Tory Burch has been hit with major layoffs, Women’s Wear Daily has reported.
The fashion retailer has laid off approximately 100 people, the website notes, which reportedly accounts for roughly 3% of the company.
WWD claims these cuts come as the company prepares to zero in on its digital efforts and its new athletic wear off-shoot, Tory Sport. WWD also notes that Tory Burch will be placing more of an emphasis on perfumes and watches.
This means hiring people with the right skill sets.
“It’s about hiring people with the requisite skills and experience for the right jobs,” a source told WWD.
We’ve reached out to the company for details about the layoffs.
“…Mobile is fast emerging as the biggest revenue driver, which makes the retail footprint hard to manage,” a separate source told the news site.
The importance of digital and mobile platforms is true across the industry.
The pressure is on for retailers to have strong digital presences. In fact, research company SCM World stated that the companies that were doomed this holiday seasons were retailers that had weak omnichannel presences — in other words, their e-commerce channels and digital platforms were not strong
But let it be known that these changes do not necessarily mean Tory Burch is going public yet. Earlier this fall at the WWD Apparel & Retail CEO Summit, Burch stated that she plans to keep her brand “a private company as long as possible.”
“I think being a private company is a luxury, and that is something I have always thought,” Burch said at the time.
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