S&K Menswear
S&K Menswear is a publicly traded American retailer of mens clothing. S&K Menswear was founded by Hip Siegel in 1967.It is headquartered in Glen Allen, VA and focused on the east coast and mid-west.
History
A simple idea took shape in 1967 when Hip Siegel, a grocer living in Richmond, Virginia, hung up his apron for the joys of retirement. He quickly found that he needed a hobby to fill his time, and maybe even make a little money. His idea was to sell menswear by offering a quality product with excellent service at affordable prices.
The idea made sense in 1967 and it continues to resonate today. Little did Hip know that his simple hobby would become one of the most successful stories in menswear retailing. Headquartered in Richmond, S&K now operates over 230 stores throughout the eastern half of the country. The company surpassed 100 stores in 1990…200 stores in 1997…and continues to grow annually.
During that first year, Hip and his brother-in-law, Abe Kaminsky (thus the origin of S&K) travelled between local retailers, purchasing and selling clothing from the back of a station wagon. Hip spent many evenings discussing his hobby with his son Stuart, who having spent his college years working in a men's shop, became an avid listener.
In a short time the station wagon was no longer sufficient for storing their inventory, so a small store in downtown Richmond was leased. When people began knocking on the door, the two entrepreneurs found themselves in the retail business. As the business began to thrive, Stuart joined them on weekends; and then in 1968, believing the concept had tremendous potential, began working full time.
The following year, the company opened its second store and the need for more merchandise sent Stuart on the road introducing their innovative concept to retailers throughout neighboring states. With Stuart travelling much of the time, Sherry Rose, Stuart's brother-in-law, was persuaded to join the young company. Sherry added an immediate boost to the energy and aggressiveness of S&K.
In 1973, Hip Siegel died, leaving son Stuart and son-in-law Sherry in charge of the emerging company. S&K expanded across Virginia and North Carolina during the 1970’s. In 1983, Stuart engineered a public stock offering and today he remains as chairman of the board. S&K’s public stock offering triggered rapid store expansion during the 1980’s. This, in turn necessitated the purchase of land and construction of a corporate headquarters in the Richmond suburbs. The company moved into the facility in 1985 and it remains the hub of activity for company management and leadership.
During the 1980’s, S&K’s expansion and sustained financial growth earned recognition from Forbes and Financial World magazines as one of the most successful companies in America. The company was also named as one of the 200 best companies in America by Forbes magazine for five consecutive years.
The company’s strong relationships with the world’s finest clothing manufacturers provides an opportunity to stay on the [...] edge of emerging men’s fashions while maintaining prices that fit the budget of today’s value-conscious consumer. The Company has built strong relationships directly with major branded products manufacturers over time, and offers fine men’s furnishings from premier labels including Jones New York, Lauren by Ralph Lauren, Oscar de la Renta, Michael Kors, Sean Jean and Bostonian. S&K buys in large volumes from these fine manufacturers so that it can pass the extra savings on to its customers.
Management is always looking for new ways to increase market share. Since 2001, tuxedo rental, custom order clothing and the development of an on-line e-store have expanded S&K’s reach and market share.
In 2004, a sales and service program “The S&K Customer Service Experience (CSE)” was introduced as the cornerstone of all store associate training. S&K’s service experience stresses listening to the customer to fully understand their needs. Each customer is then presented with a fully coordinated menswear wardrobe to meet those requirements. The CSE teaches a unique method of teamwork that enables all associates to interact with each customer to maximize the service and ensure satisfaction.
S&K established its direct sourcing operations in 2004 in order to design and produce the highest quality merchandise available at its target price points. S&K leverages its global sourcing power to provide exceptional value in its proprietary brands such as Kilburne & Finch, Martina Franca and Roberto Villini. The Company has relationships with factories throughout the world and is a leader at sourcing traditional and fashionable menswear that appeals to a wide range of customer tastes.
In 2005, S&K University was established as the primary training and development umbrella for associates at all levels of the organization. S&K University events range from one day to full-week seminars, many conducted at our Richmond Support Center. Sales, merchandising, operations, management, leadership and supervisory workshops are the nucleus of the comprehensive S&K University curriculum.
In 2006, the company instituted the “Gold Standard Store” designation. Model stores are continuously being identified and developed to act as training centers for those that aspire to the same levels of sales and service excellence.
In 2007, S&K appointed a new generation of executives to lead the company into the future. The Company is opening stores in new cities, introducing new branded and proprietary merchandise, and executing on its strategy to appeal to younger and more fashion-oriented customers. S&K’s 40 year heritage remains alive and well today, and is reflected in the Company’s vision for the future: to make buying menswear simple and enjoyable for our customers.