Oxford Industries announced plans to exit its Lanier apparel business by the second half of 2021 to focus on its lifestyle brands, including Tommy Bahama, Lilly Pulitzer and Southern Tide.
Lanier was founded more than 45 years ago and is the second-largest supplier of tailored clothing in the U.S. It produces suits under the Kenneth Cole, Cole Haan, Strong Suit, Dockers, Billy London, and Nick Graham labels along with sportswear under the Duck Head, Oxford, Cole Haan, and Island Sands names.
Thomas C. Chubb III, Chairman and CEO, said, “Through a series of acquisitions and divestitures over many years, Oxford has migrated from being a private label and licensed manufacturer servicing department stores and big box retailers, to owning a portfolio of compelling, direct to consumer lifestyle brands. Throughout that time, our legacy Lanier Apparel business has been well run by an exceptional group of people. That said, Lanier’s business model does not fit our long-term vision for the enterprise and the challenges presented by the pandemic have amplified the misalignment. Exiting this business will result in a portfolio that is completely in synch with our strategy. I want to personally thank the dedicated employees of Lanier Apparel for their contributions to Oxford over the years.”
In the third quarter, sales of Tommy Bahama dropped 25.3 percent to $94.9 million. Lilly Pulitzer’s sales dropped 25 percent to $53.7 million, while Southern Tide’s sales expanded 10.1 percent to $10 million. The Lanier Apparel division saw a 62.4 percent decline to $108 million.
Photo courtesy Lanier Apparel
