Former executive of New York & Co. assumes leadership position at Express and Bonobos
Greg Scott Steps Up as CEO for Phoenix's Express and Bonobos Brands
Get ready for some fresh styles on the scene—Greg Scott, the former boss of New York & Co., is now the big cheese at Phoenix, the joint venture that purchased Express and Bonobos out of bankruptcy. Mark your calendars, as Scott steps into his new role on February 19.
Phoenix, a collaboration between Simon Property Group, Brookfield Properties, Centennial, and WHP Global, snapped up these sought-after brands for $174 million last June. Scott brings a decade of experience leading New York & Co. (renamed RTW Retailwinds in 2018, before he bailed in 2020) and stints as CEO of The Boutique Brands and Fashion Nova's chief merchant to the table.
In his youthful prime, Express—over four decades strong—was a staple in L Brands' roster. Bonobos, not yet two decades in the game, was once the toast of the DTC (direct-to-consumer) boom. Recent years, however, have seen both brands on shaky ground. In 2007, L Brands hawked Express, the same year Bonobos was born, while Bonobos hitched its trailer to Walmart in 2017. By 2021, Walmart began to sell off its DTC brand acquisitions, and Express filed for bankruptcy before bouncing back to life under the Phoenix Group's wing.
Enter Scott, who boasts a mix of traditional and DTC apparel retail expertise, fitting nicely into the Phoenix's vision for a powerful platform that melds brick-and-mortar, e-commerce, and experiential facets to cater to modern consumers. Scott hopes to build an unbeatable platform with a blend of the best retail, online shopping, and in-store experiences.
But don't forget the real estate aspect here—three property companies are in the mix. This implies an emphasis on keeping those retail stores open and vibrant, as is the case with J.C. Penney, co-owned by Simon and Brookfield. With Express operating over 400 stores (including outlets), and Bonobos boasting 50 Guideshops, a strong physical presence is crucial to maintain.
But it's not all about brick-and-mortar. The strategy Scott will implement also focuses on strengthening digital platforms, forming an omnichannel shopping experience to engage customers through both physical and digital channels. Leveraging online platforms like express.com and bonobos.com, integrating digital tools for personalized recommendations, and optimizing inventory systems can help drive growth for the combined brands.
With a strategic blend of brick-and-mortar and online retailing, Greg Scott and the Phoenix Group are set to conquer the fashion world. Time will tell if their gamble pays off!
Greg Scott, with his experience in traditional retail and digital commerce, aims to create a formidable platform that combines physical stores, online shopping, and immersive experiences, catering to modern consumers in the fashion industry. By maintaining the strong physical presence of Express and Bonobos through their respective stores and Guideshops, while also strengthening their digital platforms, Scott seeks to establish an omnichannel shopping experience that engages customers on multiple channels. This strategic blend of retail and e-commerce could potentially revolutionize the fashion-and-beauty sector, as Phoenix Group, with investments from real estate giants like Simon Property Group and Brookfield Properties, strives to become a leader in the retail business. The finance sector will also closely monitor this development, as the success or failure of Scott's strategy could significantly impact the retail industry and inspire other businesses to follow suit.
