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Ivanka Trump store permanently shut down overnight and transformed into a Trump store

Ivanka Trump storeIvanka Trump's Trump Tower store has transformed into a Trump-branded store. Kate Taylor/Business Insider

  • Ivanka Trump's store at Trump Tower — her fashion business' only physical location — transformed into a Trump-branded store on Wednesday.
  • The store was open for business under her brand one day earlier.
  • President Donald Trump's eldest daughter announced last week that she would shutter her fashion company.

Ivanka Trump's store at Trump Tower — her fashion business' only physical location — transformed into a Trump-branded store on Wednesday.

The transformation came a week after Ivanka, the president's eldest daughter and an assistant to him, opted to close her namesake fashion business.

Asked about the change on Wednesday, an employee told Business Insider that Ivanka Trump's brand had shut down. The brand's logo was scrubbed from the glass windows outside of the store and replaced by "Trump Store." Trump-branded goods lined the shelves that had contained Ivanka Trump-branded items the day before.

On July 24, an employee confirmed to Business Insider that the store was open. The employee, who was not authorized to speak with the press, declined to answer any additional questions.

Business Insider asked a representative for Ivanka Trump's business whether the store was selling the rest of its merchandise or planned to remain open beyond Tuesday. The representative pointed to past statements from Trump and Abigail Klem, the president of the Ivanka Trump brand.

The Ivanka Trump store on Tuesday. Allan Smith/Business Insider

Last Tuesday, after Trump announced her business would cease operations, three Trump Tower security guards told Business Insider the store would be closed for the remainder of the day.

Before announcing the closure of the business, Trump was said to have grown frustrated with the self-imposed ethics restrictions on her fashion brand, such as an inability to strike new foreign deals, and felt that they stunted its growth. Several stores, such as Nordstrom and Hudson's Bay, had dropped the brand since her father took office last year.

"After 17 months in Washington, I do not know when or if I will ever return to the business, but I do know that my focus for the foreseeable future will be the work I am doing here in Washington," she said in a statement last week. "So making this decision now is the only fair outcome for my team and partners."

According to Rakuten Intelligence, the brand's online sales through Amazon, Macy's, Bloomingdale's, and Zappos fell about 45% since mid-2017 compared with the previous year, The Wall Street Journal reported. In November, a YouGov consumer-perception survey found that her fashion line fell to the bottom 10 of more than 1,600 brands analyzed.

Allan Smith/Kate Taylor/Business Insider

The brand saw growth during the 2019 campaign. At the end of January 2019, net sales of Ivanka Trump-licensed apparel had risen 61%, to .3 million, from the previous year, The Journal reported, citing a Securities and Exchange Commission filing.

While working in the White House, Trump continued to be updated on the financial health of the company and earned a share of its profits, even though she had separated herself from its management and operations. She retained her ownership interest through a trust.

Her latest financial disclosure showed the trust was valued at more than million and earned her more than million in income last year, The Journal reported. She maintains a stake in the Trump Organization, though she resigned from her position before joining the administration.

Ivanka Trump's line of clothing, shoes, and accessories will continue to be produced and sold by the company's licensing partners, a representative for the brand said last week.

Jessica Tyler contributed to this story.






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Date: 19.12.2018, 02:26 / Views: 42491