Tie Rack
 | |
| Private (taken over by Fingen SpA in 2007) | |
| Industry | Retail (Clothing) |
| Founded | 1981 |
| Headquarters | Brentford, Middlesex, England |
Key people | Corrado Colli (CEO) |
| Products | Ties and scarves |
| Website | http://www.tie-rack.co.uk |
Tie Rack is a British-based tie retailer that sells scarves, cufflinks, and many other items of clothing. The stores are often small due to the nature of the product, and as such, are found in airports, railway stations, and shopping centres across the world.
Tie Rack was founded in August 1981 by Roy Bishko. The first store opened in London at 91 Oxford Street; it was converted from a heel bar owned by Bishko from which he had trialled selling ties.
The first airport store opened at Glasgow Airport in 1984 and the current flagship store is located at 295 Oxford Street opposite John Lewis. There are now over 330 stores in 24 countries.
After a phase of consolidation, Tie Rack started to expand again in 2008/09. In July 2009 they had about 260 shops in 26 countries, there of about 190 shops in at least 14 countries of the EU with more than 1.500 employees.
In 1999, the chain store was bought by Frangi SpA Group, and has since benefited from this buyout by being able to sell products under the Frangi brand. In 2007 Fingen Group, Firenze, Italy got the hold of the majority stake.
Trading fascias
In 2000 and 2001 the company trialed two different fascias. This was due to Tie Rack's development into a fully fledged fashion accessories retailer.
The first trial commenced in September 2000 at the Southampton store and this store was branded Le Collezioni – Tie Rack.
The second trial commenced in August 2001 at the Regent Street store, with a shop fit designed by Belgian Architect Pierre Vanden Broeck, and this store was branded Frangi - Tie Rack.
Both trials were rolled out to several stores, but it was eventually decided to remain trading under the Tie Rack name as this has good brand recognition with consumers.
All new and refurbished shops are now branded with a refined version of the original Tie Rack logo and are sub-branded Frangi – Collezioni. In 2008 they no longer used the sub-branding, it was changed to "London".
Rolling Luggage
Rolling Luggage is a subsidiary of Tie Rack. It is a chain of around 30 stores, located exclusively in 'transport' locations, specialising in selling premium luggage on wheels.
In some locations (including, for example, Glasgow Airport) there are dual-branded Tie Rack/Rolling Luggage stores.
The chain is also based at the group head office in Brentford and shares many of the head office support functions with the parent chain such as IT, Finance and Human Resources.
Tumi
Tie Rack is managing in some countries Tumi stores as a franchisee of Tumi Inc. or its daughters.
Genesis Colors Pvt Ltd
On June 2, 2009 Jacopo Fratini, Director of Tie Rack Retail Group Ltd. (and Consigliari of Fingen SpA) signed a licensing agreement with Genesis Colors Pvt Ltd. Genesis Colors intends to open 10 exclusive outlets in the first year and is aiming for 130 sales points at the end of the fifth year in India.
Endorsees
Many celebrities endorse the Tie Rack brand, notable businessmen including Liverpool F.C. CEO Rick Parry.
Closure
It was announced on November 19, 2013 that Tie Rack will begin closure of the remaining 44 retail stores on 20 November 2013.[1]
External links
- Tie Rack Official Website
- Fingen Group Official Website
- Frangi S.P.A. (In Italian)
- Tie Rack sets out new stall - This is Money - 28/09/03
References
- ↑ "Tie Rack to begin closing its 44 remaining UK stores: Is your local branch affected?". Mirror Group Newsletters. 19 November 2013. Retrieved 19 November 2013.