J. Crew Group Inc. is rolling out a new e-commerce site and the primary audience will be the shoppers of its discounted merchandise. J. Crew, which reported web sales of $121.9 million for its latest fiscal year, plans to open the e-commerce site, JCrewFactory.com, by the end of the year.
The details of the launch are contained in J. Crew’s S-1 filing with the Securities and Exchange Commission for its initial public offering of stock. The multi-channel retailer filed with the SEC on Aug. 17.
Each year J. Crew’s web site attracts about 48 million visits. The new site is meant to capitalize on the growing number of visitors who are looking for online bargains of J. Crew merchandise.
“Since approximately two-thirds of our Internet channel customers who have made a purchase in the past 12 months have purchased marked-down merchandise, we believe that offering the products currently sold in our J.Crew factory channel online will target customers seeking lower-priced items while increasing the breadth of our sales channels,” the company says in its S-1 filing.
J.Crew Direct consists of the J.Crew catalog and its Internet website. During its fiscal 2004, J.Crew Direct, the company’s direct marketing arm, generated $198.5 million in revenues, including $76.5 million from the catalog and $122.0 million from e-commerce, representing 24.7% of total revenues, the company says.
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