Lord & Taylor, America's oldest department store chain, is making a comeback with an old logo, new owners and a new vision.
The iconic company, founded in 1826 and with a long history in the fashion industry, closed its brick-and-mortar stores in 2021 after years of financial difficulties exacerbated by the pandemic. E-commerce restart also failed.
Now under new owner Regal Brands Global, which has acquired Lord & Taylor's intellectual property, the store and brand will return online in 2025, with the iconic bold cursive logo. By reviving the company, the company is trying to regain its high position in the retail industry. It had been canned under previous owners.
“We are pleased to bring back our beloved logo and are dedicated to restoring Lord & Taylor's reputation for exceptional customer service and quality,” a statement on Lord & Taylor's website states. “We are focused on introducing new products under the iconic Lord & Taylor signature logo.”
Regal Brands Global has acquired Lord & Taylor's intellectual property rights after relinquishing them in February following a court finding that investment firm Saadia Group defaulted on more than $45 million in debt. I bought it.
Regal Brands Global says it wants to revive Lord & Taylor's nostalgia and fuse it with modernity so it doesn't go out of style. Lord & Taylor's website states that it has been “a symbol of elegance and style since its inception.”
In an interview with Retail Drive, Regal Brands Global Chief Strategy Officer Sheena Yenel called the discontinuation of the classic logo in 2022 “the biggest betrayal of the brand.”
“I understand going after younger customers, but this is not a startup,” Jenel said, referring to the plain logo with the Helvetica font replacing the long-standing logo. “This is a brand that's been around for 198 years. Lord & Taylor has a huge reputation among different generations and different cultures.”
According to Retail Drive, he said the 75-person retail team is working on a merchandising strategy based on elevated style without going ultra-luxury or avoiding fast fashion.
The company focuses on an assortment of sophisticated homewares, dresses, and shoes.
“Lord & Taylor should be about lasting fashion,” said Jenel.
According to Lord & Taylor's website, the brand will continue to be an innovative retailer with a focus on unique products and new ways to shop.
The company's licensed products will be available “along with exciting new brands” on the company's website and in select retail stores around the world.
“With a rich history dating back to 1826, Lord & Taylor has always set the standard for luxury and sophistication in fashion. Our commitment to excellence is evident in our products, from timeless classics to contemporary designs. As we move forward, we honor the brand's storied past while embracing innovation to meet the evolving needs of our discerning customers. ”
Although Regal has expressed an intention to open a store in the future, there are no immediate plans for a physical store.
Its flagship department store, the eponymous Lord & Taylor Building on Fifth Avenue in New York City, was acquired by Amazon in 2020 for $978 million. The 11-story building was built in 1914.
In 2020, the store filed for bankruptcy along with its owner, venture-backed fashion rental subscription service Le Tote. Lord & Taylor temporarily closed its 38 brick-and-mortar stores in March 2020 at the onset of the pandemic, but they remained open. We will be operating through online channels during the coronavirus pandemic.
The bankruptcy comes less than a year after Le Tote agreed to buy Lord & Taylor from Hudson's Bay Co., the parent company of Saks Fifth Avenue.
British-born Samuel Lord opened his first store in 1826 on Catherine Street in what is now Two Bridges, Manhattan.
