We are working hard to take care of our family. Our thoughts and prayers go out to everyone who has been affected by this situation. Vera Bradley offers a multi-channel sales model as well as a focus on service and a high level of customer engagement. Pura Vida, based in La Jolla, California, is a rapidly growing, digitally native, and highly engaging lifestyle brand that deeply resonates with its loyal consumer following. The Pura Vida brand has a differentiated and expanding offering of bracelets, jewelry, and other lifestyle accessories.
The VB Indirect business consists of sales of Vera Bradley products to approximately 2, specialty retail locations, substantially all of which are located in the United States, as well as select department stores, national accounts, third party e-commerce sites, and third-party inventory liquidators, and royalties recognized through licensing agreements related to the Vera Bradley brand.
Air shipments are more costly than sea shipments which inflates the cost of goods. While the average unit retail the amount spent per customer is up over last year, the company is having internal conversations about raising prices on some products to offset the increase in the cost of goods.
The new Apple IOS update has changed privacy and app tracking data which has negatively impacted digital native brand Pura Vida. Marketing for the Pura Vida brand has previously been highly successful using Facebook and Instagram advertising and consistently ranks as the number-one engaged brand in the jewelry category on Instagram. Based on the Apple update which limits customer app tracking, Pura Vida is looking to expand its marketing initiatives across more platforms including Google SEO, email marketing, and other social media platforms like TikTok and YouTube.
Additionally, the company discussed store expansion plans for the Pura Vida brand which will provide better customer data and the ability to optimize analytics to drive loyalty. Vera Bradley introduced a new recycled cotton collection furthering its mission of positive brand In addition to expanding its distribution through its own stores and retail partners, the company has focused on adding categories to the business.
Vera Bradley and Classic Accessories recently announced an outdoor living collection including furniture covers, seat and lounge cushions, accent pillows, umbrellas and outdoor rugs. Earlier this year, Vera Bradley announced a partnership with Lana Condor, to introduce a new recycled cotton collection. For nearly four decades, the company has unabashedly embraced the paisley print even as other retailers rushed to stock more Millennial-friendly items.
It has championed bright, bold prints on its bags because it made sense for the customer it was courting. The typical Vera Bradley shopper is the working mom, 40 to The company operates about stores — some in mall locations, other in outlet centers — and sells on its website. Vera Bradley, like so many chains, is looking for a way to hold onto its existing base while appealing to a younger shopper.
Vera Bradley CEO Robert Wallstrom said the company is pivoting by investing in products and fabrics that skew to a younger consumer.
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