Harry Rosen Menswear: Canada's 50 Best Managed
HARRY ROSEN INC. WINS CANADA'S 50 BEST MANAGED COMPANIES AWARD Record Growth and Future Expansion Plans Fuel Prestigious Award
TORONTO, Ontario (February 8, 2007) - Canada's leading quality men's wear retailer, Harry Rosen Inc. is proud to be named as a winner of Canada's 50 Best Managed Companies program for 2006, a prestigious national award sponsored by Deloitte, CIBC Commercial Banking, National Post and Queen's School of Business.
"Why was Harry Rosen Inc. named one of Canada's 50 Best Managed Companies? Passion for change, innovation in applying leading business practices, and an ability to motivate employees were among the many characteristics that distinguished Harry Rosen Inc.," explained John Hughes, Partner, Private Company Services group with Deloitte, a national sponsor of the Best Managed program.
In its third year of record double-digit growth, Harry Rosen's annual sales for 2006 have surpassed $200 million. Harry Rosen has recently announced an aggressive five-year business plan, which includes the expansion of several stores such as its flagship shop on Toronto's Bloor Street. The plan - which will see a $50 million capital investment - also includes the addition of new stores in key markets such as Calgary and Edmonton in the coming years.
The expansions and renovations are predicted to increase the company's sales by 50% over the next five years to a projected $300 million, and will increase its market share from the current 40 percent it occupies to 50 percent, of the better-end menswear category in Canada.
"For 53 years our company has enjoyed the honour of dressing Canadian men," states Larry Rosen, CEO and Chairman of Harry Rosen Inc. "Now, my 545 colleagues and I are humbled by, but truly enjoying the honour of this award and the recognition it brings."
With 16 stores in Canada's largest seven cities, today the company is run by a ten-person management committee, led by Larry Rosen, eldest son of Harry. Larry describes Harry Rosen Inc. as "a professionally managed company inspired by the vision of our founder." That vision, established by Mr. Harry Rosen in 1954 in Toronto's then-unfashionable Cabbagetown, embraced standards of quality, taste, style and service. The values and superior customer service and expertise upon which the company was founded continue to this day.
About Canada's Best Managed Companies
Established in 1993, Canada's Best Managed Companies (Best Managed) is one of the country's leading business awards program, recognizing excellence in Canadian-owned and managed companies with revenues over $10 million. Every year, hundreds of entrepreneurial companies compete for this designation in a rigorous and independent process that evaluates the calibre of their management abilities and practices. The awards are granted on three levels: 1) Best Managed winner (one of the 50 new winners selected each year), 2) Requalified member (repeat winners retain the Best Managed designation for two additional years, subject to annual operations and financial review), 3) Platinum Club member (winners that have maintained Best Managed status for a minimum of six consecutive years). Program sponsors are Deloitte, CIBC Commercial Banking, National Post and Queen's School of Business. For further information, visit www.canadas50best.com.
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About Harry Rosen Inc.
Harry Rosen Inc., Canada's leading quality men's wear retailer, is celebrating its 53rd year in business in 2007. With 16 stores across the country, accounting for 40 percent of the Canadian market in high-end men's wear, Harry Rosen stores offer extensive collections of the world's finest men's wear labels including Brioni, Canali, Versace Classic, BOSS Hugo Boss, Armani Collezioni, Ermenegildo Zegna, Prada, Etro, Salvatore Ferragamo, Dolce and Gabbana and J.P. Tilford by Samuelsohn.
For more information, please contact:
Shauna Cumming
Public Relations and Special Events Manager
Harry Rosen Inc.
416-935-9226 scumming@harryrosen.com
