Luxury fashion brands from around the world flocked to New York this week to tout their Spring 2015 lines at New York Fashion Week. Target (TGT -0.27%) showed up in style with a star-studded event that left fashion bloggers, buyers, and the press thoroughly impressed. If you weren't lucky enough to be at Target's upscale event for New York Fashion Week, here's what you missed and how this could benefit the discount retailer going forward.
A real head turner
Target used New York Fashion Week as an opportunity to promote its upcoming designer collaboration from Joseph Altuzarra. The Altuzarra for Target launch party kicked off in the financial capital of the world on Sept. 4 with A-list celebrities including Keri Russell and Naomi Watts in attendance. The big box store has made a name for itself by blurring the lines between high fashion and discount apparel through one-of-a-kind designer collections.
However, Target's stock has stumbled lately following a disappointing entry into the Canadian market and a massive security breach that left tens of millions of Target customers vulnerable to credit card fraud. With the stock now trading around $62 a share, the company's forthcoming limited-edition collection could be just what the doctor ordered.
This strategy has worked well for the retailer in the past. Previous designer lines for Target have sold out in just hours. In fact, the Missoni for Target launch in 2011 created a Black Friday-esque frenzy that actually crashed Target's website. Meanwhile, world-renowned designer Jason Wu's rollout for Target last year completely sold out online just two hours after going on sale. Here's why the Altuzarra collection could be Target's best-selling collection yet.
This collection will be rolled out in more Target stores than previous designer lines thanks to the retailer's entrance into the Great White North. That's right, the Altuzarra for Target line will not only be available in U.S. Target stores but also in Canadian stores and online at Target.com as well. Global fans can also score some Altuzarra swag later this month on net-a-porter.com, which will feature an edited assortment of the fashion collection.
Altuzarra's clothing usually costs hundreds or thousands of dollars for individual pieces. However, his "for Target" line will feature 50 pieces ranging in price from a modest $17.99 to $89.99 for apparel and lingerie, and $29.99 to $79.99 for shoes and accessories. In an interview with Vogue, Joseph Altuzarra, the namesake designer said "One of the ways we enriched all the pieces [in the Target line] was embroidery, whether it be paillettes or beading or thread embroidery."
Offering high-end designer collaborations at affordable prices is what makes Target stand out from competitors. And its latest designer launch is no different. The Altuzarra brand's strong celebrity following including big names like Jennifer Lawrence, Kate Bosworth, and Cameron Diaz adds a degree of credibility that is invaluable to Target. Target's event at New York Fashion Week may have created the buzz, but the official Altuzarra rollout in Target stores this weekend promises to steal the show.