When was nine west established

However, Nine West and some other companies, such as Timberland Co. As Nine West planned for the future, it focused on becoming a greater retail force in the U. Toward this end, in , the company planned to open 20 Enzo Angiolini stores, prompted by heightened consumer interest in elegant footwear.

By , Nine West's management hoped to derive half of its sales from the retail segment of its business, which during the mids recorded one of the highest sales-per-square-foot averages in the U. With more than retail stores and its established wholesale business supplying more than 5, storefronts with women's shoes, Nine West expected to garner a greater share of the U.

By the mids, however, prospects for the U. A glut of shoe products, combined with the rapid proliferation of retail outlets nationwide, drove sales forecasts down to two or three percent. Compounding the problem for shoe manufacturers was a recent practice among retailers and department stores of developing their own private-label products. To counter this trend, Nine West began opening a number of new boutiques in upscale urban areas, most notably in Union Square, San Francisco, in November In March Nine West finally acquired U.

The deal doubled the size of the company and made Nine West the nation's third largest shoe manufacturer. More significant than this growth, however, was the acquisition of U. Shoe's major brands, which included Amalfi, Evan-Picone, and Bandolino. By the end of Nine West could boast 35 percent of all women's shoes sold in department stores, as well as 17 percent of the specialty footware market. Contrary to industry forecasts, Nine West's future seemed bright.

In November , the company moved back to New York, taking advantage of a number of financial incentives, such as tax breaks and electricity savings, to relocate to White Plains. Riding the momentum of this continued success, the company embarked on a new publicity strategy, in the hopes of changing its image from a that of a manufacturer of affordable shoes into a major 'fashion brand. This growth came to an abrupt halt in May , however, when the SEC announced its intention to launch an investigation into Nine West's accounting practices, in particular its manner of reporting sales.

The company's initial reluctance to report this development to its shareholders only made matters worse; when a press release became unavoidable the company's stock dropped 18 percent. By December the stock had fallen 45 percent from the year's high, and in the company was forced to cut production from five million to three million units, resulting in the closing of two factories and retail stores, and nearly 1, job cuts. More problems followed in early , when a number of independent Nine West store owners filed an anti-trust suit against the company, alleging that it was engaging in unfair pricing practices with major department stores.

While the proposed deal did not sit well with some Jones Apparel investors, in light of Nine West's ongoing legal difficulties, the merger went through in June, and Nine West became a wholly-owned subsidiary.

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