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Blogging from the Luxury Summit: The Revival of Gump's
It's a story we've seen many times, a brand that has been consigned to the mothballs comes back stronger than ever combining a venerable past with a new products, becoming a hot name once again. But how does this happen? Speaking at the American Express Publishing Luxury Summit Marta Benson, CEO of Gump's, the San Francisco-based luxury store which specializes in fine jewelry and home goods, gave some insight into her moves to bring Gump's back into the luxury spotlight.Gump's has a long and fascinating history. It was started during the Gold Rush in San Francisco selling supplies to miners. After the 1906 earthquake the second generation of Gumps started importing from Asia selling pearls, jade and Asian art. The third generation began selling fine art. Gumps also became famous for fine jewelry (they make jewelry on the third floor of the flagship store).
Gump's began to lose its focus after it was sold several times, and by the 1990s Hanover Direct bought the company and began selling low-end merchandise through the catalog but still sold high-end merchandise in the stores. This was a big disconnect for the company because the two halves were catering to different audiences, the store in San Francisco still appealed to luxury consumers but the catalog had an audience which appreciated mass-market collectibles.
In 2005, private equity investors bought the company and decided to restore the brand. They hired Marta Benson who had a long career with Smith & Hawken and Restoration Hardware and who had started off as a retail buyer. When Benson came on board she looked at the strengths and weaknesses of the company creating brand standards and editing and focusing what the store sold in order to make it more refined and positioned higher than mass market brands. She changed the catalog team and store team into one team that selects for both catalogs and stores so that they would have a shared vision. The store deepened its association with luxury brands such as Baccarat, Lalique, Nymphenburg and Herend. They also started a line of branded goods including a home fragrance collection.
Gump's also revitalized their gallery showing new artists, especially ones that focus on home design and contemporary craft. In the 1940s and 1950s the gallery at Gumps had shown many famous artists but it had languished in recent years. Benson is also using the power of philanthropy as a way to give back and engage the community in a way that is consistent with the store values . They are creating a fund to establish a Gump's scholarship to the California College of theArts, raising money through an upcoming lampshade fashion show.
The Gump's consumer is older and has a lot of things. She comes to Gump's for gifts and for small items. The emphasis is on conscientious consumption-- it's not about having a lot of stuff but about having things that last and provide beauty, creating brand stories. She says that everyone has a "Gump's story" and that is one of the reasons that she is not planning to open stores in other cities. Instead the focus is on bringing the catalog brand in line with the tradition that the flagship store represents. Sometimes when a luxury brand loses its way it has to return to the things that made it great in the beginning.
Gump's began to lose its focus after it was sold several times, and by the 1990s Hanover Direct bought the company and began selling low-end merchandise through the catalog but still sold high-end merchandise in the stores. This was a big disconnect for the company because the two halves were catering to different audiences, the store in San Francisco still appealed to luxury consumers but the catalog had an audience which appreciated mass-market collectibles.
In 2005, private equity investors bought the company and decided to restore the brand. They hired Marta Benson who had a long career with Smith & Hawken and Restoration Hardware and who had started off as a retail buyer. When Benson came on board she looked at the strengths and weaknesses of the company creating brand standards and editing and focusing what the store sold in order to make it more refined and positioned higher than mass market brands. She changed the catalog team and store team into one team that selects for both catalogs and stores so that they would have a shared vision. The store deepened its association with luxury brands such as Baccarat, Lalique, Nymphenburg and Herend. They also started a line of branded goods including a home fragrance collection.
Gump's also revitalized their gallery showing new artists, especially ones that focus on home design and contemporary craft. In the 1940s and 1950s the gallery at Gumps had shown many famous artists but it had languished in recent years. Benson is also using the power of philanthropy as a way to give back and engage the community in a way that is consistent with the store values . They are creating a fund to establish a Gump's scholarship to the California College of theArts, raising money through an upcoming lampshade fashion show.
The Gump's consumer is older and has a lot of things. She comes to Gump's for gifts and for small items. The emphasis is on conscientious consumption-- it's not about having a lot of stuff but about having things that last and provide beauty, creating brand stories. She says that everyone has a "Gump's story" and that is one of the reasons that she is not planning to open stores in other cities. Instead the focus is on bringing the catalog brand in line with the tradition that the flagship store represents. Sometimes when a luxury brand loses its way it has to return to the things that made it great in the beginning.
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Reader Comments (Page 1 of 1)
DK Apr 19th 2008 3:26PM
Marta better start at the bottom up. I tried to order my Christmas gifts from Gump's in Dec 2007. Not a single email, phone call or order was ever received. They need to begin with understanding what the definition of true luxury is -- the experience. I made sure to forward my experience to my colleagues, as it was the last time a company that "promises" luxury failed to live up to its very own mission statement.
MV May 1st 2008 1:33AM
Luxury? Gumps? I don't think so. This store desperately needs help. They never have the merchandise available, and their selection in gifts is not what it used to be.
Very disappointed.