- In the beauty space, JCPenney added 70 new Sephora locations in 2017 and has added 27 more this year, bringing the Sephora Inside JCPenney headcount to 75% of its stores.
- JCPenney will enhance partnerships with activewear icons including Nike, Puma, and Adidas, and it expects to open Fanatics in 700 of its stores in short order.
If you’ve followed this company over the past few quarters, you know it’s been on an “interesting” journey. From what appeared to be an existential crisis to several purposeful steps, to the latest reports and news, watching JCPenney strive to stay relevant has proven quite the fascinating observation.
JCPenney reported first-quarter earnings on May 17, which included an earnings miss and a revenue beat. On the call, Marvin Ellison, chairman and CEO, laid out the deets, which included successes, current projects and upcoming endeavors at the company. Much of it relies heavily on something we all relate to in one way or another: relationships.
Let’s start with activewear. JCPenney will enhance partnerships with activewear icons including Nike, Puma, and Adidas, and it expects to open Fanatics in 700 of its stores in short order. Unrelated but equally compelling, JCPenney is building up its plus-size offerings through partnerships with Liz Claiborne and basketball star Shaquille O’Neill. For 2018, the company anticipates growth opportunities in the special sizing department to the tune of $100 million.
In the beauty space, JCPenney added 70 new Sephora locations in 2017 and has added 27 more this year, bringing the Sephora Inside JCPenney headcount to 75percent of its stores. Additionally, the company will rebrand or remodel an additional 100 of its salons to the newer Salon by InStyle format.
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Two other categories worth noting include the fine jewelry space, which the company said was the highest comping division in the first quarter and it had “aggressive plans” for the rest of 2018, JCPenney also announced a partnership with active wearable tech maker FitBit. The two will offer health and wellness products.
Date: June 19, 2018