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Business

Changin’ rooms

By
James Covert
Published June 9, 2010, 4:00 a.m. ET

Ladies, you’re gonna like the way you look.

Men’s Wearhouse — whose CEO George, Zimmer, is famous for closing his TV pitches with the words “I guarantee it” — plans to open a chain of women’s clothing stores under the moniker Women’s Wearhouse, The Post has learned.

The chain — which will cater to career-minded women beginning next year — is part of a new strategic growth plan that also will add a new string of outlets to compete more directly with rival men’s clothier Jos. A. Bank, sources said.

“The board is pushing management to be aggressive and expand,” according to one source close to the company.

While it wasn’t immediately clear how many Women’s Wearhouse stores are planned, “the initiative is major,” and the separate rollout of lower-price men’s outlets will likewise be significant, the source added.

A Men’s Wearhouse spokeswoman didn’t immediately respond to requests for comment yesterday.

Nevertheless, sources said the company may announce its plans as soon as today, as it’s slated to report first-quarter earnings after the market’s close.

CEO Zimmer sees big potential in women’s apparel, sources said. As reported previously by The Post, the company’s deep-discount K&G outlets have been expanding into women’s clothing during the past year.

“Men’s Wearhouse sees the women’s market being at least three times as big as men’s,” according to one source briefed on the company’s plans.

“This could have huge potential, but not with women’s suits,” says Jamie Gorman, president of women’s clothing label Only Nine. “Women’s clothing is all about casual now — even in the workplace. I might wear a blazer to work, but I’m wearing it with skinny jeans.”

Targeting the women’s apparel market “makes sense” for Men’s Wearhouse, according to Richard Jaffe, a retail analyst at investment bank Stifel Nicolaus. The retailer has ample cash flow, a strong balance sheet, and its namesake chain, with 1,142 US stores, is running out of room to grow.

“They’re looking for stuff to do with their money,” Jaffe says.

Meanwhile, the company’s new chain of discount outlets for men’s clothing will likely mimic rival Jos. A. Bank’s business model.

While Jos. A. Bank regularly stages eye-popping promotions, such as three suits for the price of one, the company’s operating margins are more than twice those of Men’s Wearhouse.

That’s partly because Jos. A. Bank doesn’t sell suits from name brands like Z Zegna, Calvin Klein and Joseph Abboud, as Men’s Wearhouse does. Instead, it manufactures its own suits in Asia for a much lower cost while charging retail prices comparable to the name brands.

“Men’s Wearhouse typically charges two and a half or three times what it pays for its suits,” according to one industry insider. “Jos. A. Bank can put a markup of seven or 10 times what it paid, then take big discounts and still come out way ahead.”

Men’s Wearhouse “is tired of Jos. A. Bank eating their lunch,” the source added.

The Houston, Tex-based company closed up $0.44 to $18.82 in NYSE trading yesterday. [email protected]