Rebranding Case Studies
Provide case studies of companies that completely rebranded (i.e. new name, new logo/identity, new strategy) and analyze the financial impact/outcome of the rebranding. The financial impact/outcome can be either revenue, sales, stock prices, customer affinity, or other metrics. One example of such a transition is ING's transformation/rebranding into Voya.
CASE STUDY: JO-ANN FABRICS
- Jo-Ann Fabrics changed its name to simply 'Joann' in order to highlight the fact that the company offers a wide range of craft and hobbyist products beyond fabric.
- The company changed its logo design to a more modern and sleek-looking design with a new color scheme. The before and after can be seen here.
- In 2018, the company also announced that it was going to redesign the entire look of their store, including invigorating new names for their store sections, such as the 'Bloom Room' for the faux flowers space. The store design updates were scheduled to be launched in all of Joann's 800 stores across 2018 and 2019.
- While the Joann rebrand has aimed to stay true to the brand's existing mission (serving customers who "find contentment and fulfillment by creating"), the rebrand included an up-scaling of the company's digital/technological strategy. These technologies are aimed to provide customers with collaboration opportunities, as well as shopping assistance.
- For example, the company's new mobile app allows customers to share their projects via photo, video, and music. It can also be used to shop, find project inspiration/ideas, and acquire mobile coupons. The vision behind the development of the app is to foster "open interaction and a sense of community" that the company feels will set them apart from other craft retailers.
- In alignment with this new digital strategy, the company also acquired CreativeBug, "a subscription-based online video provider that offers a wide range of how-to crafting classes."
- Overall, the new rebranding strategy is designed to not only continue helping customers create but to also help them share their stories and creations.
- Additionally, the company hopes their new digitally-focused strategy will help them continue to connect with the new generation of crafters and artists.
- In addition to the new digital strategy, the company's new store designs will also foster more hands-on experiences designed to get customers to not only shop at Joann but to also learn and have experiences there. For example, the new stores will all feature studios for hosted events and classes, touchscreen kiosks that can connect to Pinterest, and sewing services. Visuals of the new store design can be found here.
- Joann notes that its digital and mobile segments have been growing.
- Joann is a private company and therefore, does not have stocks nor an annual report that shows their financial data. However, it appears that Joann was once a public company. Their most recently published annual report was in 2011 which showed revenue of around $1.1 billion and as of 2018 the company's revenue was around $2.5 billion, according to Forbes. The rebranding efforts appear to have begun sometime around 2017 based on a press release announcement from the company.
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