Holt Renfrew - Recent History

Recent History

The firm was purchased by New York financiers CIT Group Incorporated in 1965, and resold in 1972 to the American retail chain Carter Hawley Hale, which also owned Neiman Marcus and Bergdorf Goodman at that time. In 1979, the Holt Renfrew head office was moved from Montreal to Toronto. This move coincided with the opening of the new flagship store at 50 Bloor Street West in Toronto.

Holt Renfrew returned to Canadian ownership when Galen Weston bought the chain in 1986. Through George Weston Limited, Wittington Investments, and other holding companies, the Weston family owns or controls over 200 companies, including Canada's largest food retailer, Loblaw Companies Limited, and upscale department stores Brown Thomas in Ireland and Selfridges in the United Kingdom.

Weston and his wife, Hilary Weston, immediately sought to revitalize the chain, which was perceived to have been in decline during its time under absentee ownership. Well-known retail designer Naomi Leff was hired to guide store renovations, new designer boutiques were opened, and changes were made to the merchandise mix. A new high-end Holt Renfrew magazine was launched in 1987, Point of View, which was renamed Holts in 2000 and split into separate men's and women's editions in 2006.

In 2004, Holt Renfrew was named "Store of the Year" by the National Association of Store Fixture Manufacturers at its 33rd annual Retail Design Awards. Later that year, Caryn Lerner took the reins as firm president, succeeding Andrew Jennings, who left in February to head up Saks Fifth Avenue. Lerner has held senior management positions at QVC, Jones New York, Barneys New York and Bloomingdale's. She had most recently headed Escada. In 2010, Lerner was replaced as president by Mark Derbyshire.

In 2005, the chain launched another rebranding exercise, including the introduction of a new logo, led by Alannah Weston, the daughter of Galen Weston. Other changes included the return of children's wear to the chain's stores, a drastic increase in floor area devoted to footwear, store renovations and the construction of new and larger stores in Vancouver and Calgary. Holt Renfrew retained the New York City-firm of Janson Goldstein to design the new Vancouver and Calgary stores, which opened in 2007 and 2009 respectively.