Many classic American brands, like Ralph Lauren and Tommy Hilfiger, have seen dips in revenues in the U.S. market over the last few years. But Vineyard Vines, a Martha’s Vineyard-based clothing company with a similar preppy aesthetic, has been quietly growing. The brand is known for crisp Oxford shirts, chinos and polos, as well as colorful neckties for men and sundresses for women.
While Ralph Lauren recently said that it would be closing 50 stores and retrenching 8% of its 15,000-strong employee base, Vineyard Vines just announced the opposite news. The brand currently employs 2.600 nationwide, but will be adding an additional 650 by the end of the year. It has also been working to open stores outside of the East Coast, where it is best known. In 2014, it opened stores in Florida, California, and parts of the Midwest. It currently has 70 stores but expects to have 100 by the year’s end.
While Ralph Lauren went public in 1997 and Tommy Hilfiger was purchased by the publicly traded company Phillips Van Heusen Corp in 2010, Vineyard Vines continues to be owned and operated by the brothers who founded the brand, Shep and Ian Murray. In 2015, the brand brought in $308 million in revenue and Goldman Sachs recently valued the company at as much as $1 billion.
[Images: via Vineyard Vines]