Mission Statement, Vision, & Core Values (2024) of Designer Brands Inc. (DBI)

An Overview of Designer Brands Inc. (DBI)

General Summary of Designer Brands Inc.

Designer Brands Inc. (DBI), founded in 2019, is a leading footwear and accessories retailer based in the United States. The company operates through a wide range of brands, including DSW (Designer Shoe Warehouse), and has become well-known for providing a diverse selection of fashionable footwear and accessories for men, women, and kids. As of 2024, Designer Brands operates over 500 stores across North America, along with a robust e-commerce platform that caters to a wide audience.

DBI’s product offerings encompass branded and private label footwear, handbags, and accessories. The company’s commitment to customer satisfaction, quality, and innovation has solidified its position in the retail footwear segment.

As of 2024, Designer Brands reported total sales of approximately $1.4 billion, reflecting a strong market presence and consumer demand for its product offerings.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports for the fiscal year ending January 2024, Designer Brands demonstrated robust financial performance, achieving record-breaking revenue. The company reported a year-over-year revenue increase of 12%, primarily driven by the growth in both e-commerce and in-store sales.

The breakdown of revenue from main product sales is as follows:

Additionally, Designer Brands highlighted a significant growth in markets, particularly expanding its e-commerce sales by 25% in 2023 compared to the previous year. This growth reflects the company's strategic focus on enhancing its online shopping experience and digital marketing initiatives.

Introduction to Company as a Leader in the Industry

Designer Brands Inc. stands as one of the prominent leaders in the footwear and accessories industry. With a strong portfolio of well-established brands and a commitment to innovation, DBI has effectively positioned itself to meet the evolving needs of consumers.

Some key factors contributing to the company's success in the competitive landscape include:

• Extensive product range catering to diverse consumer preferences.
• Strong emphasis on customer satisfaction and loyalty programs.
• Strategic investments in e-commerce and digital transformation.
• Robust supply chain management ensuring product availability.

To explore further insights into Designer Brands' strategies and operations, readers are encouraged to continue their journey to understand why this company excels in its industry.

Mission Statement of Designer Brands Inc. (DBI)

Mission Statement Overview

The mission statement of Designer Brands Inc. (DBI) serves as a foundational element guiding its long-term objectives and strategic direction. It encapsulates the company's purpose in the retail landscape, emphasizing its commitment to customer satisfaction and product quality.

Core Component 1: Commitment to Quality

Designer Brands Inc. emphasizes its dedication to providing high-quality products. In 2022, DBI reported a gross margin of 27% on sales totaling approximately $3 billion, underscoring its focus on quality offerings.

According to recent surveys, 85% of consumers expressed that product quality significantly influences their purchasing decisions, demonstrating the importance of this commitment.

Core Component 2: Customer-Centric Approach

DBI's mission statement reflects a strong orientation towards creating exceptional customer experiences. In 2023, the company's Net Promoter Score (NPS) stood at 62, indicating a robust customer loyalty index.

Furthermore, 90% of customers indicated that they were likely to return due to the brand's service quality, demonstrating the effectiveness of DBI's customer engagement strategies.

Core Component 3: Sustainability and Ethical Practices

DBI's mission statement underscores the importance of sustainability. In 2023, DBI announced that 65% of their new products would be made from sustainable materials, aiming to achieve a 75% target by 2025.

According to a study, 70% of consumers are willing to pay a premium for sustainable products, which aligns with DBI's ethical practices and commitment to corporate social responsibility.

Vision Statement of Designer Brands Inc. (DBI)

Vision Statement Overview

The vision statement of Designer Brands Inc. (DBI) as of 2024 focuses on enhancing the customer experience while promoting sustainability and innovation in the retail footwear and accessories market. This vision encapsulates their aim to be a leader in the fashion industry through captivating offerings and responsible practices.

Customer Experience Focus

DBI aims to create an unparalleled customer experience by leveraging technology and personalized service. As of 2024, the company has invested approximately $150 million in digital transformation initiatives to enhance customer interaction across online and in-store platforms.

• Average customer spend per visit increased from $65 in 2022 to $75 in 2024.
• Net promoter score (NPS) improved from 45 in 2022 to 60 in 2024, indicating higher customer satisfaction.

Sustainability Initiatives

DBI is committed to sustainable practices in its operations. In 2024, 30% of their product lines are made from recycled materials. This shift contributes to their vision of reducing environmental impact. Additionally, the company aims to decrease its carbon footprint by 25% by 2025.

Innovation in Product Offerings

Designer Brands Inc. emphasizes innovation in its product lines. In 2024, new product launches accounted for 35% of total sales, showcasing the company’s commitment to adapting to market trends and consumer preferences. The focus on innovation includes implementing advanced technology in products, such as smart footwear.

• Investment in R&D reached $50 million in 2024.
• New collaborations with tech firms resulted in a 20% increase in unique product offerings compared to 2023.

Global Market Expansion

As part of its vision, DBI aims for robust global expansion. With operations spanning North America, Europe, and new forays into Asia, the company reported a 15% increase in international revenue in 2024, reaching $300 million.

Employee Engagement and Company Culture

DBI believes that a strong company culture and engaged workforce are integral to achieving its vision. In 2024, employee engagement scores improved to 78%, up from 70% in 2022, indicative of a healthy work environment.

• Employee turnover rate decreased to 12% in 2024.
• Investment in training programs reached $25 million, enhancing employee skills and job satisfaction.

Core Values of Designer Brands Inc. (DBI)

Integrity

The core value of Integrity emphasizes ethical practices and transparency in all business operations at Designer Brands Inc. (DBI). This value is pivotal in establishing trust and accountability with stakeholders, including customers, employees, and partners.

DBI has demonstrated its commitment to integrity through various initiatives:

• Implementation of the Ethics and Compliance Program, which includes an annual training program for employees that covers ethical decision-making and compliance with legal standards.
• DBI's Vendor Code of Conduct ensures that its suppliers adhere to ethical labor practices, with regular audits conducted to verify compliance.
• In 2023, DBI reported a zero-tolerance policy for unethical behavior, resulting in a 15% increase in employee reporting of misconduct, leading to swift corrective actions.

Innovation

Innovation is essential for DBI to maintain its competitive edge and respond to changing market dynamics. This value fosters a culture of creativity and forward-thinking within the organization.

Examples of DBI's commitment to innovation include:

• Investment of $30 million in technology upgrades, including AI-driven analytics to enhance customer personalization and inventory management in 2023.
• Launch of the “DBI Innovation Lab” in 2024, designed to develop new retail concepts and product lines, aiming to increase market share by 10%.
• Partnership with local designers and tech startups, leading to the introduction of 15+ new product lines in the past year, enhancing diversity in offerings.

Diversity & Inclusion

Diversity & Inclusion is a core value at DBI, reflecting its commitment to creating an inclusive workplace that embraces different perspectives and backgrounds.

DBI’s initiatives that showcase this value include:

• Aiming for a workforce that is at least 50% comprised of diverse backgrounds by 2025, with current statistics showing that 45% of new hires in 2023 meet this criterion.
• The launch of the Diversity Leadership Program, which has seen an increase of 20% in leadership roles filled by underrepresented groups since its inception.
• Hosting annual diversity training workshops, with over 80% of employees participating, aimed at fostering an inclusive environment.

Customer Centricity

Customer Centricity is integral to DBI's operations, focusing on delivering exceptional experiences and building lasting relationships with consumers.

DBI's commitment is reflected through:

• A customer satisfaction score of 92% reported in 2023 based on feedback from over 100,000 customer surveys.
• The introduction of the Customer Experience Strategy in 2024, which includes personalized shopping experiences and enhanced online services to boost customer engagement.
• Implementation of a loyalty program that has attracted over 2 million members since its launch, contributing to a 25% increase in repeat purchases.

Sustainability

Sustainability is a crucial value for DBI as it aims to reduce its environmental impact and promote responsible practices throughout its supply chain.

DBI exemplifies this commitment through:

• Setting a goal to reduce carbon emissions by 30% by 2030, with a progress report showing a 15% reduction achieved as of 2023.
• Implementing the “Sustainable Footprint Program”, which includes sourcing materials from recycled content, with over 25% of materials now sourced sustainably.
• Participation in the “Fashion for Good” initiative, aimed at promoting sustainability within the fashion industry, contributing to a collaborative effort with over 50 global brands.