Kit and Ace launched a short three years ago and branded itself as a Canadian fashion-forward, comfortable clothing store specializing in “technical cashmere”. Of course, the masses were consumed with the stores’ atmosphere and its “new” take on fashion.
The company grew relatively quickly to 700 employees and 61 stores in its three years of existence. Sadly, however, at the end of April the company announced that it would be closing all of its international retail locations. Further, while their 9 Canadian stores will remain open, their e-commerce business will be scaled down. We also discovered that “A number of their head office staff, along with president Wendy Bennison, have been let go“.
You already know that we have a soft spot for entrepreneurship. But, sometimes, there is such a thing as being too ambitious. Growing your business is a crucial step and it must be done with a lot of thought. Of course, hindsight is 20/20, but we can learn from Kit and Ace’s mistake and hope that the company, once again, scales the retail mountain with confidence.
Information gathered from http://fashionmagazine.com