As we said in our previous post, Mizrahi reportedly brought in about $300 million in annual sales to the retailer, which reported annual sales of $61.5 billion yesterday.
Here was the statement regarding Le Mizrahi's defection, from Target President Gregg Steinhafel.
"As it relates to Isaac Mizrahi, we've enjoyed a terrific five-year relationship with Isaac, and I think you all are over representing what it means at Target," Steinhafel said, in an earnings conference call. "It's approximately 3% of our apparel and accessories business, and we really view his strength as a niche contemporary collection, and any efforts that we have had to move beyond that were unsuccessful at best. And so, when the contract became renewable, we had the opportunity to, he had the opportunity to broaden his involvement with an apparel company, and we took it as an opportunity to move beyond this partnership, because we did not want to pass on higher royalty rates to a small collection business within the stores."
OMG, this is like sooo totally high school, and Target's all, like, pissed, because they got dumped first. So then they fire back, like, well, whatever we didn't really like Isaac that much anyways. But wait, it gets better.
"We're focused on our Go International and our Emerging Designer strategy," added Steinhafel. "WE can very easily replace these four or five racks on our apparel floor in the small section that we had in accessories and footwear with these new emerging designers, which frankly have been very successful, and we've got a terrific portfolio of new emerging designers coming on-stream this year, which we'll share with you as the year progresses."
Oh snap! Burn!
Ok, so maybe we did overestimate Isaac's influence, and while $300 million sounds like a lot to our poor Brooklyn writer budgets, it pales in comparison to $61.5 billion. But still, the guy added a great personality to the floor at Target, and that's not so easy to replace. Plus, we still firmly believe that consumers connected to Isaac in a way that they will have trouble connecting with designers who are in for one quarter and out the next. But hey, what do we know? We're not making $61.5 billion a year.
While you ponder your own thoughts, here's a video clip for you to enjoy, and remember the personality that once lived at Target. Clip is from The Isaac Mizrahi Show, in a segment featuring Rufus Wainwright, the über-gay singer/songwriting, and full-time Judy! Judy! Judy! fan, who is now starring in H&M's "Fashion Against AIDS" campaign. (Seriously, how can you not love this guy? Enjoy!)