Jay H. Baker Retailing Initiative speaker series presents President of Stuart Weitzman & Co.
Oliver Chen, WG'06
Issue date: 4/18/05 Section: News
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Although his father was a shoe designer, Mr. Weitzman, was originally headed for an analytical career on Wall Street. However, his designer's instincts soon took over and at age 20 he surprised his father with a sample shoe the factory had made from one of his sketches. When his father proudly added it to the "Mr. Seymour" line and the shoe sold extremely well, Mr. Weitzman became hooked on the "rush of the sell." While his roommate and others headed to Wall Street, Mr. Weitzman had his goals set on Seventh Avenue. Today, Stuart Weitzman is a household name in women's shoe departments at Saks, Blomingdale's and Nordstrom. The company produces over 1,000 styles a year, and is estimated to generate over $175MM in annual revenue. Mr. Weitzman articulated the importance of "picking a business that you'll like for 40 years" and the ideal case of combining a job and a hobby. As the Weitzman advertisements read, Stuart is indeed "a little obsessed with shoes."
Although Mr. Weitzman declared that the fashion retailing "business is all about sex... and sex appeal," he also spoke at length about the importance of "creating something no one else had." The firm has focused on marketing strategies which differentiate and identify the Stuart Weitzman brand. The goal is to create "an impression... and to stick with a very important element," such as the outline of a shoe that is in all Stuart Weitzman advertisements. Furthermore, "publicity is the #1, #2, and #3 of the business." The Company generates incremental media buzz by basing some shoe designs on the creations of inner-city school kids in a program the company sponsors. For example, a wildly popular pink sandal with a silhouette outline of a lady inside was designed by a Harlem elementary school student. Additionally, celebrities, including David Schwimmer, Michael Jordan, and Rebecca Lobo have created elaborate one-of-a-kind art shoes in conjunction with Stuart Weitzman. These shoes are auctioned annually for thousands of dollars to raise money for Breast Cancer charities.