Beta test exceeds expectations as brand seeks additional partners
DODGEVILLE, Wis., March 29, 2021 (GLOBE NEWSWIRE) -- Lands’ End (NASDAQ: LE), a leading uni-channel retailer known for high-quality apparel for the whole family, is officially launching its third-party marketplace, Lands’ End Marketplace. It plans to expand its current list of suppliers to provide more options in retail categories that complement the current assortment and meet the demands of its growing customer base. Brands who wish to join the marketplace can submit an application at LandsEnd.com/Marketplace.
The company soft-launched Marketplace in June 2020 to beta test its integrated systems and quickly grew to 24 new sellers. The program exceeded expectations, and as a result, the brand has decided to formally launch the Lands’ End Marketplace thus opening a new growth opportunity for the business.
Lands’ End is one of the few specialty apparel retailers that uses the marketplace model and sees it as an opportunity for revenue growth. Leveraging its website and dropship for order fulfillment, the Lands’ End Marketplace offers customers a broad product offering supported by industry leading customer service.
Additionally, and in contrast to many other marketplace destinations, Lands’ End has a small product catalog which allows for greater visibility amongst partner brands. This also allows new vendors to take advantage of Lands’ End’s qualified traffic and industry leading conversion rate.
“We’re always testing new, innovative ideas to deliver the goods our customers want. Lands’ End Marketplace provides us with an opportunity to do that while also creating a new growth strategy for us,” said Jerome Griffith, CEO of Lands’ End. “As a digital direct-to-consumer brand we are uniquely positioned to deliver a compelling marketplace model, and we are looking forward to onboarding new sellers as we expand.”
The supplier list spans an assortment of categories such as footwear, home décor, and intimates alongside the full product assortment of the Lands’ End brand.
Please submit all partnership applications to LandsEnd.com/Marketplace
About Lands’ End, Inc.:
Lands' End, Inc. (NASDAQ: LE) is a leading uni-channel retailer of casual clothing, accessories, footwear and home products. We offer products online at www.landsend.com, on third party online marketplaces and through our own Company Operated stores, as well as third-party retail locations. We are a classic American lifestyle brand with a passion for quality, legendary service and real value, and seek to deliver timeless style for women, men, kids and the home.
Director, Global Communications
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the Company’s launch of Lands’ End Marketplace, its plan to expand its current list of suppliers to provide more options in retail categories that complement the current assortment, its plans to meet the demands of its growing customer base, and its assessment of its positioning to deliver a compelling marketplace model and ability to onboard new sellers and expand. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the impact of COVID-19 on operations, customer demand and the Company’s supply chain, as well as its consolidated results of operation, financial position and cash flows; the Company’s marketplace may not attract a sufficient quantity of seller or third party product to achieve its goals; the Company may be unsuccessful in implementing its strategic initiatives, or its initiatives may not have their desired impact on its business; the Company’s ability to offer merchandise and services that customers want to purchase; customer’s use of the Company’s digital platform, including customer acceptance of its efforts to enhance its eCommerce websites, including the Outfitters website; customer response to the Company’s marketing efforts across all types of media; the Company’s maintenance of a robust customer list; the Company’s dependence on information technology and a failure of information technology systems, including with respect to its eCommerce operations, or an inability to upgrade or adapt its systems; the Company’s failure to maintain the security of customer, employee or company information; failure by third parties who provide the Company with services in connection with certain aspects of its business to perform their obligations; the adverse effect on the Company’s reputation if its independent vendors do not use ethical business practices or comply with applicable laws and regulations; the impact on the Company’s business of adverse worldwide economic and market conditions, including economic factors that negatively impact consumer spending on discretionary items; and other risks, uncertainties and factors discussed in the "Risk Factors" section of the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2021, and subsequent Quarterly Reports on Form 10-Q. The Company intends the forward-looking statements to speak only as of the time made and does not undertake to update or revise them as more information becomes available, except as required by law.
Source: Lands' End