and his brothers might tell you the same. They would probably say I haven’t told them anything, and I probably haven’t.”

“That’s not true at all,” Erik laughingly countered. “Suggestions? The truth is, he has lots of good advice, a long list of good things.”

That list has been honed by years of on-the-floor experience that is a trademark of the Nordstrom family.

“I still like to go around and ask about everything,” Bruce said. “I get to know the store manager and look around different departments. Of course, I can’t know everyone now, but they know Mr. Bruce. I’m walking around in their way all the time.”

“He loves walking the floor,” said Erik. “And seeing the changes.”

“I still talk to the customers I know,” Bruce added. And when asked if he continues to make sales, he responded, “Well, I’ve guided some people in that direction.”

Bruce Nordstrom
Bruce Nordstrom leading the charge during his glory days at the firm.
CREDIT: Courtesy of Nordstrom

Tipping Points

During the heady days of growth that kicked off in the 1970s, Nordstrom retained that personal touch as the company dramatically expanded its presence across the country and became a household name.

“We had a couple hundred employees when I started, and we have 76,000 now,” he explained. “I never would have imagined that we would be this big, but I knew my grandfather pretty well, and he said we were going to grow — and that we did.”

With great humility, Bruce said there were no real “aha” moments during his incredible career, noting that it was more an evolutionary trajectory.

Yet a couple of good stories do pour out, and it’s clear that with the advantage of hindsight, they are both pivotal and impressive, even for the storyteller.

One such moment was the retailer’s expansion to California in 1978. Like so many big decisions then, it was potentially risky and had its share of detractors.

“There were some people around at the time who said, ‘Why are you going to mess it up by opening there? You guys do all right in the Northwest, but it’s a different, more sophisticated customer, and you are going to blow it.’”

But Bruce saw the skepticism as a challenge. “I clearly didn’t agree. It just made us go a little harder,” he recalled.

Nordstrom
Nordstrom in Los Angeles.
CREDIT: Shutterstock

Harder in this case meant digging in, going to a lot of store sites and being thoughtful about product assortment. “Nobody thought much of us in those days, and most of the good locations weren’t interested in us,” Bruce said.

Opening a store in La Brea “that was in the wrong end of the wrong mall” turned out to be a watershed moment. “I knew it was right the second day the store was open, when we got the numbers in,” Bruce said. “We did a lot of business the first day — not compared to what they do now but a lot for us at that time.”

The public’s warm reception would embolden the family to go much further. “The next big moment was going to the East Coast,” said Erik and his father, almost in unison. “Chicago was an awfully big moment, but Tysons Corner [in northern Virginia in 1988] was huge for us,” Bruce added.

There is an unmistakable energy in Bruce’s voice when he discusses the period of rapid expansion. “I liked proving that we could really do something,” he said. “We evolved, moved around and had success. Success gave us confidence to push on. It was fun.”

Of course, there were other towering moments. Bruce and team took the company public in 1971, debuted the first Nordstrom Rack in 1973 and continued major expansion throughout the U.S. before he officially retired in 1995.

The moment was somewhat short-lived, as he returned to the chairman role in 2000 during a rocky time for the company — and then he retired for good in 2006.

But did he? Today, Mr. Bruce spends longer weekends with his wife, Jeannie, but he is still a presence in the office. On a recent morning, he proudly posed for the cover with his beloved family.

Bruce has also been there for many of his sons’ big moments on the road. In 2017, he made a special appearance at the WWD CEO Summit in New York to cheer on his son Pete, who delivered the opening address at the event.

Mr. Bruce was back in the Big Apple again in 2019 to toast the much-anticipated opening of Nordstrom’s Manhattan store. “That building is a culmination of efforts and experiences. All the accomplishments, all the times you stubbed your toe. It’s sobering and humbling for a guy like me who’s been there the whole time.”

Bruce Nordstrom Erik Nordstrom
Erik (L) and Bruce Nordstrom, photographed for FN in the company’s Seattle headquarters.
CREDIT: Amber Fouts

Want More?

FN to Honor Bruce Nordstrom, Diane Sullivan, Tabitha Simmons + More Big Names at 2018 FNAAs

Department Store Checkup: How Macy’s & Nordstrom Are Doing Right Now

How Retailers Like Nordstrom and Walmart Are Making Holiday Shopping Easier

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Michael Atmore: It’s Hard to Imagine a World Without Tony Hsieh https://footwearnews.com/entertainment-news/culture/michael-atmore-tony-hsieh-reflections-1203086022/ Mon, 21 Dec 2020 16:15:55 +0000 https://footwearnews.com/?p=1203086022 “This is my friend Michael. He’s from New York and he’s in love with me.”

It was a line Tony Hsieh used hundreds of times when introducing me to his ever-widening circle of friends, acquaintances, co-workers and complete strangers. It endlessly amused him, and he relished the reaction.

Some laughed nervously, some were dumbfounded, but I was always flattered. After all, it was the truth. And it revealed the real Tony: funny, teasing and anxious to upend convention wherever possible.

Our love affair started in the early aughts. I met Tony during the first days of Zappos and I was immediately captivated by his smart, shy and clever nature.

He could be socially awkward but he knew that didn’t faze me. We were safe in each other’s company.

That is not to say our relationship didn’t have its challenges, ones that we imposed on each other. We both, as they say, liked to “get to the bottom of it.”

And we often pushed each other. Tony wasn’t keen on excuse making, something I had a habit of doing when too busy or stressed. “It’s up to you,” he would always say. “You can control that.” The advice was always sound and profound. We were secure in our mutual respect. That was the glue.

Very soon after we met, I asked him to speak at our CEO Summit. It was 2005 and the buzz around Zappos and the boy genius was starting to mount.

“What would I talk about?” he asked me. “Tell the crowd why people are going to buy things online,” I replied. “I don’t think anyone thinks it can happen.” An amusing exchange in retrospect!

My provocation seemed to ignite him. After much probing, I gave Tony a loose concept for the talk — “10 Reasons Internet Shopping Will Work” or something along those lines — and he ran with it.

He embraced the idea, emailing revisions as he brought it to life.

In those days, we hosted the event at the Four Seasons in Miami and the main ballroom had a decidedly corporate and chilly vibe. It was, as they say, a “tough” room and we had a number of designers and executives who found it quite intimidating.

But no one reacted like Tony.

The morning of his speech, I was doing my hosting bit when I heard that he was backstage, paralyzed by fear. I had no idea that this was his first speech. Ever.

Ducking behind the curtain, I could see the terror in his eyes. And even though we didn’t really know each other, I tried my best to calm him, eventually taking his hand. We stood for a minute or two holding hands, me uttering whatever nonsense I could think of to get him to calm down.

It seemed to work. I left him briefly to make his introduction to the crowd and once he hit the stage, he was home. Everyone there that day was in awe, and the great speaking career of Tony Hsieh was launched.

Over the next 15 years, there were many dramatic moments: Huge triumphs, big milestones and some absolutely crazy times. So many stories for another day and time.

What I will say here is Tony defined a lot of things for me and many others. His generosity knew no bounds. He could move mountains. His attention to detail, his incredible memory, his obvious love for fun and excitement could be hypnotic.

Tony wanted those close to him to always be close and that caused temporary friction. He wanted me to move to Las Vegas and become part of the team. I was never able to make that commitment and it frustrated him.

And yet, I showed up as often as I could. Between Vegas, New York, London and other common stomping grounds, we saw a great deal of each other. Over the years, our lives grew and changed, became more complex, and yet never did we stray too far. He was good at keeping in touch, good at finding ways to make a new plan for a new adventure. I give him enormous credit for touching so many lives and expending so much energy taking care of his friends.

A lot has been said about the challenges at the end of his life. I will simply say that he was a singular genius who left us too soon. And even in his final months, when he struggled mightily, Tony still tried to connect. His humor and the love of the tease stayed true to the end.

For years, he had made fun of the amount of time I spent in the Hamptons, ribbing me endlessly about not being able to meet him other places because I was “always in the Hamptons with people I cared about more.”

On my birthday in June, he sent me a video message with his latest plan. He would meet me in Montauk on July 26 at 2 a.m. Classic Tony.

He never made it.

Many of us close to Tony are still coming to terms with the fact that he’s gone. It’s hard to imagine life without his beautiful spirit. But it’s hugely comforting to see a world that has been forever changed by his beautiful soul.

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The Queen, The Dresser and The American https://footwearnews.com/entertainment-news/culture/queen-elizabeth-angela-kelly-1202863846/ Tue, 29 Oct 2019 10:00:56 +0000 https://footwearnews.com/?p=1202863846 It is no accident that Her Majesty Queen Elizabeth holds such a powerful place in the fashion ethos.

Like many, I’ve always been struck by her singular and flawless style that seems to defy the passing of time. Little did I know that one day I would play a very small part in this amazing story.

Just as The Queen has commanded the world stage with her intelligent, calm and focused energy, her clothes, jewelry and accessories have reflected that strength of persona using color, silhouette and detailing to masterfully burnish an image that is at once inviolable, confident and purposeful.

Throughout the history of her incredible reign, The Queen’s style has been both a mirror of the times and a hedge against the ever-changing world that surrounds her.

Angela Kelly, The Other Side of the Coin: The Queen, the Dresser and the Wardrobe, book
“The Other Side of the Coin: The Queen, the Dresser and the Wardrobe,” by Angela Kelly.
CREDIT: Courtesy

Over the last seven years, I’ve had a unique vantage point to witness the thought and care that goes into the monarch’s look. Now, my good friend Angela Kelly, Her Majesty’s Personal Advisor and Curator (The Queen’s Jewellery, Insignias and Wardrobe), Senior Dresser and In-house Designer, has just written a beautiful and loving tribute to her boss, an authorized account of their incredible working relationship.

In The Other Side of the Coin, The Queen, The Dresser and the Wardrobe, Angela takes the reader inside the workrooms of Buckingham Palace to understand the symbolic weight of designing and coordinating HM’s outfits to seamlessly enhance her wide-ranging duties. Along the way, one learns how the traditional royal dress codes have been subtlety updated and burnished to icon status.

The book also reveals, in her own words, how Angela found herself in such a unique job and the evolution of her role as one of The Queen’s most trusted advisors.

In a compelling series of short stories covering key moments over a quarter of a century, Angela details her dramatic journey from humble childhood to Palace newbie to indispensable member of HM’s closest staff. This Cinderella-like story takes on more gravitas with the added knowledge that The Queen herself has authorized the book, a Royal Household first.

Michael Atmore, angela kelly
Angela Kelly and Michael Atmore.
CREDIT: Courtesy

It is a narrative that I know quite well. When I met my husband, Paul Mesher, in 2009, I was ushered into an exclusive world of close friendships he formed while working as The Queen’s Personal Footman. Like The Queen herself, this is a wise and witty group and they have been very kind in accepting “the American.”

In 2012, with The Queen’s blessing, one of those dear friends, Paul Whybrew, The Queen’s Page, organized an elegant staff reunion (past and present) at Windsor Castle to honor Her Majesty’s wildly successful Jubilee year.

I remember every vivid detail of that fall evening as I had left the devastation of Hurricane Sandy in New York City for the quiet magnificence of Windsor Castle. It was the tail end of a triumphant Jubilee year that saw The Queen celebrate her own incredible reign in so many powerful forms, not the least of which was appearing in the opening segment of the 2012 Olympic Games in London. It had created quite the buzz!

There was an incredible sense of pride and accomplishment that night as The Queen’s trusted team filled the stunning Waterloo Chamber. Of course, there was a lot of curiosity about “the American” and I was starting to feel the heat — and my jet lag — when my Paul introduced me to Angela. Of course, I knew a bit about her by this point, but this was our first face-to-face and she quickly took this somewhat misplaced interloper under her warm and witty wing. I was immediately dazzled by her “switched on” sense of fun and smart asides.

Sadly, we quickly got lost amid the interesting crowd in St. George’s Hall and the fantastic dinner that followed. By the time the evening ended with The Queen’s Pipers offering a dramatic send off, I had met many of the staff, including my cousin Ken Atmore, who had been looking for “his family” since the party started. It was joyous meeting, as The Queen’s Personal Protection Officer and his American cousin talked about family history and our world of mutual acquaintances, including my husband, Paul.

After the reunion, I stayed in close touch with Angela, and over the course of many visits, our deep friendship was born. I began to fully understand the scope and importance of her role in the household. All the more reason I was extremely flattered and touched when she asked me to lend my industry knowledge to update The Queen’s shoe story.

It was in this capacity that I witnessed first-hand the fascinating, no-nonsense relationship between The Queen and Angela, most notably the determined professionalism on the part of Kelly and the enormous attention to detail on the part of The Queen. One can feel the sense of awe felt by those close to Her Majesty and how seriously they take their jobs. And yet, warmth and humor never get lost in the exacting process.

With great love and respect, Angela’s book reveals how she has honed a new kind of relationship between monarch and dresser, tapping a more modern view of fashion’s power as she cleverly guides her team to gently evolve The Queen’s well-defined style. The result has been wildly successful by any measure, putting Her Majesty on a fashion stratosphere that is hers and hers alone.

The book offers a series of entertaining glimpses of the unique working relationship between the The Queen and her devoted dresser, revealing Angela’s sense of detail, duty and history. She takes the reader on a fascinating ride, as she hopscotches between her experience of acclimating to Palace life to the untold hours spent getting each look just right.

There are also a great many personal tales that reflect Angela’s humble beginnings as well as the backstory of some of the more public moments when The Queen’s fashion choices dominated the headlines.

I was thrilled to join Angela for one of those great moments, when The Queen shocked the jaded fashion industry by appearing on the front row at up-and-coming designer Richard Quinn’s show, which closed London Fashion Week in 2018.

The much talked about appearance was Angela’s brainchild, and The Queen handed out the first Queen Elizabeth award for fashion talent, an honor designed by Miss Kelly. It was an emotional and dramatic full-circle kind of day for me, one that merged the private and public sides of Angela’s tireless work on behalf of the Queen.

In fact, in the wake of the book launch, Angela will return to Buckingham Palace and resume her work. There is no stopping as The Queen moves through an intense fall schedule with a mix of new and cleverly recycled looks.

Amid an increasingly chaotic global stage, Her Majesty’s trademark, indestructible style is more important, more relevant and more celebrated than ever.

In this fascinating book, the world gets to see how my friend Angela is determined to keep it just that way.

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1202863846 Queen Elizabeth II attends London Fashion Week, UK - 20 Feb 2018 Angela Kelly, The Other Side of the Coin: The Queen, the Dresser and the Wardrobe, book Michael Atmore, angela kelly
Editor’s Note: FN’s 70th Anniversary https://footwearnews.com/business/business-news/fn-70-year-anniversary-28810/ Mon, 11 May 2015 13:00:57 +0000 https://footwearnews.com/?p=28810 We almost missed our own party.

Some brands spend months celebrating a major milestone like 70 years in business. For our own anniversary, the hard-charging team at FN has been so busy pushing forward, expanding, redesigning, digitizing and embracing our new and rapidly growing consumer audience that we’ve barely had time to take a thoughtful look back at seven decades of remarkable history.

Since being acquired last year by Penske Media, FN’s growth trajectory has amplified dramatically. One could argue that the most recent seven-plus months have been the most important and transformative in FN’s long run.

Last December’s
 launch of Footwearnews.com was hands down the biggest move in the history of the brand. In one day, we transitioned from a channel page on our sister publication’s website, WWD.com, to a full-fledged consumer site that addresses everything shoe-related, from business news to celebrity red-carpet moments.

Retaining our status as the industry’s bible, we have taken that insider knowledge to the masses, offering the consumer a guide to all things footwear. This powerful move has resulted in an audience increase of over 500 percent in the space of a few months. And we’ve only just begun.

The site launch came just a step ahead of a major redesign and upgrade of the print weekly in January. With better paper, stronger photography and edgier fashion, today’s FN is a faster, more insightful read and an even more important trend guide for the industry insider.

FN 70th Anniversary Issue
FN’s 70th Anniversary Issue.

The combined force of our new print product and a dramatically boosted digital imprint puts us in a prime position to command incredible growth in the marketplace moving forward.

As the consumer appetite for all things shoe-related increases, we will push further to meet the endless global fascination with shoes and the creative forces behind them.

That fascination has only grown during my watch. This last decade has seen the rise of online shopping, the globalization of brands, a dazzling new designer class and the extraordinary strength and power of an athletic industry that now touches every level of the market.

With each new turn of the road, our audience and influence has expanded, thanks to an incredible team of talented editors that constantly move the needle. I cannot thank them enough for their wisdom, prodding and creativity as we chart new ground on a daily basis. The ultimate testament to their hard work and perseverance: this big, beautiful issue chronicling FN’s wildly interesting seven decades.

I won’t spend this precious space regaling you with tales of my ride at the top of the masthead for a small part of that storied history. That’s for another column (or book!) at another point in time.

Let’s just say this is a business that never disappoints as it continues to transform itself, providing a compelling narrative and a powerful, interesting, quirky mix of great personalities to document.

As we head into mid-2015, the industry has never had more magic, more interesting stories, more energy and more eyes upon it than right now.

After 70 short years, we are striking while the iron is red-hot.

It’s a happy — and very busy — birthday.

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Editor’s Note: Buying Time https://footwearnews.com/fashion/fashion-news/michael-atmore-editors-note-13530/ Tue, 17 Feb 2015 22:56:38 +0000 https://footwearnews.com/2015/more/uncategorized/-13530/ The open checkbook has returned — and all that comes with it. An increasingly hot mergers-and-acquisitions market has everyone buzzing, from the tire kickers to the serial buyers. In a clear sign that a revived economy has encouraged industry powers to expand their portfolios, the hunt is on.

With much of the action focused on big-name trophy brands, the behind-the-scenes jockeying is intense, and the rumor mill is in full gear. At the same time, the industry has seen a number of smaller brands go to bigger players as the brand pool continues to consolidate. Recently, the Stuart Weitzman deal was the subject of intense interest, with many CEOs bidding to add the coveted label to their stables. As one recently told me, “There just aren’t that many prizes out there.”

It’s true — the sure-bet brands and companies will continue to drive this acquisition conversation, but the narrative isn’t as simple as matching buyer with seller. With a number of industry leaders fighting to grab the prestigious names, the price-value equation is often distorted, and the race to win sometimes overshadows finding the right fit.

Of course, fit is often the most complicated issue in acquisitions. One of the industry’s biggest dealmakers recently told me that too many executives lean on stacks of financial data and routinely ignore more nuanced cultural and emotional feedback from partners and employees.

Those who are deep inside the deal-making process are often surprised by the sometimes emotional or minute details that can derail a purchase, again due to a lack of due diligence in certain areas and a commitment to knowing all the facts before making a bid.

If you revisit some recent big deals, armed with the hindsight of time and distance, it’s easier to see the overlooked (and seemingly minor) issues that turned out to be red flags.

There’s one deal that still sticks out among many — a deal that was sealed years ago between two very anxious parties. The seller was determined to make sure the buyer was prevented from learning the real story. The hasty buyer was interested only in expansion and neglected the deep dive the purchase called for. Despite the fact that many in the industry knew this pair wasn’t what it appeared to be, the sale went through — and years of agony followed.

At any point, the buyer could have called any major retailer (or this editor) to learn the true story of what they were buying. If they had, the asking price probably would have dropped or the deal would have fallen apart — as it should have.

So, in this renewed period of aggressive dealing, it’s important to remember the difference between a long-term fit and some short-term buzz. Obviously, timing is everything, but exhaustive due diligence and gut instinct should guide today’s buyers hoping to win the next big prize.

The right deal at the right time in the right place will ultimately determine the difference between success and failure, brain drain and capital gain.

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Editor’s Note: Lessons Learned From the 2014 FNAA Winners https://footwearnews.com/fashion/fashion-news/fnaa-winners-2014-2591/ Mon, 01 Dec 2014 18:46:48 +0000 https://footwearnews.com/2014/more/uncategorized/-2591/ Welcome to the “Shoe Oscars,” our annual celebration of everything that’s right in the world of footwear.

The 13 winners are a wildly diverse group of success stories, linked by talent and perseverance. Industry newcomer and Launch of the Year winner Sarah Jessica Parker said it best when she told Footwear News that she never realized how complicated the shoe business really is. Most don’t. And considering the epic challenges of meeting the needs of an increasingly global customer, these lucky honorees have major bragging rights.

Chosen by FN’s editorial team, in consultation with an army of retailers, analysts and the numbers, the 2014 winners list reflects many major moves. The rise of athletic fashion and its integration into the luxury business has driven sales across all retail levels — and should continue to dominate headlines in the months to come.

That potent combination is evidenced by the Shoe of the Year Award for Adidas’ Stan Smith, the first time FN has handed out such an honor. The iconic shoe — part of my own fashion trajectory — had an immense revival this year, engaging everyone from hipster to hip-hopper. The rest of the list reflects an amazing group of talented players that found a deep connection with the consumer. As is often the case, the backstories are as fascinating as the achievements themselves.

RETAILER OF THE YEAR Many claim to be the biggest. But at Level Shoe District, Patrick Chalhoub’s massive Dubai shoe destination, the claims are justified. When the store opened in 2012, most of the industry didn’t realize how much it would mean to the business. Thanks to impressive stats (700,000 consumers a month! 600 pairs sold every day!) Level has lived up to its billing. With an ever-changing array of designer promotions and over-the-top parties, the charmingly intelligent Level team have become the industry darlings.

BRAND OF THE YEAR The VF Corp. machine is incredibly effective at taking iconic brands and burnishing them with seasoned management, expensive marketing and hot product. In this moment of lifestyle-driven athletic, Vans has rolled far beyond its skater roots to achieve superstar status — a textbook case of taking your authenticity to the masses.

MARKETER OF THE YEAR A number of designer shoe brands aren’t big fans of expensive marketing. Yet some of the industry’s biggest success stories take the opposite stance. When Stuart Weitzman’s dynamic team started hiring top-notch photographers and attention-getting supermodels, the brand identity soared. In a year when a certain magic eluded many luxury campaigns, Weitzman drove sales and cred with imagery that resonated.

STYLE INFLUENCER I’ve been a Nicole Richie fan since we shared the stage at the FN CEO Summit. She’s a fashion force without trying too hard and has a singular style that feels forward, fun and organic. The fact that she has her own fashion line is icing on the cake.

HALL OF FAME Sonny and Joe. Joe and Sonny. Known only by their first names, Sonny Shar and Joe Moore hold a very special place in footwear history. Moore spanned the worlds of retail and wholesale before he tackled a complicated and politically charged FFANY. Shar successfully headed up Pentland’s U.S. effort for years. But his true calling? Being everyone’s favorite uncle, ultimate cheerleader and master connector. They don’t make ’em like these two anymore.

DESIGNER OF THE YEAR Twenty years young, Giuseppe Zanotti’s label has bridged the high-end gap between street and style, men and women, athletic and high fashion. He saw the confluence of athletic and fashion ahead of many and took full advantage. A charmer, an artist and a friend to the stars, the designer effortlessly embraces his own global stardom.

COMPANY OF THE YEAR The Greenberg touch is legendary. Father-son power duo Michael and Robert never sit still. That restless energy has allowed Skechers USA Inc. to endure many challenges on its uphill march to the top. This year, the firm racked up quarter after quarter of incredible numbers while carving out a credible foundation in athletic and lifestyle product.

VIVIAN INFANTINO EMERGING TALENT Sometimes overnight success is best served at a slower boil. Alessandra Lanvin’s Aperlai has taken its proper time to find the spotlight. But the focused and charming Lanvin is an elegant ambassador for her clever shoes that manage to be both singular and sexy.

NEWSMAKER OF THE YEAR Jimmy Choo could take this prize many years. In its relatively short rise to the top of the luxury footwear heap, the brand has generated so much press about internal dramas, acquisitions and meteoric growth. Under the intense and focused direction of CEO Pierre Denis, it created even more headlines this year with a new retail look and a public offering that had everyone talking.

LAUNCH OF THE YEAR Some wondered why it took Sarah Jessica Parker so long to put her name on the very business she’s impacted in so many ways. This year, the question was answered. With her characteristic attention to detail and love of fashion, SJP chose the right partner (George Malkemus), the right retailer (Nordstrom) and the right approach (hands-on and totally committed) to make a move that was guaranteed to succeed. A perfect example of how to move from soundstage to selling floor.

SHOE OF THE YEAR Before he was an iconic shoe, Stan Smith was an iconic tennis player. The athlete’s classic white Adidas court shoe, which has taken me and millions of others from boat to court to club, has had a number of comebacks in its storied history. This year, the refreshed look yet again scored sold-out status and front-row fashionista acclaim. It’s the perfect pick to win FN’s first Shoe of the Year Award.

PERSON OF THE YEAR You don’t build a powerhouse like Under Armour by being the shy type. Kevin Plank’s revved-up confidence isn’t just swagger. His heady, contagious leadership style has kept the company in the fast lane despite the challenges of being the industry disrupter. Plank is in it for the long haul, and he’s only just begun to flex his considerable muscle.

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2591 Michael Atmore
Editor’s Note: How to Beat the Summer Blues https://footwearnews.com/fashion/fashion-news/editors-note-business-opportunities-2639/ Mon, 18 Aug 2014 18:33:10 +0000 https://footwearnews.com/2014/more/uncategorized/-2639/ The dog days of summer find us dealing with some major hurdles. Sluggish business. Global unrest. Consolidation and omnichannel ramifications.

If the summer of 2014 goes down in the history books as a particularly difficult one, I would argue that many of the challenges reflect needed adjustments for better days to come. Both the wholesale and retail markets are currently digesting some huge, some say revolutionary, changes, while the vagaries of weather, consumer sentiment and global instability continue to alter the short-term playing field.

Many people have complained that the shoe business has been hurt by a lack of must-have trends this summer. I would argue there are bigger issues to focus on, ones that are reshaping the landscape.

In fact, many of the over-the-top women’s looks that prevailed at the mid- and higher end of the market did need to be tempered, and perhaps the move away from the showstopper platforms and blinged- out pumps led to a certain homogeny that deflated sales. But the real truth is that the shoe fascination that gripped the world in the post-“Sex and the City” era is still very much alive. In reality, it has grown to include a wider and potentially more profitable group of shoppers that weren’t even born during the show’s heyday.

If there has been a slight cooling of the red-hot women’s market, there are strong moves afoot in other areas that are helping propel industry sales in general. This is particularly true for those playing in the athletic, ath-leisure and men’s markets, and there is also a strong sales story in the comfort and children’s businesses.

For the most part, that growth heralds a set of large and influential societal trends that offer enormous opportunity for those positioned to take advantage of them.

TEEN TIME The power of youth has never been more evident. I know a number of big fashion leaders who make it a point to follow certain stylish teens on Instagram and get a bird’s-eye view of what this influential and highly motivated group thinks. Armed with credit cards, social media access and prowess, and above all, attitude, these wise-beyond-their-years kids will be key to our future. The trickle-up theory is very much in evidence with this influential demographic around the world, as these teens influence their parents’ buying decisions. And it isn’t just girls. Young boys, freed from old restraints, are now pushing the boundaries of fashion, and that is an excellent sign of things to come.

GENDER GAP While the young spenders influence the direction of the market, they also embrace a much more relaxed idea of masculine and feminine ideals and rules. If you look at what’s clicking in the shoe world, it all comes down to accessible and definitionless footwear. From Vans to Birkenstock, Toms to Converse, the biggest brand stories cut across gender to appeal to the widest demographic possible. The success translates up and down the age scale and proves that in the casual sense, men and women want much of the same thing.

WORLDLINESS A number of big trips this summer confirmed the ideas shared above. I was also struck by how many children were traveling alongside me. Despite an unsettling amount of economic anxiety and global instability, modern families now view a vacation as an important source of education and entertainment. While this has clearly impacted retail — as they spend more money on experiences and lifetime memories — it has also dramatically increased global brand awareness and trend saturation.

CLICKING ALONG That heightened worldliness has also boosted the importance of e-commerce and online branding. But it is frustrating to see how some traditional retailers still struggle to integrate the two sides of their businesses. The customer has no interest in understanding back-office complexities and old school separation of bricks-and-mortar and online offerings. They want product that is easy to see and easy to buy. Just look at the success of two models for clarity: the curated, edited and elegant Net-a-Porter for creating an online experience many said couldn’t be delivered, and the “you can buy anything in one place at a competitive price and have it instantly delivered” dominator model courtesy of Amazon.

INSTANT IMAGING Despite the online revolution, many brands have yet to find the right social media formula. That makes sense considering that the playing field is ever-shifting. I worry about the senior executives who still don’t understand the tools and the options available to them. Too many in our industry are following an old school marketing approach that is bound to disappoint. Traditional marketing still has a powerful place in the promotional arsenal, but it now needs to be supported with strategic viral plays, which will help cut through this saturated, media-fractured world.

TALENT SHOW A discussion of macro trends would not be complete without addressing the industry’s view of talent. I have said this before, and I will say it again: The best design talents in this industry are coming out of Europe. The fact that the American shoe business does so little to foster real design stars is frustrating and shortsighted. The excitement generated by a handful of talents can change the market. Why we aren’t investing in talent, building big design stars and embracing the ones that are trying to survive is beyond me. Every fashion trend, every hot item, every great brand and every sale comes down to design and execution — this summer and all the ones to come.

]]>
2639 Michael Atmore
Editor’s Note: Summer Hours https://footwearnews.com/business/business/editors-note-summer-hours-144170/ Mon, 18 Aug 2014 00:01:00 +0000 http://migrating-images.footwearnews.com?p=5580&preview_id=5580 The dog days of summer find us dealing with some major hurdles. Sluggish business. Global unrest. Consolidation and omnichannel ramifications.

If the summer of 2014 goes down in the history books as a particularly difficult one, I would argue that many of the challenges reflect needed adjustments for better days to come. Both the wholesale and retail markets are currently digesting some huge, some say revolutionary, changes, while the vagaries of weather, consumer sentiment and global instability continue to alter the short-term playing field.

Many people have complained that the shoe business has been hurt by a lack of must-have trends this summer. I would argue there are bigger issues to focus on, ones that are reshaping the landscape.

In fact, many of the over-the-top women’s looks that prevailed at the mid- and higher end of the market did need to be tempered, and perhaps the move away from the showstopper platforms and blinged- out pumps led to a certain homogeny that deflated sales. But the real truth is that the shoe fascination that gripped the world in the post-“Sex and the City” era is still very much alive. In reality, it has grown to include a wider and potentially more profitable group of shoppers that weren’t even born during the show’s heyday.

If there has been a slight cooling of the red-hot women’s market, there are strong moves afoot in other areas that are helping propel industry sales in general. This is particularly true for those playing in the athletic, ath-leisure and men’s markets, and there is also a strong sales story in the comfort and children’s businesses.

For the most part, that growth heralds a set of large and influential societal trends that offer enormous opportunity for those positioned to take advantage of them.

TEEN TIME The power of youth has never been more evident. I know a number of big fashion leaders who make it a point to follow certain stylish teens on Instagram and get a bird’s-eye view of what this influential and highly motivated group thinks. Armed with credit cards, social media access and prowess, and above all, attitude, these wise-beyond-their-years kids will be key to our future. The trickle-up theory is very much in evidence with this influential demographic around the world, as these teens influence their parents’ buying decisions. And it isn’t just girls. Young boys, freed from old restraints, are now pushing the boundaries of fashion, and that is an excellent sign of things to come.

GENDER GAP While the young spenders influence the direction of the market, they also embrace a much more relaxed idea of masculine and feminine ideals and rules. If you look at what’s clicking in the shoe world, it all comes down to accessible and definitionless footwear. From Vans to Birkenstock, Toms to Converse, the biggest brand stories cut across gender to appeal to the widest demographic possible. The success translates up and down the age scale and proves that in the casual sense, men and women want much of the same thing.

WORLDLINESS A number of big trips this summer confirmed the ideas shared above. I was also struck by how many children were traveling alongside me. Despite an unsettling amount of economic anxiety and global instability, modern families now view a vacation as an important source of education and entertainment. While this has clearly impacted retail — as they spend more money on experiences and lifetime memories — it has also dramatically increased global brand awareness and trend saturation.

CLICKING ALONG
That heightened worldliness has also boosted the importance of e-commerce and online branding. But it is frustrating to see how some traditional retailers still struggle to integrate the two sides of their businesses. The customer has no interest in understanding back-office complexities and old school separation of bricks-and-mortar and online offerings. They want product that is easy to see and easy to buy. Just look at the success of two models for clarity: the curated, edited and elegant Net-a-Porter for creating an online experience many said couldn’t be delivered, and the “you can buy anything in one place at a competitive price and have it instantly delivered” dominator model courtesy of Amazon.

INSTANT IMAGING Despite the online revolution, many brands have yet to find the right social media formula. That makes sense considering that the playing field is ever-shifting. I worry about the senior executives who still don’t understand the tools and the options available to them. Too many in our industry are following an old school marketing approach that is bound to disappoint. Traditional marketing still has a powerful place in the promotional arsenal, but it now needs to be supported with strategic viral plays, which will help cut through this saturated, media-fractured world.

TALENT SHOW A discussion of macro trends would not be complete without addressing the industry’s view of talent. I have said this before, and I will say it again: The best design talents in this industry are coming out of Europe. The fact that the American shoe business does so little to foster real design stars is frustrating and shortsighted. The excitement generated by a handful of talents can change the market. Why we aren’t investing in talent, building big design stars and embracing the ones that are trying to survive is beyond me. Every fashion trend, every hot item, every great brand and every sale comes down to design and execution — this summer and all the ones to come.

]]>
144170 Michael Atmore
Editor’s Note: Summer Hours https://footwearnews.com/gallery/editors-note-summer-hours/ https://footwearnews.com/gallery/editors-note-summer-hours/#respond Mon, 18 Aug 2014 00:01:00 +0000 http://migrating-images.footwearnews.com/gallery/editors-note-summer-hours/ https://footwearnews.com/gallery/editors-note-summer-hours/feed/ 0 139792