Theory is a
New York-based men's and women's contemporary
fashion
Fashion is a form of self-expression and autonomy at a particular period and place and in a specific context, of clothing, footwear, lifestyle, accessories, makeup, hairstyle, and body posture. The term implies a look defined by the fashion i ...
label
A label (as distinct from signage) is a piece of paper, plastic film, cloth, metal, or other material affixed to a container or product, on which is written or printed information or symbols about the product or item. Information printed ...
which sells
clothes and
accessories
Accessory may refer to:
* Accessory (legal term), a person who assists a criminal
In anatomy
* Accessory bone
* Accessory muscle
* Accessory nucleus, in anatomy, a cranial nerve nucleus
* Accessory nerve
In arts and entertainment
* Accessory ...
. The brand currently has 434
retail
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and ...
locations and global sales approaching $1 billion as of 2021.
The company's headquarters and flagship boutique are located in Manhattan's
Meatpacking District
The Meatpacking District is a neighborhood in the New York City borough of Manhattan that runs from West 14th Street south to Gansevoort Street, and from the Hudson River east to Hudson Street. The Meatpacking Business Improvement District along ...
.
Origins and development
In 1997,
Andrew Rosen, former CEO of
Anne Klein and a
Calvin Klein executive, launched Theory with co-founder
Elie Tahari
Elie Tahari ( he, אלי טהרי; born 1952) is an Israeli fashion designer. He is the designer of ready-to-wear clothing and fashion accessories. His company is headquartered in New York City, with stores located throughout the world.
Earl ...
in New York City as a women's collection, with a focus on comfortable stretch pants. The collection performed well and a men's line was added in 1999.
In 2000, a
license agreement
A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit).
A license is granted by a party (licensor) to another party (licensee) as an element of an agreeme ...
was formed with Link International of Japan, established in 1998, to manufacture, and
distribute the brand as well as operate stores under the Theory name in Asia, predominantly Japan. Women's
handbag
A handbag, commonly known as a purse or pocketbook in North American English, is a handled medium-to-large bag used to carry personal items.
Purse, handbag or pouch
The term "purse" originally referred to a small bag for holding coins. In man ...
s and shoes were introduced in 2003, and launched nationally in the U.S. for Spring 2006.
In 2012 The
Council of Fashion Designers of America
The Council of Fashion Designers of America, Inc. (CFDA), founded in 1962 by publicist Eleanor Lambert, and headquartered in Manhattan, is a not-for-profit trade association comprising a membership of over 450 American fashion and accessory d ...
(CFDA) announces Andrew Rosen as the recipient of the Founders Award given in honor of Eleanor Lambert. Theory makes its first move into France with two store openings in Paris.
In 2013 Andrew Rosen and the CFDA spearhead the Fashion Manufacturing Initiative, a project whose ambition is to invest in and guarantee the future of garment factories in
Manhattan
Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
.
In 2014, Lisa Kulson, former vice president and head designer at Theory, returns as creative director of women's design.
In 2015, Theory unveils a new logo, its first redesign in 18 years. The branding initiative debuts with the Spring Summer 2015 advertising campaign, featuring
Natalia Vodianova
Natalia Mikhailovna Vodianova ( rus, Наталья Михайловна Водянова, , nɐˈtalʲjə mʲɪˈxajləvnə vədʲɪˈnovə; born 28 February 1982), nicknamed Supernova, is a Russian model, actress and United Nations Goodwill ...
with photography by
David Sims.
Acquisition by Link International and Fast Retailing
In September 2003, Link International bought an 89%
stake in the Theory company for $100 million, after Japanese giant textile firm
Fast Retailing
is a public Japanese multinational retail holding company.
In addition to its primary subsidiary Uniqlo, it owns several other brands, including J Brand, Comptoir des Cotonniers, GU, Princesse Tam-Tam, and Theory.
History
The company was ...
Co. of Tokyo - established in 1963 and owner of the popular
Uniqlo brand - had acquired a 47.1% stake in Link. Rosen received $49 million, retained the remaining 11% in the new company, and was replaced as
CEO by Chikara Sasaki of Link but remained president and
COO. Tahari was allocated $53 million of the sale and had no shares in the new company which was renamed Theory Holdings. The deal was explained by the fact that the label was to become a truly "global brand".
[PR Newswire]
Andrew Rosen and Elie Tahari Announce Sale of Theory LLC
(9 September 2003) The Japanese
parent company has since then traded under the name of Link Theory Holdings and
went public in 2005. Fast Retailing had held a 32.32% stake in LTH since 2004. In spring 2009, Fast Retailing acquired the remaining stock and LTH became a fully owned
subsidiary of Fast Retailing.
Link Theory Holdings
Theory's owner, Link Theory Holdings (LTH), bought fashion house
Helmut Lang from
Prada and German fashion labe
Rosnerin 2005. Rosner's European production and distribution network was to help expand the Theory label in the European market over the following few years. However, in the end of 2008, Link Theory sold Rosner to a German private equity firm reasoning that LTH was to penetrate the European market by means of their own European subsidiaries.
Theory is Link Theory's
core
Core or cores may refer to:
Science and technology
* Core (anatomy), everything except the appendages
* Core (manufacturing), used in casting and molding
* Core (optical fiber), the signal-carrying portion of an optical fiber
* Core, the centra ...
brand. Other brands include Helmut Lang, PLS+T and footwear label Jean-Michel Cazabat. For the Japanese market, exclusive sub-labels of the Theory brand, such as 'Theory men', 'Theory luxe', 'Theory petit' have been created. Link Theory is headquartered in
Aoyama,
Tokyo
Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and List of cities in Japan, largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, ...
.
Stores
At the end of February 2016, Theory boasted a total of 489 stores (including franchise).
In
North America, Theory has boutiques in
Aspen
Aspen is a common name for certain tree species; some, but not all, are classified by botanists in the section ''Populus'', of the '' Populus'' genus.
Species
These species are called aspens:
*'' Populus adenopoda'' – Chinese aspen (Chin ...
,
Atlanta
Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,715 ...
,
Aventura,
Costa Mesa
Costa may refer to:
Biology
* Rib (Latin: ''costa''), in vertebrate anatomy
* Costa (botany), the central strand of a plant leaf or thallus
* Costa (coral), a stony rib, part of the skeleton of a coral
* Costa (entomology), the leading edge of th ...
,
Dallas
Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...
-
Highland Park Village,
East Hampton,
Greenwich
Greenwich ( , ,) is a town in south-east London, England, within the ceremonial county of Greater London. It is situated east-southeast of Charing Cross.
Greenwich is notable for its maritime history and for giving its name to the Greenwich ...
,
Westport,
Los Angeles
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...
,
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
,
Palm Beach,
Philadelphia
Philadelphia, often called Philly, is the List of municipalities in Pennsylvania#Municipalities, largest city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, the List of United States cities by population, sixth-largest city i ...
,
Manchester, Vermont
Manchester is a town in, and one of two shire towns (county seats) of, Bennington County, Vermont. The population was 4,484 at the 2020 census.
Manchester Village, an incorporated village, and Manchester Center are settlement centers within t ...
and
San Francisco
San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...
. The Theory label's headquarters and design offices are located in
New York City's Meatpacking District, at 2 Gansevoort Street. The building also houses a Theory
flagship store
A flagship is a vessel used by the commanding officer of a group of naval ships, characteristically a flag officer entitled by custom to fly a distinguishing flag. Used more loosely, it is the lead ship in a fleet of vessels, typically the fi ...
.
Collaborations
In 2016, Theory pursued a collaboration with fellow fast-retailing brand
Uniqlo touted under the slogan "Japanese engineering, New York Style." The collection was a capsule men's wardrobe featuring 4 different styles of shirts in 4 colors each and received widespread positive feedback for providing the same minimalist philosophy at a significantly lower price point.
Lawsuit
In 2006, Tahari sued his former partner Rosen (as well as Link Theory Holdings and Sasaki) for having urged Tahari to sell Theory at a price below its value to the Japanese in 2003, seeking damages and a share in the proceeds from the company's IPO in excess of $180 million. Rosen had also said that he would retire from the company within a year from the sale when, in fact, after Tahari's departure, he stayed on as the newly established company's president. Link Theory called Tahari's complaint "frivolous claims." Rosen labeled it "seller's remorse" and the case was later dismissed by a New York judge, even denying Tahari's claim for unpaid royalties by Theory's then Asian licensee, Link International.
References
External links
*
{{DEFAULTSORT:Theory (Clothing Retailer)
Fast Retailing
Clothing brands of Japan
Clothing retailers of Japan
Clothing retailers of the United States
Companies based in New York City