Founded in 1970 in Harvard Square, the upscale women’s clothing line is being shut down by New York & Company, which purchased JasmineSola two years ago from founder Luciano Manganella.
The company hopes for higher profits following the move, according to a press release.
“We believe that we can generate greater shareholder value by directing our resources and capital towards growth initiatives within our core New York & Company brand and therefore have made the difficult decision to exit the JasmineSola business,” Chairman and CEO Richard P. Crystal said in a statement.
JasmineSola has not been as financially successful as the rest of its parent company, The Boston Globe reported last week.
All 23 JasmineSola stores are expected to close in the near future, and New York & Company is considering converting existing locations to its own brand, the press release stated.
Katherine J. Gunn ’11, who said she frequents JasmineSola, described it as a “fashion-forward and reasonably priced brand located conveniently in Harvard Square.” But, she added, “it wouldn’t be hard to find similar trends elsewhere.”
Others disagreed about the reasonable prices.
“I liked the clothes, but I would always be shocked to walk in and find that a plain T-shirt cost $80,” Rachel A. Strauss ’09 said.
JasmineSola’s high prices may have been a concern recognized by New York & Company, whose Web site lists its four touchstones for success as “Trendy, Affordable, Comfortable, Sexy.”
The closure is the second in the Square for JasmineSola. Its larger Brattle Street store was recently replaced by shoe and clothing retailer The Tannery.
Like JasmineSola, The Tannery was founded in the early 1970s and has since expanded to two stores in Harvard Square and one in Boston.
“The expansion has been highly successful for the Tannery because it allowed us to include more higher-end clothing in addition to our original concept of casual outdoor comfort,” Tannery co-owner Tarek Hassan said.