Ivanka Trump Store Shut Down and Overnight Turned into a Trump Brand Store!

Ivanka Trump’s store at Trump Tower — her fashion business’ only physical location — transformed into a Trump-branded store on Wednesday. The transformation comes a week after Ivanka, President...


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

The transformation comes a week after Ivanka, President Donald Trump’s eldest daughter and an assistant to the president, opted to close her namesake fashion business.

Ivanka Trump store

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

On Tuesday, 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 Ivanka and Abigail Klem, the president of the Ivanka brand.

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

Last Tuesday, after Ivanka 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.

Prior to announcing the closure of the business, Ivanka 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, according to The Wall Street Journal. In November, a YouGov consumer-perception surveyfound that her fashion line fell to the bottom 10 of more than 1,600 brands analyzed.

Ivanka storeAllan Smith/Kate Taylor/Business Insider

The brand saw growth during the 2016 campaign. At the end of January 2017, net sales of Ivanka-licensed apparel had risen 61%, to $47.3 million, from the previous year, The Journal reported, citing aSecurities and Exchange Commission filing.

While working in the White House, Ivanka 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 $50 million and earned her more than $5 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’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.

Source: businessinsider.com

Photo CRedit: WuzupNigeria

 
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