Jos. A. Bank was recently mocked by Saturday Night Live for its ridiculous discounts. The company took it to heart and will no longer offer its “Buy 1 Get 3 Free” deal, Bloomberg reports.
Men’s Wearhouse bought the company in 2014. CEO Doug Ewert has plans to revamp the brand and broaden its appeal by adding more big-and-tall and slim-fit options, as well as an expanded shoe collection.
Last year, analysts had predicted that Jos. A. Bank’s sales would decline by 3%; it actually ended up being much worse with a 9% drop. Ewert has told Bloomberg that the 110-year-old brand just needs to be updated. He explained his thought process behind these new changes:
There’s a fair amount of evidence out there that there aren’t enough customers who want to buy four suits at a time or want to buy that quantity to get a deal. Taking away the unnatural quantity discounts will lead to more healthy transactions. Instead of a guy buying four suits and then we don’t hear from him for quite a while, we can sell him a suit and shirts and ties and maybe some shoes.
And it’s already paying off. Just last quarter Jos. A. Bank saw a 17% increase in footwear sales and a huge 41% increase in the number of slim-fit styles sold.