Express, Inc.
TypePublic
NYSE: EXPR
IndustryRetail
Founded1980 (1980)[1] (as Limited Express)
Chicago, Illinois, U.S.
HeadquartersColumbus, Ohio, U.S.
Number of locations
500+ (2021)[2]
Areas served
United States, Canada (online only), Puerto Rico, Mexico, Panama, Costa Rica, Guatemala, El Salvador
Key people
Stewart Glendinning (CEO)
Products
RevenueIncrease US$1.87 billion (2021)[3][4]
US$ 0.7 million (2021)
US$ -14.4 million (2021)
Total assetsUS$ 1.25 billion (2021)
Number of employees
10,000 (2021)
Subsidiaries
Websiteexpress.com
An Express store

Express, Inc.[5] is an American fashion retailer whose portfolio includes Express, Bonobos and UpWest. The Company operates an omnichannel platform as well as physical and online stores. Grounded in a belief that style, quality and value should all be found in one place. The company consists of the brands Express, Bonobos, and UpWest, and is traded on the NYSE under the symbol EXPR.

The company is headquartered in Columbus, Ohio.[1] Express operates 500+ stores in the United States, Puerto Rico, Mexico, Costa Rica, Panama, El Salvador and Guatemala.[2]

History

Limited Brands, in 1980, opened the first Express store,[6] as women's clothier "Limited Express" in Chicago's Water Tower Place.[7] Former CEO Michael Weiss joined the brand in 1981 when the test expanded to include eight stores. By 1986, Express had 250 stores and began testing the sale of men's merchandise in 16 stores the following year. The men's fashion line was spun off into its own brand, Structure, in 1989.

In 1990, its beauty line became a standalone retailer called Bath & Body Works.[8]

In 2001, Express became a dual gender brand with the reintegration of its Structure stores as "Express Men". Dual gender Express stores began opening the following year. Structure apparel brand was sold to Sears in 2003.[9]

In November 2019, Express announced spinoff UpWest, a DTC lifestyle brand geared towards health, wellness, and sustainability. With the launch of UpWest also came its philanthropic arm, The UpWest Foundation, which will donate 1% of total sales up to $1 million towards Mental Health America, Random Acts and Freedom Dogs of America.[10]

In April 2023, Express, Inc and management firm WHP Global agreed to acquire Bonobos from Walmart.

On August 18, 2023, Express announced that they would be laying off 150 workers in effort to achieve $150 million in annualized expense reductions by the end of 2025.[11] On October 24, 2023, Express warned that it may have to file for Chapter 11 bankruptcy protection as it has been hit hard from the COVID-19 pandemic, stating store sales have been declining for years and rising costs putting the company in heavy debt.[12]

Express as a privately held company

On May 16, 2007, Limited Brands announced its intent to sell a 67% stake in Express to an affiliate of a private equity firm called Golden Gate Capital Partners, based in San Francisco.[13] When the sale was finalized in July 2007, Golden Gate's stake in the company was 75% instead of the announced 67%.

On May 13, 2010, the company sold 16 million shares for $17 each, raising about $272 million. Shares had been planned to sell between $18 and $20 each. On May 14, 2010, the shares opened at $17 to $16.50 before recovering slightly to close down 1.5% at $16.75 on the New York Stock Exchange.[14]

Since the IPO, Golden Gate and Limited Brands gradually reduced their ownership interest in the Company. On July 29, 2011, Limited Brands sold its remaining ownership interest in the Company, and as a result of this disposition, ceased to be a related party as of the end of the second quarter of 2011. On March 19, 2012, Golden Gate sold its remaining ownership interest in the Company, and as of May 31, 2012, Golden Gate no longer had representation on the Board. As a result of the disposition and Board seat removal, Golden Gate ceased to be a related party as of June 1, 2012.[15]

Design studio

Express clothes are designed at the Express Design Studio on 111 Fifth Avenue New York City, New York in Manhattan's Flatiron District.[16]

References

  1. 1 2 "Shop Men's and Women's Clothing". Express. Archived from the original on 2014-07-20. Retrieved 2014-05-31.
  2. 1 2 "Inline XBRL Viewer". Archived from the original on 2020-06-14. Retrieved 2020-06-14.
  3. ↑ "Archived copy". Archived from the original on 2022-03-09. Retrieved 2022-03-10.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ↑ "Express, Inc. (EXPR) Income Statement - Yahoo Finance". Archived from the original on 2020-06-14. Retrieved 2020-06-14.
  5. ↑ "Terms & Conditions". www.express.com. September 30, 2019. Archived from the original on 2020-09-06. Retrieved 2020-09-03.
  6. ↑ "Limited to Sell Most of Express Brand - washingtonpost.com". www.washingtonpost.com. Archived from the original on 2017-02-02. Retrieved 2017-01-27.
  7. ↑ "The Express Way". tribunedigital-chicagotribune. Archived from the original on 2017-02-02. Retrieved 2017-01-27.
  8. ↑ https://www.racked.com/2014/12/3/7566589/bath-body-works
  9. ↑ "Sears Buys Structure Apparel Brand - Los Angeles Times". Articles.latimes.com. 2003-09-16. Archived from the original on 2014-03-29. Retrieved 2014-05-31.
  10. ↑ Moore, Kaleigh. "Express Launches UpWest, A New Lifestyle Spinoff Brand". Forbes. Archived from the original on 2019-11-15. Retrieved 2019-11-15.
  11. ↑ "Express plans layoffs, reverse stock split". Retail Dive. August 18, 2023. Retrieved October 24, 2023.
  12. ↑ "Popular mall retailer facing potential Chapter 11 bankruptcy". TheStreet. October 24, 2023. Retrieved October 24, 2023.
  13. ↑ REED, MATT (2007-05-15). "Limited to Sell Most of Express Brand". The Washington Post. ISSN 0190-8286. Archived from the original on 2017-02-02. Retrieved 2017-01-27.
  14. ↑ Baldwin, Clare (13 May 2010). "Express, Roadrunner fall in debut; TeleNav rises". Reuters. Archived from the original on 2010-12-05. Retrieved 2014-05-31.
  15. ↑ Express_10Q_20120830.pdf, http://www.express.com/content.jsp?pageName=Investor Archived 2011-10-11 at the Wayback Machine
  16. ↑ "Explore Design Studio Job Opportunities at Express, Apply Online". Express.com. Archived from the original on 2011-07-26. Retrieved 2014-05-31.
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