Kohl’s to Carry TOMS Shoes in 2020
TOMS will be sold at Kohl’s starting this year, according to Kohl’s CEO Michelle Gass.
Gass made the announcement on the Kohl’s earnings conference call Tuesday when she listed two of the new brands being carried by the retailer in 2020. The other brand mentioned was Lands’ End.
“We expect TOMS will resonate with our millennial target,” Gass told analysts on the call.
TOMS has been struggling for several years. In late 2019, TOMS went through a change in ownership as part of a restructuring deal, with Jeffries Financial Group, Nexus Capital Management and Brookfield Asset Management taking control of the company from private equity firm Bain Capital and Founder Blake Mycoskie.
TOMS confirmed with SES that they will be selling Kohl’s both online and in select stores starting with the fall season.
For the quarter ended May 2, Kohl’s said net sales declined 43% because its stores were closed for half of the quarter. Digital sales increased 24%.
To manage inventory during the crisis, Kohl’s cut receipts by over 30% during the quarter and has reduced Q2 receipts by more than 60%.
It also has extended merchandise payment terms to vendors to 100 days.
