Wong dropped off her two school-aged boys at ski school and drove to the office to meet with Hill and Aritzias COVID-19 task force. We have one in Winnipeg. That is why we are thrilled to announce our next global flagship on Michigan Avenue, Chicago's Magnificent Mile. Thank you. And then we're obviously monitoring our usage as well. We might be down 10% from the peak is what we're seeing. And I think that's proven. Her plan was to make some extra cash while she studied economics at the University of British Columbia. That helps them be nimble in periods of market disruption, particularly through COVID, says MacLeod. I wanted to ask, I guess, just on the sort of price and promotional environment and sort of competitive environment. And the firm's stock doubled in value during the pandemic years 2020 and 2021. In Canada, we grew by 52% with outstanding comparable sales growth and the benefit of reopened boutiques in Eastern Canada. Its a testament to their discipline in investing in their business, says Petrie. Our boutiques and the progress we made on our geographic expansion drove our exceptional performance and U.S. growth. Please note that due primarily to the timing of expedited freight this year versus last year, for the remainder of the year, we expect higher pressure on gross profit margins in the second quarter and for that pressure to subside partially in the third quarter with the opportunity for gross profit margin in the fourth quarter to be slightly positive as we lap elevated freight costs in the back half of last year. Current Issue. Adjusted EBITDA was 17.1% of net revenue compared to 16.6% of net revenue last year. Follow this author to stay notified about their latest stories. Thank you, and thanks for joining Aritzia's first quarter fiscal 2023 earnings call. A similar willingness to stick to convictions propelled Aritzias move into the U.S. Every Canadian business that went stateside retreated with their tail between their legswhat makes you guys any different? she recalls advisers asking the team. Day after day, we were figuring out what our next move was going to be., Once the decision was made, they scrambled to put together a communications plan. I run the fashion; she runs the business., During the fateful ides of March, that business faced a catastrophe. Strategically, it comes down to our business model. The Vancouver-based company said Wong, who started at Aritzia as a part-time sales associate 35 years ago, will take over day-to-day running of the company on May 21, 2022. For example, when she led her team in implementing the Enterprise Resource Planning system, she opted not to follow industry standards. HARRINGTON JACKET MENS CLASSIC RETRO SCOOTER 1970'S VINTAGE BOMBER MOD COAT TOP . Hundreds of retail employees re-ceived remote training on the concierge platform, its live-chat features and email marketing. To motivate her staff, she is less inclined to offer advice on how they can take their career to the next level, than to act as an example of whats possible. Her first big success was managing the Dr. Martens craze, working directly with the British factories to keep the iconic boots in stock. After the Black Lives Matter protests last summer, Aritzia started by investing $1 million to expand and strengthen its Diversity and Inclusion Program and established an Executive Diversity and Inclusion Committee led by Wong. Combination of our geographic expansion and beautiful product collections continued to fuel our brand awareness and client acquisition. Yet Hill, then CEO, and Wong, then president, led Aritzia to record profits in 2022 of $157 million. This past quarter, we began offering jack.org mental health support and resources to all of our people in Canada and The U.S. We also made a donation to support jack.org's mission of providing these resources to young people across Canada. And then as I said, in Q4, we're anticipating that we have the opportunity to move slightly positive from a gross profit perspective. We're extremely pleased with our Q1 results and excited for the future. I'm going to pass that over to Brian because it's a product question, if you don't mind. This article was published more than 13 years ago. But to be an effective leader you have to have other influences and other inspirations. For Wong, those are her husband and 18-month old son. I like to drive things to be solved or fixed or built, Wong says. Presently, we're repositioning three in Toronto from sort of 4,000, 5,000 feet up to 15,000, 20,000 feet. Just trying to sort of unpack that for people that might be concerned about it. The end of bricks and mortar? I just sort of -- lots of great ground you've covered so far. The Community Care program is an extension of Aritzias overall commitment to organizations that help women and girls succeed at work and in life. Jennifer graduated from . } And while our business is exceptionally good and continues to be exceptionally good, we are, as I said, monitoring very closely for any signs. Aritzias sales per square foot are well above its peers, analysts report, and recently opened stores have returned the investments within two years. <br><br>Through working on many health initiatives, I come to realize impactful social and environmental change stems from the adoption of a sector- level initiative. We have carried our strong momentum into Q2 and continue to lay the foundation for long-term lasting growth. He points out that Winners is the No. As such, we finished the quarter with more clients than ever before. Yes, I'll take that again. Our marketing department cringes when I say this, but fundamentally, Aritzia sells clothes, he says. I always have to be moving the peanut forward, so to speak. Wong oversaw the engineering of new processes at the distribution centre to allow it to continue supplying online orders, with health personnel on-site and employees working in pods so if someone became ill, only that group was affected. We plan to open 8 to 10 boutiques with all but one in the United States and to expand or reposition four to five boutiques. BY DARLA MURRAY On the southeast corner of Broadway and Spring in New York City's stylish SoHo neighbourhood is the Canadian clothing store, Aritzia. Aritzia has also enjoyed well-deserved celebrity hype: The Super Puff puffer jacket, which was first released in 2018, has been worn by Ariana Grande, Kendall Jenner, Hailey Bieber, and Margot Robbie, catapulting it to fashion icon status. There were many firsts: our first-ever capsule collection,featuringfor the first time our remarkable Aritzia people,and with 100% of proceeds going to our Aritzia Community partner organizations.. The Joshua Tree won a Grammy for best album, the movie The oldest executive at Aritzia, Inc. is AldoBensadoun, 79, who is the Independent Director. Our whole marketing objective is to get famous in the U.S., says Hill. Despite its strong navigation of the pandemic to date, Aritzia has been hit hard. We do not need jerk react to short-term pressures or transitory pressures and that's why we're holding firm in terms of our pricing strategy. And if I could just add something there. That's where the big opportunity is and that's where we're really excited. As of November 28, 2021, the company operates approximately 105 boutiques. 5 5 0. We will continue purchasing shares opportunistically throughout fiscal 2023. By evening, the decision was made: We had to close all the stores in an abundance of caution, Wong recalls. callback: cb This included improving our product discovery. Back Submit. But at the same time, I don't think that we're depending on these launches for our sales and driving our growth over the next few years. At the buzzing Vancouver headquarters, the airy and bright interior contrasts with Wongs impeccably cool gym attire, an all-black matching affair boasting the companys on-site fitness centre branding. But even though I'm always available for work, my career is very important to me. Meet Jennifer Wong, Aritzia President and COO, and here's how she proves that impact and innovation leads to retail success:. No Credit Card required. Designed for enterprising woman who want to get ahead of their career goals by taking a proactive approach. For the full fiscal year, Aritzia generated $1.495 billion in sales, which was up 74.3 per centfrom $857.3 milllion in its2021 fiscal year, the company said. Aritzia's CEO is Jennifer Wong . As we continue to respond to client demand and the challenges of the global landscape with flexibility, we are also investing in our business for the future. "It's really nice working with a well-received brand," she adds. And these new categories are looking down the road and down in the future as we continue to expand. Analysts had expected the company to generate about $135.4 million in net revenue. "The funny thing is, being at Aritzia has far exceeded any career aspirations I could have imagined," says Ms. Wong, noting she was inspired to study finances by her father, a banker and her mentor. } We opened three new boutiques in the quarter to a tremendous client response, two of which were in new markets, Las Vegas and Miami. This outstanding growth in spite of macro headwinds was driven by the incredible demand for our product across all geographies and all channels. Ms. Wong began her tenure with us in 1987 as a part-time sales associate. There are 1 executives at Aritzia getting paid more, with JedPaulson having the highest compensation of $2,449,610. It's Brian. So we look at our channels, and we look at our -- both our -- all our channels, whether that be our Concierge and everything else as well. This is certainly a time for everybody to listen and learn, and take action as a result of that. Aritzia today also released fourth-quarter andfiscal 2022 financial data,for the period that ended February 27. The hope is for annual revenue to exceed $1.1 billion in 2021, up from $743 million in 2018. This concludes the question-and-answer session and today's conference call. Terms and conditions | Copyright Business in Vancouver. I noticed you mentioned it was sort of proven sellers, but how much of that is new category extensions? We've done such a good job to extend all other product expansion initiatives. And can I add something there, too, please? Thank you. Aritzia generated $818.5 millionof its2022 net revenue in Canada,or about 54.8 per cent,while $676.14 millionin net revenue came from the U.S. Customers will need more reason to visit stores, says Petrie. Other celebrity sightings led to stock sellouts, which further fuelled the buzz. With almost 100 boutiques across Canada and the U.S., it plans to open five or six stores this year. Social media is one of many vehicles, but in the fashion business, its an important one. When Meghan Markle, Duchess of Sussex (whose stylist has a connection to Aritzia), was photographed in a Wilfred Cocoon coat, Aritzia team made sure the world knew it, and the line sold out. If industry standards have a 50 percent failure rate, why would I want to follow those same standards? says Wong, We go about things in a different way. & Non-Independent Director at Aritzia. a terrific start to the year. Follow. We have the answers for you. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And so we're super excited. Aritzia Inc. was founded in 1984 and is headquartered in Vancouver, Canada.. I will now turn the conference over to Beth Reed, Vice President, Investor Relations. Around the time of the IPO, Wong recalls a TV commentator opining that there was nothing special about its business model; it was just a good executer. Aritzia Inc. (OTCPK:ATZAF) Q1 2023 Earnings Conference Call July 07, 2022, 04:30 PM ET Company Participants Beth Reed - VP, IR Jennifer Wong - CEO Todd Ingledew - CFO Brian Hill - Founder. by | May 25, 2022 | buvette nyc reservations | american cancer society 40 mile challenge 2021 | May 25, 2022 | buvette nyc reservations | american cancer society 40 mile challenge 2021 She served as an executive sponsor to several successful strategic initiatives, most notably, the launch of our eCommerce business (2012), implementation of our enterprise resource planning system (2008), relocation of our distribution centre (2008) and our . Its critical to note that this is merely the beginning the brand knows it has a lot of work ahead. We're just getting started. Thank you, Todd. In Q1, we formed our Environmental and Social Board Committee to oversee how we can continue to accelerate the positive impact we are making through our operations, policies, programs and initiatives. We celebrated their heart, passion and fearlessness as they pave the way for future generation. Looking for somebody else's email? So as I've been saying in my prepared remarks, we have a long-term view of the business. Jennifer Wong is Chief Executive Officer at Aritzia Inc. See Jennifer Wong's compensation, career history, education, & memberships. And as Jen mentioned, we're going to monitor all the other aspects of this. Jennifer has 1 job listed on their profile. } I mean, COVID, right? In the past Ms. Wong was Senior Research Analyst at DJ Carmichael Pty Ltd. Ms. Wong received an undergraduate degree from the University of British Columbia. We have doubled our U.S. active client base compared to last year. While Aritzia is no stranger to designing its own signature brands, it created a limited-edition capsule collection to celebrate an equation at the heart of it all Women to the Power of Women which dropped ahead of International Womens Day, this past March. What is the salary of Ms Wong? Jennifer Wong Please go ahead. Propelling our business forward has not come without its challenges. In addition, our retail revenue in the first quarter was $288 million, an increase of 101%. So the number one thing, as I said, creating the movement quarter-to-quarter is the variance in expedited freight spend timing last year compared to this year. joining us today. As Jennifer mentioned, we're going to be looking into the U.S. We're going to be looking into eCommerce. Jennifer Wong is the Pres, COO, Corp. Sec. Learn about their Apparel & Accessories Retail, Retail market share, competitors, and Aritzia's email format. Get 20 FREE Email lookups. A Vancouver native, she had planned to pursue finance upon graduating, but Aritzias CEO, Brian Hill, had other ideas. And I think that we're in it for the long game, as Jen mentioned. In fact, we did, says Wong defiantly, launching the first stores right in the middle of the financial crisis. And so what we're seeing now is getting ourselves back into a position where we feel comfortable with our inventory levels. That was probably two weeks ago and asked if we had, and I was quite political in my response because we had not seen any decreases in our sales and our customer activity whatsoever. Yes, we aren't seeing any change in that right now. With them, we started a scholarship program to provide LGBTQ students with financial assistance, opportunities and access to education. They are part of the Executive team within the C-Suite Department and their management level is C-Level. Wong joined the retailer in 1987 as a style advisor (the term Aritzia uses to refer to its sales associates) at the Robson street store in Vancouver, while studying economics at the University of British Columbia. "Exercise is a big relief," she says. (To date, Aritzia boasts ten signature brands ranging in demographic and price point, including TNA, Babaton and Wilfred.). As Todd mentioned, we were grossly under inventory last year when we think we left a lot of sales on the table. That's great to hear and very helpful. Please go ahead. That's great. "My job is broader than banking and finances. Wongs impressive advancement can be attributed to a potent combination of commitment, ambition and her innate business acumen; forget dollhouses, as a child Wong was more interested in playing business on her toy IBM typewriter. She has been instrumental in accelerating our growth and will lead Aritzia in capitalizing on the incredible opportunities we see ahead. The COVID-19 crisis has borne out the wisdom of Aritzias omnichannel strategy. (The company even has a mens collection for the first time in 36 years, after the celebrity-driven puff coat craze spilled over the gender line.) Jennifer Wong COO Aritzia LP. Jennifer Wong is President, Chief Operating Officer, . I just wanted to ask on the state of the consumer. Thank you. Wong was studying economics at the University of British Columbia and planning to get a real job in finance. Expertise shouldn't be at all times apparent. Track performance, allocation, dividends, and risks . Todd and I will share some prepared remarks, and Brian will join us for the Q&A. It's hard to predict at this point. Really nice to see the strong momentum and the strong demand continuing. We've seen that register quite a bit now and come roaring back for us. Some of Aritzias activities over the past year that stand out and were spearheaded by Wong include its leadership during the pandemic and how it gave back to its communities; creating an optimal framework to enhance its digital selling and e-commerce during store closures; and walking the talk by operating from the mantra that real change starts from within.. While commerce was in her bloodher father was a banker, and she used to play business on a toy IBM typewriter as a childshe often sketched textile patterns during class and drove her mother crazy with wilful clothing choices. Find other Emails now. Right now, the positioning that we have in the marketplace with Everyday Luxury has positioned us given what might be coming down in terms of the environment and what we're seeing with competitors in that we see it being an opportunity. involvement of Jennifer Wong. We're continuing to grow our boutique portfolio, expand our DCs, invest in infrastructure and build our team of world-class talent. SIGN UP FOR OUR THURSDAY NEWSLETTER. Now that said, as we continue to grow and continue our stores in the U.S., continue to grow on a sales per square foot basis, all of a sudden, that does open up some opportunities down the road for secondary and tertiary stores within markets, which we're certainly going to be looking at and that's -- we have a lot of experience doing so in Canada. Our inventory buys are focused on our proven sellers, and we are confident we are on track to have the product to meet demand through the fall/winter season. Aritzia CEO May 2022 Aritzia President & Chief Operating Officer Feb 2015 Aritzia COO 2007 Related Hubs How much is for product versus other services, dressing rooms or cafes? We delivered another quarter of exceptional financial results, again, exceeding our expectations, driven by stronger-than-anticipated demand, particularly in the United States as our brand continues to gain momentum. I havent had to go anywhere for career challenges or opportunities, she says. But as stressful as it was, we had each others backs, and it was amazing to see how many people stepped up.. Jennifer Wong is our President and COO, a position she has held since 2015. The popularity of the Super Puff, an all-time bestseller, has been almost entirely due to social. "Client growth [in the U.S.] has increased more than 300 per cent in the past two years." Aritzia also noted its inventory climbed by 150 per cent over the past year. Plus, the people I work with are like family. I don't know if the boutiques themselves and the quantity is changing. We filled a multitude of key positions across all areas and levels of our business. And as we've mentioned in many calls and many Q&As, we're managing our supply chain costs and our product costs and all of the inflationary costs that we're seeing as tightly and as closely as possible. Good afternoon. Dressed in a dark blouse with white polka dots, her dark blond hair perfectly in place, Wong could be a model for the companys business-casual Babaton label. SG&A expenses in the quarter were $120 million or 29.5% of net revenue compared to 28.5% last year. But whether we're going to sell it now or not, that has not -- is yet to be included. "I hadn't even finished my last year exams," Wong explains, her role evolving to key holder and then assistant store manager while she was still studying economics at the University of British Columbia. It's a journey through our experience, it's not just something one-dimensional experience for them. As a fashion brand that is leading with empathy, action and innovation, and an optimistic story in the retail landscape, Aritzia is experiencing success by doubling down on a formula that is working. Her husband, Brian, knew upon meeting Wong that she was just as crazy about work as she was about having a family, and when the couple started having kids a little more than a decade ago a boy followed by another two years later he assumed the role of the stay-at-home dad, so mom could keep bringing home the bacon. No wonder: she's been with the company since 1987, when she joined the Robson Street store as a seasonal style advisor. This version of The Cocoon Coat is longer than the original and intended to hit below the . Today, Aritzia is hitting all the right notes, a testament to the power of selling a trendy product at an attainable price, in elevated yet always inviting store environments. Last updated: 1 January 2023 at 11:00am EST. From there, she moved through human resources, legal, finance, marketing and technology, and was named COO in 2007. Aritzia is the name on the door, Wong explains, but there is no Aritzia on the labels. Today the three main labels are Babaton, youthful TNA, and breezy Wilfred, with various sub-brands and offshoots such as handbag lines and denim. In recent years, it expanded several flagships, adding coffee shops where style advisers can grab drinks for clients and larger fitting rooms with couches for shoppers' entourages. Aritzia's net income of $70.7-million for the third quarter of fiscal 2023 was an increase of 8.9% from a year earlier . Aritzia Inc. was founded in 1984 and is headquartered in Vancouver, Canada. window.mc4wp = window.mc4wp || { Jennifer Wong is currently Chief Executive Officer at Aritzia - View - Aritzia org chart Set up your alert to follow the career of Jennifer Wong. jennifer wong aritzia husband 21st May 2022 . We're not even convinced at this point in time, we're going to offer intimates and swim in our stores. listeners: [], Wanda Costen is leading change in business education. Aritzia's popular TNA sweatsuit, Photo Credit: Courtesy of Aritzia. } How much relates to the closures last year expedited freight? Are you seeing any change in consumer behavior in Canada or the U.S., be it in basket size or categories? So we've announced all those stores, and we're continuing to do that in Canada. Download year list. There are 2 executives at Aritzia getting paid more, with Jed Paulson having the highest compensation of $2,449,610. The fundprovidedfinancial continuity to Aritzias people whoweredirectly or indirectly been affected by its store closures due to COVID-19. And Wong is Aritzias analyst-in-chief. So there's a large timing shift, which is what's causing the variability quarter-to-quarter. But were very analytical, she says. She certainly has the vision for it: shes credited for the Black Friday 2012 roll-out of Aritzias e-commerce business, making the company one of the first Canadian retailers to bring the annual sale across the border. The growth of my career at Aritzia has matched my own personal career aspirations, says Wong, who upon graduating college in 1991 was offered a position managing the companys shoe division. And ultimately, what we're setting our sights on is ensuring that we keep our eye on the prize for the long-term opportunity. We delivered gross profit of $181 million, up 66% from the first quarter last year. Sent me right away for EKG , . Having spent her entire career at the retailer, she led many of the inconspicuous but essential initiatives that proved so crucial at the start the crisis, from establishing a robust technological infrastructure that enabled the companys e-commerce platform to respond to the sudden demand spike, to developing a centralized distribution system that helped the retailer manage its supply chain while others struggled. Aritzias website, launched in 2012, was more than two years in the making. In Canada, we also saw strong sales in our comparable boutiques and benefited from the contribution from the reopened boutiques in Eastern Canada that were closed for two-thirds of the first quarter last year. We better enabled clients to effortlessly shop the 63% of our spring/summer collections made from certified, organic or recycled materials. Our team did a remarkable job this quarter. Stay connected and sign up for our PREVIEW newsletter! To date, its actions include donating $100,000 to Black Lives Matter and the National Association for the Advancement of Colored People (NAACP); implementing mandatory training and education on systemic racism, racial inequality and social injustice (courses are required for all current and future members of the team; the education covers conscious and unconscious bias, micro-aggressions, stereotypes, inclusive language, privilege, effective ally-ship, and more). He's still Aritzia's biggest shareholder with nearly 19 percent of the equity and also controls about 70 percent of the voting power. But Jennifer Wong has given little away because shes been in the office almost every day since the lockdown started, co-ordinating Aritzias pandemic response. We continue to grow our team with world-class talent. Our sites are always set on the future. event : evt, That said, we are cognizant of sort of some potentially pending inflationary effects that are going to affect everybody and how much that affects us is yet to be seen, but we are cognizant of that. forms: { Before that she was vice-president of support operations, manager of a shoe department and astore's assistant manager. Welcome to Aritzia's First Quarter of Fiscal Year 2023 Earnings Call. We were planning for a lot worse. But the recent resurgence of the virus makes it clear the pandemic isnt over, which could mean more emergencies ahead. We're hoping that we're also going to get margins and some -- a little bit of leverage to offset some of those inflationary pressures as well. She has a creative writing PhD on Chinese diaspora poetry at Oxford Brookes University.Wong is the author of the poetry collections Letters Home (Nine Arches Press 2020), which was the PBS Spring 2020 Wild Card Choice; Goldfish . Picture by Aritzia Article content material. Designed for executives who want to optimize their leadership potential and continue to establish their legacy. In addition, one of our board committees oversees governance and diversity, which includes consideration for female representation both on our board and in senior management positions. But we just have not seen an erosion of our sales per square foot as we've increased the size of our stores. I just wanted to follow up on the gross margin expectation. Clearly, you guys are feeling cost inflation and many of your competitors even more so with less revenue growth to be able to offset it. Thanks. The enviable position we are in today is a result of our proven long-term view of the business. Every new venture is also new to me. She credits the companys success to her knowledge of the brand and a close-knit executive team. Turning to our outlook. The campaign features Canadian models (and mothers) Tasha Tilberg and Janice Alida photographed with their children. I remember Brian and I looked at each other, and we were like, Thats a bad thing? The top leaders spend more time in stores than in their offices, and she personally visits stores regularly, partly to stay on top of operations (When I say something in front of a group at a podium, I need to know what the frick Im talking about) and partly to scope out staff standouts who would benefit from grooming and promotion, as she did herself. Over the course of Jennifer Wong 's tenure with Aritzia, the company has grown from a Canadian retail operation to an internationally recognized name with a successful e-commerce store and a continually growing U.S. presence.. I mean, our eCommerce channel, where we're doing more business in eCommerce now than we were at Aritzia when we went public five years ago. [Operator Instructions]. Over the course of Wongs tenure with Aritzia, the company has grown from a Canadian retail operation to an internationally recognized name with a successful e-commerce store and a continually growing U.S. presence. I've made lots of friendships through my work. Vancouver fashion retailer Aritzia Inc. (TSX:ARTZ)has appointed Jennifer Wong as CEO, while current CEO, Brian Hill, becomes executive chair. In Q1, we advanced our channel reporting as well. The uncertain and dynamic nature of the global COVID-19 pandemic and its ongoing impact could continue to materially alter our performance. Aritzia executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. But we are seeing pressure on costs and things like that, which we've seen over the last sort of 12 months. We're focused on setting ourselves up for a successful fall launch with a healthy inventory position and are ready to deliver our first ever intimate collection.
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