Express (clothing retailer)
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| Public | |
| Traded as | : EXPR S&P 600 Component |
| Industry | Retail |
| Founded | 1980 |
| Headquarters | |
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Number of locations
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641 (January 2015) |
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Key people
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David Kornberg, CEO |
| Revenue |
 US$2.35 billion (FY 2016) |
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US$116.51 million (FY 2016) |
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| Total assets |
 US$1.178 billion (FY 2016) |
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Number of employees
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18,000 (2016) |
| Website | express |
Express, Inc. is an American fashion retailer that caters mainly to young women and men. The company is headquartered in Columbus, Ohio. Express operates 641 stores in the United States, Canada, and Puerto Rico. Its revenue was US$ 2.35 billion in fiscal year 2016.
Limited Brands, in 1980, opened the first Express store, as women's clothier "Limited Express" in Chicago's Water Tower Place. Former CEO Michael Weiss joined the brand in 1981 when the test expanded to include eight stores. By 1986, Express had 250 stores strong and began testing the sale of men’s merchandise in 16 stores the following year. The men’s fashion line was spun off into its own brand, Structure, in 1989.
In 2001, Express became a dual gender brand with the reintegration of its Structure stores as "Express Men". Dual gender Express stores began opening the following year. Structure apparel brand was sold to Sears in 2003.
On May 16, 2007, Limited Brands announced its intent to sell a 67% stake in Express to an affiliate of a private equity firm called Golden Gate Capital Partners, based in San Francisco. When the sale was finalized in July 2007, Golden Gate's stake in the company was 75% instead of the announced 67%.
On May 13, 2010 the company sold 16 million shares for $17 each, raising about $272 million. Shares had been planned to sell between $18 and $20 each. On May 14, 2010, the shares opened at $17 to $16.50 before recovering slightly to close down 1.5% at $16.75 on the New York Stock Exchange.
Since the IPO, Golden Gate and Limited Brands gradually reduced their ownership interest in the Company. On July 29, 2011, Limited Brands sold its remaining ownership interest in the Company, and as a result of this disposition, ceased to be a related party as of the end of the second quarter of 2011. On March 19, 2012, Golden Gate sold its remaining ownership interest in the Company, and as of May 31, 2012, Golden Gate no longer had representation on the Board. As a result of the disposition and Board seat removal, Golden Gate ceased to be a related party as of June 1, 2012.
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