This is a project analyzing the strategic management of Men's Wearhosue completed by a team of 5 people. The industry analysis consists of internal & external analysis, 3 levels of strategic choices, implementation and recommendation.

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Men’s Wearhouse
April 12, 2016
Payton Chamberlain, Mengqi Hu, Jiao Li, Wanqing Tang, Jianing Wan

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GENERAL INTRODUCTION:
History and Founding
The first Men’s Wearhouse was opened in 1973 by George Zimmer and his college
roommates, they opened the store in Houston, TX selling sport coats for as low as $25 and $10
for slacks. As time progressed, Men’s Wearhouse became progressively more and more popular
and by 1992 the store had been successful enough to make the decision to go public, with the
“initial public offering bringing in $13 million, [allowing] a much more rapid expansion
nationwide (Menswearhouse.com, 2016). In 1997, the infamous tagline “You’re going to like
the way you look, I guarantee it” came to fruition and still exists in Men’s Wearhouse
advertisements to date. In 2000 to continue their expansion within the industry, Men’s
Wearhouse began acquiring other men’s clothing and related companies starting with K&G
Men’s superstore, and TwinHill corporate clothing and uniform stores in 2002. In 2005-2006
they also acquired some Texas dry cleaning chains, Afterhours formal wear, and Mr. Tux rental
companies which these purchases helped secure Men’s Wearhouse as the “leading tuxedo rental
company in the U.S.” (Menswearhouse.com, 2016).
The year of 2010 began ‘a new era’ for Men’s Wearhouse when President and COO
Douglas Ewert became CEO of the company. In 2012, renowned designer Joseph Abboud joined
the company as the Head Creative Director, with the company purchasing his JA apparel Corp in
2013 along with being named one of Fortune’s “Top 100 best companies to work for”. In 2014,
Men’s Wearhouse also acquired well known retail store Jos. A. Bank. This is just a short history
of the Men’s Wearhouse franchise as they have been trailblazers and industry leaders almost
since their founding. Their bright history, success, and expansion continues to present day and is
still growing and changing frequently.

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Management & Board of Directors
Starting February 1st, 2016 Men’s Wearhouse would be replaced by the holding
company named Tailored Brands as the publicly held company, trading under the symbol
“TLRD”. Shareholders of Men’s Wearhouse became the shareholders of Tailored Brands; the
management team and the board of directors would remain unchanged. Currently, the company
has a strong 18-people management team including Doug Ewert, Jon Kimmins, Mary Beth
Blake, Bruce Thorn, Ben Baum, Hyon Park, Joseph Abboud, A. Alexander Rhodes, Carole
Souvenir, Mark Neutze, Matt Stringer, Jamie Bragg, Jim Thorne, William Silveria, Scott Norris,
Paul Fitzpatrick, Mike Nesbit and Stuart Graham, respectively takes the position of Chief
Executive Officer, Chief Financial Officer, Chief Merchandising
Officer, Chief Operating Officer, Chief Digital Officer, Chief Information Officer, Chief
Creative Director, General Counsel, Employee Relations, Store Operations, Marketing,
Distribution, Direct Sourcing, Manufacturing, Brand President, Executive Chairman
(Ir.tailoredbrands.com, 2016). The board of directors consists of 9 people including the CEO
Doug Ewert, the chairman of the board of directors William B. Sechrest, the vice chairman
David Edwab and 6 directors (Ir.tailoredbrands.com, 2016).
Evaluation of Management
Looking at the profiles of these executives, it is not hard to find out that the management
team is strongly experienced and qualified. The CEO Doug Ewert has been employed in the
company since 1995. Starting as a general merchandise manager, he served in his specific area of
merchandise and expanded to the other areas of operations, and finally became the president of
Men’s Wearhouse in 2010. Most of the members on the management team have had several

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years of related work experience before entering the Men’s Wearhouse team. The Chief
Operating Officer, Brice Thorn, was hired by PetSmart, Inc. in 2007 serving positions including
executive vice president, store operations, services and supply chain. Before his employment at
PetSmart, Inc., Thorn had accumulated rich experience in various leadership roles with Gap,
Inc., The United States Army, and Cintas Corporation, LESCO. Additionally, the management
team has a very distinctive educational background. Hyon Park, the Chief Information Officer,
graduated from the University of Pennsylvania in 1995. Jim Thorne, at the position of Direct
Sourcing, graduated in 1982 from the University of North Carolina at Chapel Hill with a
Bachelor Degree of Business Administration. What’s more, Joseph Abboud, who is a famous
menswear designer, is currently employed as the company’s Chief Creative Designer. With the
consulting assistance of Joseph, Men’s Wearhouse is able to seize the creative direction and
modernization, thus they can formulate relevant management and marketing strategies
(Ir.tailoredbrands.com, 2016).
Men’s Wearhouse’s board of directors is also both highly diverse and well qualified.
Members are each specialized in different areas. William B. Sechrest was a founding shareholder
of a law firm, specializing in finance and banking. He is also one of the two members of Men’s
Wearhouse’s audit committee. The other member in the audit committee is the Vice Chairman.
The six directors serve in different areas of Nomination and Governance and compensation
Committee (Ir.tailoredbrands.com, 2016).
SITUATIONAL ANALYSIS
Mission, Goals, and Stakeholders
For many years, the “Men's Wearhouse mission has been to maximize sales, provide

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value to [their] customers, and deliver top-quality customer service while still having fun and
maintaining [their] values (Menswearhouse.com, 2016).” They believe it is their commitment to
uphold high ethical standards and quality relationships with one another, their stakeholders,
customers, shareholders, and their vendors; and that philosophy is what makes them a successful
business and one of the best companies to be employed by. The values of the company include
nurturing creativity, growing together, admitting to mistakes, promoting a happy and healthy
lifestyle, enhancing a sense of community, and striving toward becoming self-actualized people
(Menswearhouse.com, 2016).
As a company Men’s Wearhouse’s main goal is to “provide world class customer service
to our customers and to each other (images.menswearhouse.com, 2016.)” They are also
committed to making a goal of maintaining social responsibility and environmental sustainability
on both a local and national basis. Another aspect of that goal is “to make sure that no men are
denied the opportunity to be good providers, responsible citizens and positive role models
because they lack the appropriate wardrobe to land a job (Menswearhouse.com, 2016).” Other
than that, there is not much shared or reported information on Men’s Wearhouse’s corporate
goals… This is an area that could be expanded in order to ensure future success of the company
so that all objectives can be tailored toward achieving the goals of the company.
One of the continuously mentioned goals of Men’s Wearhouse, however, is always trying
to make sure the stakeholders of the company are both happy and comfortable. The company
seems to take that task very seriously as they offer their employees a vast amount of benefits and
extras. This focus of the success and happiness of their key stakeholders is what Men’s
Wearhouse believes they owe most of their success. Executives say the “challenge has been to
create an environment where employees want to bring the best of themselves to work so that the

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business achieves positive results (workforce.com, 2016).” The goal of this strangely focused
business plan is that the employees will treat customers better because they're trained on
customer service, but also partly because they're feeling better about themselves and don't feel
put down by the corporation. That energy is hopefully ultimately translated to customer service
which sells more products and results in more repeat business. Men’s Wearhouse is constantly
working toward forward thinking innovations to create a positive environment for their
employees and all the rest of their stakeholders.
Industry Discussion
Over the last few years, men’s retail sales have increased at a higher rate than women’s
retail. In general, we find that men are taking greater care in their grooming and appearance. And
this has resulted in menswear labels delivering fresher takes on the male look and also rethinking
how men want to shop. The millennial generation especially has placed a great emphasis on the
personalization of clothing. This younger demographic is much more comfortable mixing and
matching different elements than previous generations and creating more individualized looks
(Chainstorage.com,2015). Men’s Wearhouse Inc. has several competitors such as their main
competition, Brooks Brothers and Burlington Coat Factory. Brooks Brothers is America’s oldest
clothing retailer, and Burlington Coat Factory is a national off price retailer. These two
competitors are major threats to Men’s Wearhouse. Below is a comparison among Men’s
Wearhouse and its two main competitors.
Men’s Wearhouse offers a diverse fashion product portfolio for all occasions at attractive
prices. The company’s target customers are males of all ages. They have a good understanding
that most men do not like spend time on shopping. Therefore, they offer a service to help men to

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select the best and most appropriate clothes. Men’s Wearhouse has been around for more than 30
years and has 1,754 stores in the U.S. and Canada (Menswearhouse.com, 2016). One of
competitive advantages is high class customer services. Men’s Wearhouse has its reputation,
credit and establishes customer loyalty. A weakness of Men’s Wearhouse is that it is sensitive to
the economic conditions. When economic times are low, customers’ spending will be less than
normal.
Brooks Brothers’ target customers are high income and highly educated people, its price
is higher than Men’s Wearhouse. Brooks Brothers offers higher quality with a higher price. It
reopened in 1818 after the British War. Now it has more than 200 stores throughout the United
States and Canada and more than 130 locations abroad (Brooksbrothers.com, 2016). It also has
a pretty strong reputation and customer loyalty. Brooks Brothers weaknesses include less stores
and less market share.
Burlington Coat Factory provides lower prices for similar products that are offered at
other retailers. It always offers up to 60 percent off regular department store prices. Lower prices
are an important strength to Burlington Coat Factory. However, most customers believe
Burlington Coat Factory offers low quality items and the company has litigations of false
labeling, so the company’s reputation is at stake although it has more than 500 stores
(Burlingtoncoatfactory.com, 2016). Moreover, for these reasons it does not have good
customer loyalty. Burlington Coat Factory has some weaknesses such as low quality items, low
reputation, and minimalistic infrastructure.

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External Analysis: General Environment
-Demographics-
In the United States, Men’s Wearhouse has 110 stores in California, 84 in Florida, 70 in
Texas, 68 in Illinois and 48 in both Michigan and New York. Retail locations are highly
concentrated in California, New York and Texas since these states residents took up 26.5% of
the U.S population in 2010 ("Stock: Men's Wearhouse (MW)", 2016). These demographics
reflect Men’s Wearhouse’s strategy to concentrate retail stores in the most populated regions of
the country.
While most of Men’s Wearhouse’s demographics are aimed toward all men ages 18-45,
the majority of sales come from men above the age of 35 (Baldus et al., 2014). Meanwhile, in
order to generate more revenues by targeting a younger demographic, Men’s Wearhouse has
even tried to use slimmer fit styles and launched tuxedo rental programs; however, the company
has failed so far to successfully target younger customers (Baldus et al., 2014).
Nevertheless, the recent demographic changes in Men’s Warehouse’s target market
brought the company potential growth and a brand new image. Through its acquisition of Jos A.
Bank, Men’s Wearhouse was trying to create higher value by adding a better supply of products.
An essential demographical reason can be explored to explain such changes. It was the average
age and more casual dressing at workplace that led to these changes (Baldus et al., 2014). With
more baby boomers retiring and younger generations filling these positions, a large change in
style had taken place in the workforce. The more casual work environment is affecting the dress
code, and Men’s Wearhouse seized the opportunity to innovate its products. The company
changed its slogan from “You’re going to like the way you look, I guarantee it” to “Confidence
Suits You”, aiming at regaining lost customers and wining more potential clients. Always trying

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to obtain customers from different demographics, Men’s Wearhouse is trying to maximize its
new target market. Also, with the constant adaptation to the changing market trends, Men’s
Wearhouse is attempting to create a brand new public image. (Baldus et al., 2014).
-Technology-
Men’s Wearhouse is constantly faced with the issue of technological advancement. Deep
reasoning behind the urgent need of technological innovation is the difficulties in the innovation
of tailoring (Baldus et al., 2014). Like many other retailers in the same industry, Men’s
Wearhouse offers most of its in-store products and services online as well. However, Men’s
Wearhouse does not benefit from the online sales like the other retailers do (Baldus et al., 2014).
Professional suits rely heavily on whether they are perfectly suitable for the individual customer.
Due to the virtual characteristic of online purchasing, customers can only surmise and choose the
best matched suits by sizes and measurements described online. However, the sizing and
measurements of different brands are not all consistent. In order to choose the best fitting suits,
nearly all customers are willing to try on different ones, so they will most likely choose in-store
shopping over shopping online. As a result, the benefits of selling online items are hard to gain
even though the official website is simple to navigate as well as having a larger selection of
inventory than in-store (Baldus et al., 2014). Men’s Wearhouse is neither able to solve the
technological problem of the sizing & measurement disadvantages, nor able to enlarge any room
for innovation due to the limitation of tailoring and customization.

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-Political/Legal-
Political and legal forces to be considered in impacting Men’s Wearhouse’s business
would also be those that impact all other American companies as well as all industry specific
laws. One prime example of American law that effects Men’s Wearhouse’s business would be
minimum wage laws. The legal minimum wage in the United States is $7.25 an hour and $7.65
in Missouri specifically (Fortune.com, 2016). Since Men’s Wearhouse exists in many states,
these laws must be considered when deciding on base pay for entry level sales employees based
on the location of the particular store. Another law that effects American business is
discrimination laws; Equal Employment Opportunity Laws prohibit employment discrimination
based on race, old age, color, religion, sex, or national origin. This includes protection from
discrimination during hiring and firing, compensation or classification, transfers or promotion,
recruitment, testing, use of company facilities, training, benefits, retirement plans, leaves, and
other employment conditions (eeoc.gov, 2009). Lastly, Men’s Wearhouse among all other
American companies must comply and take into consideration the basic laws of department of
labor. These include the wages and hours laws, occupational safety and health laws, workers
compensation laws, benefit and union laws, employee protection, veteran and uniformed services
laws, and minimum age of employment/ hours laws. All of these must be considered when
Men’s Wearhouse makes business or employment decisions (DOL.gov, 2016).
Some industry specific laws to be considered would be all retailer and consumer specific
laws. This would include, truth in advertising laws, consumer protection laws, and misleading
discount laws (Lister, 2016). These laws protect the consumer from being misinformed and
deceived for the sake of increasing sales revenue at the consumer’s expense as well as keeps the
businesses as honest as possible in their marketing tactics. Another political consideration may

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be industry labor force environment. Due to cheaper materials and labor, the current industry
trend is to develop an overseas or foreign labor force for manufacturing in order to save costs
over domestic production.
-Social/Cultural-
As well as political, there are also current social and cultural trends that Men’s
Wearhouse should consider when making business decisions. One of these trends being the
increase in casual work environments. A recent study showed that “1 in 3 of bosses ‘officially
permit” employees to wear casual clothing to the office every day’ (Hartley, 2014). The
workplace is slowly migrating from just casual Fridays to an overall more casual work
environment and dress code. Another trend that is becoming increasingly popular that may have
an effect on the men’s formal wear industry is the increase of more casual style weddings.
Instead of the traditional style full suit, people are choosing alternatives in pants/vest
combinations and some even going with jeans and vests. Another consideration that must be
taken is demographics and ethnic makeup of the geographic region in which each store resides.
Stocking decisions must be made by researching and knowing trends and fashion make up of
each geographic region. An example of this would be the increase of Hispanic ethnicity in the
United States, so styles may have to change to accommodate more for that increase.
-Economic-
Years after the great recession, people are still a little bit wary about the economy’s well-
being, but it is still recovering and improving. “The unemployment rate has fallen to a near-
normal 5.3% from 10% in 2009 (Davidson, 2015).” This rise in employment opportunities will

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increase the need for men’s formal clothing for both workplace clothing needs as well as
interview attire. The increase of the success of the economy directly relates to the success or
demand of the retail industry, thus being very important for Men’s Wearhouse to consider. It not
only increases demand for suits in the men’s formal clothing industry, but the increase of jobs
means increase of public wealth. This increase of public wealth also means that men will be
more willing to spend their disposable income on clothing rather than be inclined to save it or
use it for necessities.
External Analysis: Specific Environment
Specific environment involves the industry overview and industry competitors. When
analyzing the specific environment for Men’s Wearhouse, the first step is to focus on the
industry overview. The clothing industry is more competitive than other industries because
customers have low switching costs in purchasing other manufacturers’ products. When talking
about the industry competitors, Men’s Wearhouse is one of the largest men’s specialty retail
stores in the world (Business Summary, 2015). In the clothing industry, Men’s Wearhouse is a
well-known retailor for providing men’s apparel to fit individual’s needs for different occasions
for over 40 years. Men’s Wearhouse and many other competitors in this industry attempt to catch
market shares by providing high quality products with low cost control. If Men’s Wearhouse
wants to keep the leadership in clothing industry, the company needs to know its own strength
and the competitors’ to be invincible in fierce competition. To better analyze the specific
environment for Men’s Wearhouse, Porter’s Five Forces Model should be used.

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-Porter’s Five Forces Model-
Porter’s Five Forces Model assesses the organization’s specific environment and assumes
that some rivals are more attractive than others with more profit and earnings potential by taking
a consideration of the following five parts: bargaining power of sellers, bargaining power of
buyers, threat of potential entrants, threat of substitutes, and current rivalry among existing firms.
Therefore, using Porter’s five forces model is a good way to help Men’s Wearhouse analyze the
specific environment of the clothing industry as well as evaluate the clothing industry’s structure
and potential profit, especially the men’s apparel industry.
-Bargaining Power of Suppliers-
There are many situations indicating when bargaining power of sellers occurs. For
example, it occurs when the suppliers’ products are differentiated or undifferentiated, substitute
products exist, and the switching costs are high or low, etc. In any industry, companies want a
low bargain power of sellers to purchase the materials for their products. In the case of the Men’s
Wearhouse, the bargaining power of sellers is weak.
We all know that when the suppliers’ products are differentiated, the suppliers would
have more bargaining power. However, clothing products are relatively undifferentiated and
switching costs are low for Men’s Wearhouse. Suppliers have less control on raising the price.
They need to provide better products than other sellers to attract Men’s Wearhouse to purchase
their products. Therefore, Men’s Wearhouse would take the advantage of low bargaining power
of sellers to purchase products from the suppliers that have highly quality with lower prices.
Men’s Wearhouse purchases the clothing products from over 800 vendors in different locations
and regions (CFA-DFW/HSFA Student research, 2008). Low switching costs give a positive

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impact on Men’s Wearhouse. Men’s Wearhouse has an easy option to switch suppliers for
merchandising the clothing products. In addition, Men’s Wearhouse could easily find
substitutive products in the marketplace, so the suppliers have less power.
-Potential Entrants-
In the previous research, it was found that Men’s Wearhouse holds a competitive
advantage over its competitors. It has been the leader of the industry for decades. After its
merger with its biggest competitor Jos A Bank, its position as industry leader was secured.
Companies in the market of men’s clothing get a significant benefit from bringing economies of
scale to a large supply chain (Bloomberg.com, 2013). There is a high economy of scale in the
industry of men’s clothing. On one hand, high economies of scale give a big advantage to larger
companies but on the other hand, it creates a disadvantage for potential entrants.
For the clothing industry, companies have a relatively low fixed cost; potential entrants
do not need to have a large amount of capital to start a new business. The capital requirement is
relatively low, which provides some advantages to potential entrants. The materials for
producing clothes are not too hard to access either. Customers can buy clothes from any brand
they like. The switching cost for customers is also very low. According to Jonathan Kanter, a
lawyer for the Federal Trade Commission, there are already many discount clothing stores, the
market of men’s clothing is not narrow enough for the existing companies to get rid of the risk of
potential entrants. There is a very low barrier for potential entrants that want to sell discount suits
(wsj.com, 2014). In the investigation of the merger between Men’s warehouse and Jos A Bank
by the Federal Trade Commission, it stated that the barriers to entry the market of men’s clothing
is insignificant. Men's clothing is a secularly challenged category with no barrier to entry
(truthonthemarket.com, 2014).

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However, it is very difficult for new entrants to compete with Men’s Wearhouse, because
Men’s Wearhouse attracts a lot of customers with their low price strategy. In order to occupy
even a small amount of market share, new entrants might need to set a low price for their
products and suffer a deficit at the beginning. Therefore, although it is easy for potential entrants
to enter the industry, Men’s Wearhouse would not suffer a big threat from these potential
entrants.
-Power of Buyers-
For the men’s clothing industry, customers are essential. Compared to women, most men
do not shop for clothes very frequently, and they would not buy a large amount of clothes in a
short period of time. Customers can also switch to another brand with extremely low to no cost.
Men’s Wearhouse must do a lot of work to keep their customers and attract new ones. The price
of the products at Men’s Wearhouse is low; it would not represent a significant portion of
customer’s cost. Nowadays, the power of buyers is increased by accessing more information
about products through the Internet. The growth of technology also decreased the switching cost
of customers. Overall, customers have a strong bargaining power over Men’s Wearhouse.
-Substitutes-
Another force of the specific environment is the threat of alternative industry providers
and that threat is relatively high. Every industry retailer is making suits, pants, sport suits, shirts,
and clothing accessories. Each brand wants to vary its products by providing different prices,
quantities, and styles. Tuxedo rental at Men’s Wearhouse may keep its demand and style
constant, but it’s hard to say for men’s tailored clothing. First, because workplace environments

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have become more business casual, customers have much broader selection of retailers to satisfy
their wants and needs. They can dress up leisure wear, so they can buy clothes from places such
as Hollister Company, Hailives, or Coach. Thus, Men’s Wearhouse is not just competing with
Men’s formal wear anymore.
Second, price levels of products are sensitive to its customers. If the price is too high,
there are not many people who are able to afford that specific good. However, if the price is too
low, the goods will be labeled as cheaper and customers will doubt the goods’ quality. For
example, Brooks Brothers had an online sale for sport shirts for $92; however, Men’s Wearhouse
had a sale for 2 sport shirts for $79.98. Men’s Wearhouse price looks much cheaper than Brooks
Brothers and we don’t know if the customer would like to choose the lower price or higher
quality. Third, a buyer’s willingness to switch is based on value and brand loyalty. Because the
switching cost for a customer is low, customers will change their choices if they find a cheaper
substitute which can still satisfy their performance standard. Additionally, most men have less
brand loyalty when they are shopping.
-Current Rivalry Among Existing Firms-
Men’s Wearhouse has a high competition within the industry. The challenges the industry
face include industry growth, numerous equally balanced competitors, offering of similar
services and products, and lower switching costs for customers. In order to max profits, industry
could reduce the fixed or storage costs and create an efficient supply chain to attract more
customers from competitors. Lower fixed costs lower exit barriers, and larger economic scale are
advantages to Men’s Wearhouse when it comes to competing with other firms.
Industry Growth is a key factor when firms compete for market share. Industry growth of

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Men’s Wearhouse has remained constant over the current years. As firms grow and add new
stores, the rest of the industry also follows their pace to remain competitive. Therefore, firms are
competing on finding new locations and markets. Men’s Wearhouse increased by about 25 new
stores during 2014. Due to increasing popularity of the brand, Men’s Wearhouse increased
advertising costs by $67.1million in 2014 compared to 2013. The size of Men’s Wearhouse is
also an important factor in retaining and gaining a larger portion of market share. It is easy for
Men’s Wearhouse to compete with local stores, but it’s difficult to compete with other larger
companies. Firms will have difficulty in attracting customers and gaining market share at large
economies of scale. Incoming entrants should meet standards set by industry leaders: Men’s
Wearhouse and Burlington Coat Factory if they want to compete in men’s retailer stores.
Internal Analysis
Internal analysis is the process of identifying and evaluating an organization’s specific
characteristics, including resources, capabilities, and core competencies.
-Core Competency-
Men’s Wearhouse is a value-based company. “Our business is based on human capital.”
said by the former CEO George Zimmer. As a value-based company, Men’s Wearhouse
emphasizes service, teamwork, empathy, and positive attitude. There are some good value-based
practices, such as values and cultures come first, hiring for fit, investment and opportunities for
all people in the company, widespread information sharing of operational and financial data,
reliance on teams and involvement, emphasis on equity and non-monetary rewards. Under the
value-based system, people are typically not fired for the first instance of shoplifting but will be

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fired for not being a team player and stealing sales from their colleagues. What’s more, the firm
loans money at no interest to employees having financial difficulties, and almost all promotions
are from within the company (O'Reilly III, C. 2001).
-Competitive Advantage-
Great customer service is one of Men’s Wearhouse competitive advantages. The
company provides world-class service to their customers by providing tailoring services, shoe
repairs, and dry cleaning services. They provide one of the largest assortments of styles along
with different types of fabrics and colors. As a regard to customer service, the company also
adopted a ‘do whatever it takes’ attitude. Men’s Wearhouse owns their own dry cleaning service
to aid customers and to stay environmentally sustainable. In addition, to providing wonderful
customer service, Men’s Wearhouse also provides one of the largest tuxedo rental services in the
United States and Canada. They provide tuxedos for any special occasion in order to provide that
perfect look for the perfect occasion. This is one of the largest revenue areas of the company.
With their world-class service and tuxedo rentals Men’s Wearhouse has set themselves apart
from their competitors (Baldus, Bruewer, Haggerty, Jackson, Lanning, Patterson, 2014).
Financial Analysis
(All financial statements information are from
https://www.google.com/finance?q=NYSE:MW&fstype=ii, and
https://www.google.com/finance?q=NYSE:BURL&fstype=ii)
As for the financial analysis of a company, financial analysts usually use a series of
financial ratios to measure the performance of the company with comparison to the main

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competitors in the same industry. There are generally four types of ratios that could be used for
analysis such as measuring the ability to pay current liabilities; measuring the ability to collect
receivables; measuring the ability to pay long-term debt; and measuring the profitability. We will
evaluate three types of these ratios to make a simple financial analysis for Men’s Wearhouse
compared with Burlington Stores Inc. We will compare the financial information of three recent
years (2012, 2013, and 2014) of these two companies.
For measuring how well Men’s Wearhouse is able to pay off the current liabilities compared
with Burlington Stores Inc., we chose to use current ratio to evaluate Men’s Wearhouse’s ability.
The equation of the current ratio is current assets divided by current liabilities. The greater the
ratio, the stronger ability a company has to pay off their current liabilities. (We calculate the
ratios by ourselves)
Over these three years, Men’s Wearhouse’s current ratio decreased but still better than
Burlington Stores Inc. The overall trend of current ratios of both companies declined, but Men’s
Wearhouse’s current ratio is twice as high as Burlington Stores Inc. Therefore, Men’s
Wearhouse has a better chance to pay off their current liabilities than Burlington Stores Inc. but
its own ability of paying current liabilities declined as well.
As for measuring the profitability analysis for Men’s Wearhouse, we will use the return on
sales (ROS) to make an analysis. Return on sales measures net income as a percentage of net
sales revenues (ROS=NI/NS). If a company has a good operating standing, the return on sales

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goes up, which means the company has a good competitive advantage on price of sales. (We
calculate the ROS by ourselves)
As the results show above, the ROS of Men’s Wearhouse went down year by year,
especially in 2014, the net income was negative. In 2012 and 2013, the Men’s Wearhouse had a
much better operating efficiency than Burlington Stores Inc. However, in 2014, the Men’s
Wearhouse went through a tough operating status, because a negative net income is not desired
for a company. On the contrary, Burlington Stores Inc. had 1.36% of ROS. Therefore, Men’s
Wearhouse fell behind of Burlington Stores Inc. on operating standing in 2014.
As for the ability of paying long-term liability, we would use the debt ratio. The debt ratio
measures the percentage of total liabilities to total assets, indicating that how much of assets are
financed by debts. The ratio should be less than 1. From the chart below, the debt ratio of Men’s
Wearhouse was increased sharply from 2014 to 2015 but still less than 1 even less than 0.5,
which means that Men’s Wearhouse still stands in a desired position of assets acquired. The ratio
of Burlington Stores Inc. was higher than the ratio of Men’s Wearhoue even though the ratio of
BURL had an overall decreasing trend. Therefore, the Men’s Wearhouse would be more
competitive than BURL.

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Men’s Wearhouse (www.google.com/finance)
Burlington Stores Inc. (www.google.com/finance)
In conclusion, Men’s Wearhouse was still more competitive than BURL even though its
operating standing was not so good in recent years after financial ratio analysis. Its financial
condition was still in a good position to compete with other rivals in the industry.
SWOT Implications
-Strengths-
Multiple industry strengths are a great asset to companies because they open doors to

22. 22
external opportunities and allow the company to overcome threats. One of Men’s Wearhouse’s
main strengths is employee morale. Voted as one of the top 100 companies to work for in 2009,
Men’s Wearhouse ensures that their employees are well taken care of so that this satisfaction is
shown through their attention to detail and exemplary customer service (archive.fortune.com,
2009). This strength also ensures that applicants are more drawn to Men’s Wearhouse as a place
of employment over the competition, making their range of choices much more deep than that of
their major competitors.
The first thing Men’s Wearhouse does that makes employee morale a strength is their
vast compensation packages. These “Compensation packages are designed to attract and retain
our employees in a long-term career with the Company” (employment.menswearhouse.com,
2016). Each compensation package includes medical, dental, life, disability, and vision
insurance, flexible spending accounts, 401K and retirement plans, stock discount programs, paid
holiday/vacation/sick days (even for part time employees), tuition reimbursement programs, and
overall health and wellness programs (employment.menswearhouse.com, 2016). This
employee centered corporate culture allows for vast room for growth and opportunity for each
employee to feel appreciated for what they do, no matter their position. Another thing Men’s
Wearhouse does to boost employee morale is offers year end parties for each of the stores. This
gives the employees opportunity to get together outside of the workplace and celebrate the
previous year of success and togetherness. Even after continuing to curb spending, this year-end
party is one thing that has stuck around for over 38 years (archive.fortune.com, 2009). These
year-end parties also offer free Men’s Wearhouse tux rental for the event so that they can wear
something new for the night while celebrating.
Men’s Wearhouse’s care for their employees is one aspect that can definitely be assigned

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as a strength of the company. The perks and extra attention to their employees ensures that they
get to select the best of the best out of the applicant pool as well as having their employees stick
around for growth rather than having a high employee turn around rate.
A good reputation is another thing that can bring a company more opportunities. It is
important for a company to build a good reputation to win over the goodwill of others. Men’s
Wearhouse has been the leader of the industry for decades, they have maximized sales, provided
value to their customers, and delivered customer service (Doug Ewert, menswearhouse.com).
“Men’s Wearhouse is [also] the largest provider of Tuxedo Rental products in the United States
and Canada” (tailoredbrands.com). Men’s Wearhouse is currently one of the largest men’s
specialty retail stores on the world with 1,992 different store locations (Business Summary,
2015). Its position as the industry leader was secured after its expansion by the merger with Jos.
A. Bank. For these reasons as well as providing customers with various selections and always
offering low prices Men’s Wearhouse has built a good reputation among their customers.
Reputation is very important for a company in order to gain support. A good reputation means
the company has a high level of sincerity, integrity, responsiveness, and mutual goodwill, which
means the company is reliable and has a high value of a cooperating relationship. With a good
reputation, Men’s Wearhouse would also be able to borrow money from banks and ask for the
help of the government much easier than others, as well as attract more business partners.
Men’s Wearhouse’s good reputation has created a big competitive advantage over their
competitors. The products are more attractive than others because of its variety and low price as
well as the guarantee of excellent customer service. It helps Men’s Wearhouse create a good
basis for customer loyalty. Its good reputation gives a big advantage of attracting new customers
as well since customers prefer to try the products of companies with a good reputation.

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-Weakness-
Although Men’s Wearhouse has many strengths, it also has some practices that are
obstacles for the company to generate revenue. A very significant weakness is that Men’s
Wearhouse does not do a good job in maintaining an active social image (Baldus et al., 2014).
The reasons for this are as followed. First, the company seriously lacks significant product
promotion (Baldus et al.
2014). It doesn't spend considerable money or energy on marketing or distribution. Men’s
Wearhouse is famous for men’s suits; however, the company does not explore its other potential
markets either. Men’s Wearhouse is also spending a lot of money to be an innovative company;
however, the returns from these innovations have not been substantial enough to motivate other
competitors to look for new innovations. Besides, Men’s Wearhouse is also faced with issues of
price positioning and value sensitivity (Baldus et al., 2014). Trying to be low cost and high
quality, Men’s Wearhouse makes its price positioning of its retail stores, especially Macy’s, very
low (Baldus et al., 2014). The truth is that, the company is facing a problem of becoming more
and more low cost and low quality which is effecting its social image. The company attempts to
provide both low cost and good quality, causing customer confusion. From a consumers’ point of
view, Macy’s should be products that are an “affordable luxury” (Baldus et al., 2014). However,
Men’s Wearhouse creates the perception that the stores are selling low quality products, which
detract some customers from shopping at these locations (Baldus et al., 2014).
Another weakness is that Men’s Wearhouse hasn’t generated significant revenue recent
years (Baldus et al., 2014). According to the annual report data, the operating income in 2014
dropped from $129,628 to $73,210, which is about a 40% reduction in profits

25. 25
(Morningsatr.com). Here are some reasons for this… First, Men’s Wearhouse hiring
requirements are very strict, they definitely have room for growth in this department, and
possibly realizing the best candidate may not always be a part of the company already. Making
this change could potentially cause an increase in creative ideas and better company innovation
(wikinvest.com). Hiring young employees also could make the company seem to be more
fashionable and sparky. Second, the management strategy may be encountering some problems.
As mentioned above, the company doesn’t give the research and development departments
enough expense to support their exploiting of new products. Also, since Men’s Wearhouse does
not open stores in rural areas and some stores don’t provide delivery services, it is inconvenient
to customers. Thus, they lose part of their potential income via these rural consumers. Compared
to Burlington Industry, Men’s Wearhouse only offers men’s suits, so it is not the popular option
for family shopping. Therefore, this may be a cause of the sales revenue decline in recent years.
Finally, the company doesn’t actively respond to their competitors’ strategies. For
example, Brooks Brothers’ target customers are higher income people and it keeps its reputation
for its customers (Erica, 2015). However, Men’s Wearhouse image is down recently because of
the price reduction. Customers always consider that Brook Brothers has high quality and they
think Men’s Wearhouse has become much cheaper and its image doesn’t necessarily match with
its price anymore. In addition, the price advantage faces challenges compared with Burlington
Inc. Burlington Inc. always offers up to 60 percent off regular department store prices (Alyse et
al., 2012). Therefore, Men’s Wearhouse doesn’t appear to be as high-end of a brand as Brook
Brothers or create a price as low as Burlington Inc. either. Therefore, Men’s Wearhouse loses
part of its target customers and the operating income also decreases.

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-Opportunities and Threats-
Also, after conducting the external scan of both the general and specific environments,
opportunities and threats for Men’s Wearhouse became apparent. One of the threats being the
increase of casual environments in both the workplace and traditionally formal events such as
weddings. This could mean the eventual decrease in the formal style of prom and other events as
well, potentially depleting a large part of the Men’s Wearhouse market and demand. A second
threat would be potential entrants and the high number of competition among the industry. In
order to combat these threats, certain opportunities must exist in order to keep Men’s
Wearhouse’s competitive advantage. The first opportunity would be to expand product lines in
order to accommodate to this newer casual feel as well as the already established formalwear
they are known for. Starting small would be smart, but to offer some more casual button ups and
slacks such as the slimmer fit and more comfortable materials may be advantageous for Men’s
Wearhouse. The second opportunity is to keep acquisition as a main option, the purchase of Jos
A Bank was a smart investment choice and locked in Men’s Wearhouse spot as industry leader;
future acquisitions such as this with other large competitor companies may be a smart
opportunity to explore.
Statement of the Problem
Although Men’s Wearhouse has held a high position within the industry due to its
excellent reputation and promise for pristine customer service, there is always room for growth.
The major underlying problem in this case is the disconnect between the consumer perception of
the company and the image in which Men’s Wearhouse aims to be portrayed. All
recommendations in this case should be centered around mending this disconnect and realigning

27. 27
consumer perception with the quality and image Men’s Wearhouse would like to portray, they
are indeed still high quality and diverse in options for all ages, all for an affordable price.
STRATEGIC CHOICES
Business Level Strategy
Men’s Wearhouse provides value-seeking customers a broad selection of quality business
attire at everyday low prices and offers high quality customer service. The company seeks to be
the premier off-price specialty retailer of men’s apparel. Men’s Wearhouse uses integration of
low-cost and differentiation strategies to make it difficult for competitors to duplicate or imitate.
Management believes that its advantage to growth is distinguishing itself from its competitors;
its distinguishing features include merchandise selection, customer services, and a well-
established corporate culture (pro.edgar-online.com, 2016).
In each Men’s Wearhouse store, the company offers a broad selection of designer, price,
brand name, and style. Men’s Wearhouse stores consistently provide recognizable brands at
prices ranging from $50 to $800, and offer different styles of apparel such as tuxedos or basic
suits. The company also doesn’t purchase merchandise overruns (Ir.tailoredbrands.com, 2016).
Men’s Wearhouse tries to provide a superior level of service in comparison to its competitors. A
“do whatever it takes” attitude toward customer service is encouraged throughput the company
(pro.edgar-online.com, 2016). They attempt to provide customer convenience and improve
customer loyalty in order to increase long run sales revenue (pro.edgar-online.com, 2016).
Men’s Wearhouse also has a strong corporate culture. The company respects employee
suggestions and management thinks the best strategies would be unsuccessful if implemented
without the employees’ commitment. The company feels pride in its culture and believes the

28. 28
stronger the sense of community, the stronger the employee loyalty. Men’s Wearhouse also
achieved a positive reputation for its work environment. Many people like working for Men’s
Wearhouse. Men’s Wearhouse was ranked at 50th out of 100 best companies to work for in 2013
because of its good compensation and benefits for employees (archive.fortune.com, 2013).
Corporate Level Strategy
The corporate strategy is concerned with the broad and long-term questions of what
businesses the organization is in and what it wants to do with those businesses. The objectives of
Men’s Wearhouse is to maximize sales, provide value to customers, and deliver superior
customer service when customers choose [their] products (Doug Ewert, menswearhouse.com).
To evaluate the corporate strategy of Men’s Wearhouse, the objectives of its attempts for its
business needs to be analyzed.
Corporate strategy establishes the overall direction in which the organization hopes to go,
like moving the organization forward, keeping the organization where it is, and reversing the
organization’s decline. Jos. A. Bank was one of the major rivals of Men’s Wearhouse for years.
Men’s Wearhouse wanted to maintain growth of sales and competitive advantages within the
industry. Men’s Wearhouse finally bought Jos. A. Bank for $1.8 billion to make itself stronger
and more competitive in the industry (Amrita Jayakumar, 2014). Therefore, the acquisition of
Jos. A. Bank is one of the ways to implement a corporate growth strategy. Concerning growth
strategy, there are four types, concentration strategy, vertical integration strategy, horizontal
integration strategy, and diversification strategy. Men’s Wearhouse expanded the markets served
by increasing the stores to more than 1700 stores across the country after acquiring Jos. A. Bank
in 2014, becoming the fourth-largest men’s retailer in the United States (Amrita Jayakumar,

29. 29
2014). Therefore, the acquisition of Jos. A. Bank showed that Men’s Wearhouse uses the
Horizontal Integration strategy, because horizontal integration strategy describes attempts by an
organization to grow by combining operations with competitors.
Global Level Strategy
The Men’s Wearhouse Inc. has launched international sales and shipping to consumers in
more than 100 countries through its e-commerce site while using the global expansion strategy.
The company added international shipping in response to high consumer demand. By using
international shipping services vendor Borderfree, Men’s Wearhouse generated $51.1 million in
international online sales in 2012 (Enright, 2014). Consumers can visit MensWearhouse.com
and select which country they are shipping to by clicking a prompt at the top of the page. All
prices are conveniently displayed in the consumers preferred currency and the total cost of their
order, including shipping, duties and taxes are displayed at the checkout page.
Also, on July 18, 2013, Men’s Wearhouse announced acquisition of JA Holding, the
parent company of the celebrated American Clothing Brand, Joseph Abboud, for approximately
$97.5 million in cash, subject to certain adjustments, further following their global expansion
strategy (JWChilds.com, 2016). Joseph Abboud’s branded products are now available in fine
department stores and specialty stores throughout the United States, and more than fifty countries
worldwide. This transaction included ownership of JA Holding's exclusive U.S. tailored clothing
factory that employs 450 highly skilled people, who create fine tailored clothing. Through the
acquisition, Men’s Wearhouse desired to accelerate its strategy of offering exclusive brands with
brand appeal at attractive prices. Current and future customers will benefit by being able to
purchase authentic American designer clothing manufactured in the USA, at an unparalleled

30. 30
value. Men’s Wearhouse desires strong enhancement in shareholder value through this
acquisition. After integration, the addition of the Joseph Abboud exclusive brand enhanced the
company’s margins and profitability and became accretive to its earning in the following fiscal
year.
IMPLEMENTATION
Corporate Social Performance
Social performance is best defined as the effective translation of an institution's mission
into practice in line with accepted social values. Men’s Wearhouse exudes a great amount of
corporate social performance and holds itself to very high standards on this topic. The company
focuses on creating a better workplace by offering equal employment opportunity, they manage
diversity by focusing on the abilities of each one of their teammates and his or her contribution
to their shared goals. Also they are governed by a set of core values including these values
include: living their vision, loyalty, compassion, encouraging diversity, continuous self-
improvement, and hard work. Every situation in which an employee’s career is affected, from
promotions to discipline and termination, is managed within these values. Also to create a better
workplace, subsidized onsite day care for any employee who works in the corporate office in
Fremont, CA, and Houston, TX is offered (Menswearhouse.com, 2016).
Another way in which Men’s Wearhouse shows excellent corporate social performance is
its goal toward building a better community. Men’s Wearhouse often donates professional
clothing to local nonprofit organizations that have workforce and job readiness programs aligned
with their initiatives to help local citizens who are striving for self-sufficiency. K&G Superstores
also has a program called “Purchase with a Purpose” in which local stores identify church

31. 31
partners who are given a standing 10% discount, of which 10% of the sales proceeds are then
donated back to the church, Men’s Wearhouse also participates in this initiative. Lastly, in order
to build a better community, Men’s Wearhouse supports schools, students, and teachers through
their Cash for Schools (CFS) program. Schools who sign up for the program get $5 for every tux
rented by a student donated to their school. (Menswearhouse.com, 2016).
Lastly, Men’s Wearhouse hopes to also work toward a better overall environment. They
are doing their part by managing natural resources to the best of their ability and conserving
energy as well as attempting to reduce their carbon footprint. They have made efforts to reduce
their energy consumption at all of their locations, offices, and stores. For example, to reduce
energy usage by about 50% per light fixture at their stores, each of their new or remodeled stores
receives the latest and most efficient lighting products. They have also been working hard to
reduce, re-use, and recycle in all their stores, distribution centers, hubs, and offices.
They partner with companies to take shredded uniform waste from their corporate apparel
company and in return recycle it into yarn. This partnership diverts several tons of clothing waste
from landfills each year and prevents the need to harvest virgin resources to make new yarn.
(Menswearhouse.com, 2016).
Current Events
One of the biggest recent events that affected the business of Men’s Wearhouse was the
acquisition of Jos. A. Bank. In March 2014, Men’s Wearhouse purchased Jos. A. Bank, a retailer
of men’s clothing, which was known for its frequent sales such as “Buy one suit, get three free”,
for $1.8 billion. Immediately after the merger was announced, their stock got a significant
appreciation. The merger brought many benefits to both of the companies at the beginning. The

32. 32
combined company got the great advantage of cutting costs. They had total annual sales of $3.5
billion and more than 1,700 stores. It made the company become the fourth-largest men’s retailer
company in the U.S. and presented the company with the opportunity to create a mega brand.
However, this condition changed within just one year. In March of 2015, a year after the
merger, Men’s Wearhouse started a layoff at the headquarters of Jos. A. Bank due to a 35%
decline of its sales. In September of 2015, In order to turn around Jos. A. Bank, Men’s
Wearhouse stopped its “buy-one-get-three-free” promotion. The company stated that they
noticed the threat of their long-term promotion and believed they would get their business back
on track within one or two quarters. Recent news reported Jos. A. Bank is still having a tough
time. Men’s Wearhouse bought it with a big debt and they had not paid it down until recently.
Jos. A. Bank stores had dropped 32% in its fourth quarter sales in 2015. News comments “Men’s
Wearhouse wasted 1.8 billion buying Jos. A. Bank.” (FOXbusiness.com, 2016).
Corporate Reputation
Men’s Wearhouse has been growing fast throughout the past 40 years. From the growth
of Men’s Wearhouse in accordance with WIKI Analysis, “The company has grown, becoming
one of the largest men’s specialty retail stores in the world with 1192 different store locations”
(Business Summary, 2015). “Men’s Wearhouse is also the largest provider of Tuxedo Rental
products in the United States and Canada” (Business Summary, 2015). Men’s Wearhouse was
expanded by the acquisition of Jos. A. Bank. Mike Troy said, “Men’s Wearhouse acquired Jos.
A. Bank in June 2014 to create the largest specialty retailer of menswear with more than 1,700
stores in the U.S. and Canada”. (5 para. Men’s Wearhouse is not looking good, 2015) Jos. A.
Bank was also a popular retailer of men’s clothing, so the acquisition of it by Men’s Wearhouse

33. 33
made an expansion of the company.
There is another aspect, customer reviews that also show the great reputation of Men’s
Wearhouse. According to the Men’s Wearhouse reviews, the overall satisfaction of customers is
8.8 out of 10 out of 10108 reviews. The results of reviews indicate that many people would like
to further purchase clothing from Men’s Wearhouse and they have a good impression of it.
According to this resource, “Men’s Wearhouse, the leading retailer of men’s tailored clothing in
the United States, offers a wide selection of men’s suits, sport coats, slacks, dress shirts,
outerwear, sportswear, ties, and dress shoes, all at everyday low prices”. People like Men’s
Wearhouse because it offers various selections, and low prices. These two characteristics make
Men’s Wearhouse more popular among the industry competitors.
Men’s Wearhouse also achieved a good reputation due to its work environment and
corporate culture. Many people like working for Men’s Wearhouse. Men’s Wearhouse was
ranked at 50th of 100 best companies to work for in 2013 because of its good compensation and
benefits for employees. All of the above mentioned resources indicate that Men’s Wearhouse has
a great reputation among the industry competitors and people have a good perception of it.
RECOMMENDATIONS
After extensive research of both men’s retailing industry trends as well as Men’s
Wearhouse’s strategy and culture, some recommendations were in order to ensure their
competitive advantage as well as securing their spot as one of the industry leaders in menswear.
The first recommendation would be to set and post clear corporate goals along with a plan on
how to work toward achieving them so that the company as a whole can be on the same page as
to the social image that the company would like to portray as well as what the company would

34. 34
like to work toward for the future. Some examples of this may be hopes for expansion to the
largest menswear retailer in the industry, enhancing customer perception of the quality of the
products offered, or increasing the effectiveness of its marketing. This would eliminate customer
confusion and adhere to the already established goal of creating a sense of community since all
members of the Men’s Wearhouse company would be aware of the common goals and work
towards them together as a unified team. Also, decreasing customer confusion and negative
perception would directly relate to Men’s Wearhouse’s overall mission of adding value to their
customers as well as directly address the overall problem. Once these clear goals are set, Men’s
Wearhouse could tailor all of their marketing activities around achieving these central goals.
Customer service is their competitive advantage, however, it is a goal already achieved so it is
time to set new goals while still using their competitive advantage and stellar reputation.
A second recommendation would be for the store to begin expanding their product lines
to some more casual offerings of both clothing and accessories. This would include ways to dress
down a formal outfit, or dress up a more casual one. This would cater to the new more casual
style workplace environment as well as the less formal wedding attire trend. This expansion of
product lines would also still adhere to the values of Men’s Wearhouse and may offer room for
extreme growth and profitability. Men’s Wearhouse could use creative designer Joseph Abboud
to come up with some unique designs with a more casual feeling to them, only offered at Men’s
Wearhouse, as well as still offering their current inventory. This recommendation would also be
keeping up with industry trends and available for change as the casual style trends do as well as
showing consumers that Men’s Wearhouse offers a wide variety of trendy options for all ages.

35. 35
CONCLUSION
After examining every part of Men’s Wearhouse, it was determined that the leaders of the
company are capable and well educated, their competitive advantage is that of excellent
customer service, they have a pre-determined set of core competencies to follow, it harbors an
excellent corporate culture and social performance, and although not the leader; it is financially
sound in structure. The discovered problem was that of a disconnect between the business image
and customer perception. Recommendations of adding more corporate goals in order to achieve
the inspired image as well as expanding product lines were made as a suggestion to fix this
problem.

36. 36
APPENDIX:
Men’s
Wearhouse
BURL

37. 37
Income Statement of Burlington Stores Inc.

38. 38
Income Statement of Men’s Wearhouse

39. 39
Partial Balance Sheet of Men’s Wearhouse
Partial Balance Sheet of BURL

40. 40
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