Luxury Retailer Stanley Korshak Acquired by Mitchells
Longtime luxury retailer Stanley Korshak is getting a new owner as it looks to the future. Mitchells, a renowned luxury retail brand with roots dating back decades, has acquired the Dallas store in a deal whose terms were not disclosed.
Crawford Brock, who has been the owner of Stanley Korshak since 2002, will remain at the store, which just had its best year ever with sales. In an interview, Brock expressed his excitement about the new partnership, stating, "It’s a huge opportunity… We are poised. This is going to be explosive."
With Mitchells, Stanley Korshak will gain access to more buying power and upgrades to technology systems, as well as leverage the overlap between the brands that Stanley Korshak carries. The acquisition marks a significant milestone for both companies, with Mitchells expanding its presence in the region and Stanley Korshak gaining a new partner to drive its future growth.
A New Chapter for Stanley Korshak
Stanley Korshak, which has its roots in Chicago over a century ago, has been in Dallas since the 1980s. At 70, Brock said it was time to look to the next chapter for the business. "I just felt like, in the … long-term picture, really thinking this through — what’s my exit strategy? — this couldn’t be better," he said.
Brock, who left the Beverly Hills Neiman Marcus to come to the Stanley Korshak store in Dallas in the 1980s, later bought it from oil heiress Caroline Rose Hunt, who had purchased the Stanley Korshak brand to open the store at The Crescent. The site covers about 55,000 square feet and employs around 100 people.
A Smooth Transition
Brock will remain the president of the store and will continue to run the business, assuring that the transition will be smooth and seamless. "I’m going to stay on as the president, and will be running the store. Nothing’s going to change in terms of that relationship with the staff," he said.
A Bright Future Ahead
The timing of the planned closure in nearby downtown Dallas bodes well for the future, according to Brock. "With these guys, we’re bigger than ever. It’s a great marriage and of two like minds," he exclaimed.
FAQs
Q: What is the significance of the acquisition?
A: The acquisition marks a significant milestone for both companies, with Mitchells expanding its presence in the region and Stanley Korshak gaining a new partner to drive its future growth.
Q: What are the benefits of the acquisition for Stanley Korshak?
A: Stanley Korshak will gain access to more buying power and upgrades to technology systems, as well as leverage the overlap between the brands that Stanley Korshak carries.
Q: What is the future outlook for Stanley Korshak?
A: The timing of the planned closure in nearby downtown Dallas bodes well for the future, with Brock expressing confidence in the new partnership and its potential for growth.
