Oscar de la Renta opens its first store in Mexico with plans for expansion
The Oscar de la Renta man is getting a makeover in Mexico. With a focus on the younger market, the men’s line from the Dominican designer’s brand will open its first store in the country, with major plans for expansion over the next three years.
The brand’s director of marketing Ramiro Moreno told FashionNetwork that the new Oscar by Oscar de la Renta boutique occupies 75 square meters of the new area in the Santa Fe shopping center in Mexico City.
“There have been many changes in the O by Oscar de la Renta over the past few years and we’ve tried to make the line a bit fresher, younger, without of course losing our principal client, who is much more classic,” Moreno said, making reference to the company’s new strategy.
As far as expansion plans go, the Dominican designer’s men’s line plans to open around five or six stores in the Mexican market in the next three years. Even though the Oscar by Oscar de la Renta line is already available in the Liverpool and Sears chains, the goal is for the standalone stores to offer much more specific products.
“We’re looking for a different way to get to our public. Before most people shopped in department stores. Now people are much more specific when they go out to buy a product,” the director indicated.
Nevertheless, Oscar de la Renta, like many other brands in Mexico, has suffered from the devaluation of the Mexican peso versus the US dollar, and the volatile nature of the country’s economics. In 2016, the company registered smaller growth than anticipated, as it decided not to increase its prices.
“Unfortunately, last year we didn’t grow at the rate we’re accustomed to. 2016 was truly a difficulty year … but we managed to maintain constant growth. Our goal was more or less a growth of 10 percent with regards to 2015. We only grew 5 percent, but with all that was going on, I don’t think we were too bad,” he assured.
According to the executive, Oscar by Oscar de la Renta has seen an increase between 7 and 8 percent, and the brand hopes that this new project will be a new channel for growth: “The brand is international. We’re growing in other countries, which is what we’re looking for, for people to see us in a new way, not just as clothes for older people.”
In effect, the new strategy of the men’s offerings has arrived to other countries in Latin America and Europe. In Peru, the brand reopened its store in Lima’s Jockey Plaza with the new children’s line, generating more than $1 million dollars. The brand also opened a store in Panama’s AltaPlaza Mall.
In Europe, Oscar de la Renta arrived in Spain last March, with plans to open 12 of its own stores and three multi-brand spaces in El Corte Ingles shopping centers.
The Oscar by Oscar de la Renta men’s line also has stores in major cities across the United States, in the UK, Greece, the Dominican Republic, United Arab Emirates, Saudi Arabia, among other countries.
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