Theory is a
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
-based men's and women's contemporary
fashion
Fashion is a form of self-expression and autonomy at a particular period and place and in a specific context, of clothing, footwear, lifestyle, accessories, makeup, hairstyle, and body posture. The term implies a look defined by the fashion in ...
label which sells
clothes
Clothing (also known as clothes, apparel, and attire) are items worn on the human body, body. Typically, clothing is made of fabrics or textiles, but over time it has included garments made from animal skin and other thin sheets of materials ...
and
accessories. The brand currently has 434
retail locations and global sales approaching $1 billion as of 2021.
The company's headquarters and flagship boutique are located in Manhattan's
Meatpacking District.
Origins and development
In 1997,
Andrew Rosen, former CEO of
Anne Klein and a
Calvin Klein
Calvin Richard Klein (born November 19, 1942) is an American fashion designer who launched the company that would later become Calvin Klein Inc., in 1968. In addition to clothing, he also has given his name to a range of perfumes, watches, and ...
executive, launched Theory with co-founder
Elie Tahari in New York City as a women's collection, with a focus on comfortable stretch pants. The collection performed well and a men's line was added in 1999.
In 2000, a
license agreement was formed with Link International of Japan, established in 1998, to manufacture, and
distribute the brand as well as operate stores under the Theory name in Asia, predominantly Japan. Women's
handbags and shoes were introduced in 2003, and launched nationally in the U.S. for Spring 2006.
In 2012 The
Council of Fashion Designers of America (CFDA) announces Andrew Rosen as the recipient of the Founders Award given in honor of Eleanor Lambert. Theory makes its first move into France with two store openings in Paris.
In 2013 Andrew Rosen and the CFDA spearhead the Fashion Manufacturing Initiative, a project whose ambition is to invest in and guarantee the future of garment factories in
Manhattan.
In 2014, Lisa Kulson, former vice president and head designer at Theory, returns as creative director of women's design.
In 2015, Theory unveils a new logo, its first redesign in 18 years. The branding initiative debuts with the Spring Summer 2015 advertising campaign, featuring
Natalia Vodianova with photography by
David Sims David Sims is the name of:
*David Sims (running back) (born 1955), former American football running back with the Seattle Seahawks
* David Sims (safety) (born 1986), American football safety for the Indianapolis Colts
*Dave Sims (born 1953), Seattl ...
.
Acquisition by Link International and Fast Retailing
In September 2003, Link International bought an 89%
stake
Stake may refer to:
Entertainment
* '' Stake: Fortune Fighters'', a 2003 video game
* ''The Stake'', a 1915 silent short film
* "The Stake", a 1977 song by The Steve Miller Band from '' Book of Dreams''
* ''Stakes'' (miniseries), a Cartoon Netw ...
in the Theory company for $100 million, after Japanese giant textile firm
Fast Retailing Co. of Tokyo - established in 1963 and owner of the popular
Uniqlo brand - had acquired a 47.1% stake in Link. Rosen received $49 million, retained the remaining 11% in the new company, and was replaced as
CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
by Chikara Sasaki of Link but remained president and
COO. Tahari was allocated $53 million of the sale and had no shares in the new company which was renamed Theory Holdings. The deal was explained by the fact that the label was to become a truly "global brand".
[PR Newswire]
Andrew Rosen and Elie Tahari Announce Sale of Theory LLC
(9 September 2003) The Japanese
parent company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
has since then traded under the name of Link Theory Holdings and
went public
Going public may refer to:
* Initial public offering, financial action by a business
* Whistleblowing, exposure of previously private information
* ''Going Public'' (Newsboys album), 1994
* ''Going Public'' (Bruce Johnston album), 1977
{{Dis ...
in 2005. Fast Retailing had held a 32.32% stake in LTH since 2004. In spring 2009, Fast Retailing acquired the remaining stock and LTH became a fully owned
subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...
of Fast Retailing.
Link Theory Holdings
Theory's owner, Link Theory Holdings (LTH), bought fashion house
Helmut Lang Helmut Lang may refer to:
* Helmut Lang (artist) (born 1956), Austrian-born fashion designer and artist
* Helmut Lang (athlete) (born 1940), Austrian Olympic sprinter
* Helmut Lang (fashion brand)
The Helmut Lang fashion brand was created by A ...
from
Prada
Prada S.p.A. (, ; ) is an Italian luxury fashion house founded in 1913 in Milan by Mario Prada. It specializes in leather handbags, travel accessories, shoes, ready-to-wear, and other fashion accessories. Prada licenses its name and branding t ...
and German fashion labe
Rosnerin 2005. Rosner's European production and distribution network was to help expand the Theory label in the European market over the following few years. However, in the end of 2008, Link Theory sold Rosner to a German private equity firm reasoning that LTH was to penetrate the European market by means of their own European subsidiaries.
Theory is Link Theory's
core brand. Other brands include Helmut Lang, PLS+T and footwear label Jean-Michel Cazabat. For the Japanese market, exclusive sub-labels of the Theory brand, such as 'Theory men', 'Theory luxe', 'Theory petit' have been created. Link Theory is headquartered in
Aoyama,
Tokyo.
Stores
At the end of February 2016, Theory boasted a total of 489 stores (including franchise).
In
North America
North America is a continent in the Northern Hemisphere and almost entirely within the Western Hemisphere. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South America and the Car ...
, Theory has boutiques in
Aspen,
Atlanta,
Aventura,
Costa Mesa,
Dallas -
Highland Park Village
Highland Park Village is an upscale shopping plaza located at the southwest corner of Mockingbird Lane and Preston Road in Highland Park, Texas and was the first self-contained shopping center in America. The Highland Park Village was declared a N ...
,
East Hampton,
Greenwich,
Westport,
Los Angeles,
New York City,
Palm Beach,
Philadelphia,
Manchester, Vermont and
San Francisco. The Theory label's headquarters and design offices are located in
New York City's Meatpacking District, at 2 Gansevoort Street. The building also houses a Theory
flagship store.
Collaborations
In 2016, Theory pursued a collaboration with fellow fast-retailing brand
Uniqlo touted under the slogan "Japanese engineering, New York Style." The collection was a capsule men's wardrobe featuring 4 different styles of shirts in 4 colors each and received widespread positive feedback for providing the same minimalist philosophy at a significantly lower price point.
Lawsuit
In 2006, Tahari sued his former partner Rosen (as well as Link Theory Holdings and Sasaki) for having urged Tahari to sell Theory at a price below its value to the Japanese in 2003, seeking damages and a share in the proceeds from the company's IPO in excess of $180 million. Rosen had also said that he would retire from the company within a year from the sale when, in fact, after Tahari's departure, he stayed on as the newly established company's president. Link Theory called Tahari's complaint "frivolous claims." Rosen labeled it "seller's remorse" and the case was later dismissed by a New York judge, even denying Tahari's claim for unpaid royalties by Theory's then Asian licensee, Link International.
References
External links
*
{{DEFAULTSORT:Theory (Clothing Retailer)
Fast Retailing
Clothing brands of Japan
Clothing retailers of Japan
Clothing retailers of the United States
Companies based in New York City