Izod

For the impact strength test, see Izod impact strength test.
Izod
Subsidiary
Founded 1938
Headquarters New York City, New York, U.S.
Key people
 Emanuel Chirico, Chairman & CEO
Products Apparel, Gifts & Footwear
Number of employees
 10,001 (2013)
Parent PVH
Website www.izod.com

Izod (officially stylized as IZOD) is a clothing company that produces dressy-casual clothing, sportswear for men, as well as footwear and accessories. It is part of PVH. It is perhaps best known for its short-sleeved piqué polo shirt, formerly produced by Lacoste and featuring the Lacoste crocodile on the left breast, now replaced with a color-matching/coordinating crest and left sleeve embroidery. One variation is the "IZ" patch instead of crest. This shirt, along with Ralph Lauren Polo, was popular in the 1970s and '80s among the preppy and Mod sets. Other Izod classics include the Harrington jacket G-9 model, also v-neck & cardigan sweaters. Today, the Izod brand competes with other similarly-priced brands such as Ralph Lauren's Chaps brand and U.S. Polo Assn..

History

In the late 1930s, Vincent De Paul Draddy, an American businessman employed by David Crystal Co., needed a strong name to associate with his quality merchandise for menswear. While vacationing with his family in London, he encountered Jack Izod's tailoring boutique. Izod (himself a well-respected tailor) produced bespoke shirts and created the Windsor tie-knot for King George V, but was ready to retire, and accepted Draddy's offer to purchase the rights to his distinctive name. The A.J. Izod of London clothing company was introduced to the USA in 1938.

Izod Lacoste

Izod of London would become most notable for its pairing with the Lacoste shirt company from 1952 to 1993. Vincent Draddy began to license the Lacoste shirt to add prestige to the Izod line, but he couldn't find a market for the then-expensive $8.00 retail price.[1] After Draddy began giving the shirts away to his famous friends, Dwight D. Eisenhower, Bing Crosby, Daniel Platt, and John F. Kennedy, the shirts soon became popular with department stores. "Izod of London" became a brand known simply as "Izod Lacoste". While the shirts were equally Izod and Lacoste, they became abbreviated and popularized as "Izod" shirts (which led to the ongoing misunderstanding that the famous "Crocodile" is the "Izod" trademark.)

Growth

In 1964, Bernard Lacoste took over the management of the company. Significant company growth was seen under Bernard's management. When he became president, around 300,000 Izod Lacoste products were sold annually. The Izod Lacoste brand reached its height of popularity in the US during the late 1970s and became the signature 1980s "preppy" wardrobe item, mentioned in the Official Preppy Handbook. The company also began to introduce other products into their line including shorts, perfume, optical and sunglasses, tennis shoes, deck shoes, walking shoes, watches, and various leather goods.

In 1977, Le Tigre Clothing was founded in an attempt to directly compete with Izod Lacoste in the US market, selling a similar array of apparel, but featuring a tiger in place of the signature Lacoste crocodile. Also, During this period Izod's parent, Crystal Brands, came under the management of General Mills, and purchased the Gant U.S.A. brand.

Separation

During the early 1990s, Izod Lacoste struggled to maintain the market dominance it had enjoyed in previous decades. The initial reaction from Crystal Brands was to separate the two names and target two groups of customers at once; "Izod" was re-introduced as moderate pricepoint apparel in department stores, while Lacoste was renamed "Lacoste Chemise", and re-positioned as a luxury lifestyle brand. Eventually this tactic did not provide the financial gain Crystal had hoped and the license partnering ended in 1993. Sportloisirs S.A. purchased the Lacoste brand entirely in 1993, while Izod was sold to Phillips-Van Heusen Corporation in 1995.

PVH repositioned and restored some of Izod's previous relevance while introducing a number of products lines and brands. Complete with an Izod "crest" logo, or patch. In addition to its sportswear, Izod designs a full range of men's suits, shirts, neckties, shoes, outerwear and fragrances, and continues to produce its famous polo shirts. Currently, within the PVH corp. the Izod branded shirt has become part of the biggest shirt company in the USA.

March 15, 2010, Izod's parent company PVH purchased the Tommy Hilfiger brand. There has been some speculation over the merging of both brands to increase exposure abroad.[2]

Retail Closure

On January 7, 2015 parent company Phillips-Van Heusen announced that it would be closing all 120 Izod retail outlets due to an increasing competitive environment driven by more premium brands in the outlet retail channel. This move will not affect Izod's growing wholesale business to department stores and other retailers.[3] Izod no longer makes and sells women's clothing/

Brands

Since Izod's first brand, Izod, was launched in 1938, it has grown considerably to include a variety of essential and luxury brands.

Sports sponsorships

The former Continental Airlines Arena, in New Jersey, United States was renamed the Izod Center as of October 31, 2007, the National Basketball Association's New Jersey Nets' season opener. The company paid $1.4 million per annum for the naming rights during the first two years of the agreement, while the Nets remained tenants, which dropped to $750,000 per year for the balance of the five-year deal.[4]

In 2009, Izod became the official apparel provider of the IndyCar Series and Firestone Indy Lights Series. Izod produces T-shirts, polos, pullovers, hats, and umbrellas for league and team officials and the general public.

In 2010 Izod became the official title sponsor of the Izod IndyCar Series, a deal worth $10 million a year for 5 years.[5] Izod discontinued its sponsorship in 2014.[6]

See also

References

  1. ↑ Approximately $70 in 2015 dollars.
  2. ↑ "Tommy Hilfiger's next act". MarketWatch. March 15, 2010. Retrieved September 30, 2013.
  3. ↑ "PVH to shut Izod's retail business".
  4. ↑ "Fashionable New Name for Arena", The New York Times, October 5, 2007. Accessed October 11, 2007. "On Oct. 31, when the Nets open their season against the Chicago Bulls, the Meadowlands arena named for Continental Airlines for 12 years will be rechristened the Izod Center. IZOD will pay $1.4 million a year in cash for the first two years of the five-year agreement, which will be cut to $750,000 annually in 2009 when the Nets are expected to move to Brooklyn."
  5. ↑ IndyCar lands Title Sponsor, indystar.com, November 3, 2009
  6. ↑ "Izod dropping IndyCar Series sponsorship". Indianapolis Business Journal. September 27, 2013. Retrieved September 27, 2013.

External links

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