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Fort Wayne-based Vera Bradley Inc. is continuing its restructuring efforts will a full brand transformation.
The company known for its handbags on Thursday said it is launching a new logo, in-store renovations, optimized website experience and an elevated product line as a means of “reinvigorating the business and restoring brand relevance.”
“It is unmistakably Vera Bradley but just with a new, modern aesthetic that just feels fresh,” said CEO Jackie Ardrey. “But the brand is still there. A lot of times, people make the mistake of, during a rebrand, trying to become something else, and that’s not what we’ve done here. This is still Vera Bradley.”
In an interview with Inside INdiana Business, Ardrey said the brand refresh has been a few years in the making.
“We conducted a really comprehensive analysis of the business looking at sales data, customer demographics, and competitors, as well as looking at kind of macro economic trends,” she said. “And it really resulted in this conscious pivot to reposition and refresh the line to ensure long-term health of the brand for years to come.”
Vera Bradley is launching a new assortment of products that feature elevated fabrics and materials cotton gabardine, oxford canvas, and genuine full grain leather. The company said it is also making enhancements to the shape, fabric and color of some of its best selling styles such as duffels and backpacks.
“It’s really a reinterpretation of looking back at the best of the days from a heritage standpoint but making it updated and relevant for today based on consumer feedback that we’ve received from potential customers and existing customers,” said Chief Marketing Officer Alison Hiatt. “So we hope they’ll see lots of color. There will be lots of print, but what I think really the newness will be new materials as well.”
The company is also boosting its marketing strategy by tapping actress Zooey Deschanel to serve as the face of the brand’s fall campaign, which will be featured across billboards, print and digital platforms.
Hiatt noted that Deschanel is a fan of the Vera Bradley brand and will be the perfect symbol for what the brand represents.
“Every element of this transformation was thoughtfully debated, discussed, and decided on by our team,” Hiatt said. “We are strategically marketing our distinctive and unique position as a beloved brand that connects with our core customer on a deep, emotional level.
Vera Bradley is also revamping all elements of its retail presence, both online and in-store. The company plans to add three new stores this year and make comprehensive updates to its outlet stores, in addition to redesigning its website and updating its social media presence.
Ardrey began her tenure as CEO in November 2022, and for the majority of her tenure, she has overseen an effort known as Project Restoration, which was designed to return the luggage, handbag, and fashion accessory designer back to profitability.
The initiative resulted in nearly $30 million in cost savings through a variety of means, including the elimination of some C-suite positions. In March, the company reported a full-year profit of $7.8 million.
“We did have to make changes in the team. This kind of work just demanded people and skills that were that were outside of what we had,” Ardrey said. “So we did have to hire new people who were experienced in transformations and could really carry this work on their back for the last 19 months. So it has been an absolute labor of love.”
The brand refresh comes with the support of the company’s founders, Barbara Bradley Baekgaard and Patricia Miller, which Ardrey said has been an unexpected benefit.
“They both were in the office for a Vera Bradley Foundation meeting, and we grabbed the two of them and said, ‘Hey, we would love to take you through our initial phase of what we’re doing,’” she said. “And it was just incredible. There were tears. There was just excitement and just so much emotion about where we were going. That’s really when I think we all knew that we were in the middle of something really special.”
Looking ahead, Ardrey said she wants the company to focus on attracting new customers while also retaining existing customers.
“We talk to potential customers, and we talk to customers who are people who used to be our customers who are no longer, and we kind of put all of that into a detailed analysis to say, ‘What do we really need to do here? What are the perceptions of the brand? And what do we need to change about it?’” she said. “So that was really the basis of all of this work. It’s really just about bringing new customers to the brand.”
Ardrey also noted that the company believes it has created a model that can allow it to open new stores and be profitable.
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