Careers at Torrid

MISSION

Torrid LLC (“Torrid”) aims to make high quality and fashionable clothing, lingerie, and accessories available to women of sizes 10 to 30, who typically are not well served by high-street or online clothing retailers.

FOUNDING STORY

Torrid launched operations in 2001, opening its first store in the Brea Mall in Brea, California in April that year.

The Company initially operated as a subsidiary of Hot Topic Inc, and was targeted specifically at plus size women and girls, which the Company viewed as a largely untapped market.

The impetus to create Torrid reportedly came from Hot Topic customers who filled out a numerous comment cards requesting larger sizes.  Torrid quickly found success, opening six stores in its first year and rolling out a further 15 in 2002.

Torrid continued to expand throughout the early 2000s, opening a number of new outlets and expanding its range of products.  In 2008, the Company recorded USD 151 million in revenue.

In 2012, Torrid announced plans to launch a significant rebranding of the Company, including new fashion forward collections, branding elements, and marketing campaigns.

The Company notably launched an “I am Torrid” marketing campaign.  It has since recruited a number of social media influencers and celebrities to further its brand online.

Torrid branched off from Hot Topic Inc in 2015, with operating unit Torrid Inc being organised under the newly-incorporated Torrid LLC.

In 2017, Torrid filed plans for an initial public offering, but later withdrew its listing plans in 2019.  The Company remains a major player in the plus size fashion niche in the US, operating a network of more than 400 store locations across the US, Puerto Rico, and Canada, as well as an online store.

Business model of Torrid

Customer Segments

Torrid is a women’s fashion retailer.

As noted above the Company’s product offerings are targeted at a particular demographic, namely:

  • Plus Size Female Consumers, comprising women and girls who wear sizes 10 to 30, who are not adequately served at other high street and online retailers; and
  • Younger Female Consumers, typically comprising female consumers aged between 25 and 40.

While Torrid’s products have historically been targeted at younger consumers, in recent years the Company has offered a wider range of products that cater to a broader age range.  The Company also targets a middle income demographic, offering products that are reasonably priced.

Torrid is headquartered in the US, which remains its key market.  The Company serves customers via stores located across 48 US states, as well as the US territory of Puerto Rico, and Canada.

Torrid also serves a large international customer base via its online store, shipping orders to more than 150 countries worldwide.

Value Propositions

Torrid provides value to its customers in the following ways:

  • Niche Customer Base – Torrid benefits from targeting a niche segment of the consumer population, offering fashion products that are tailored specifically to suit the needs and preferences of plus size female consumers;
  • Broad Product Range – Torrid offers a wide range of apparel and accessories – including tops, jackets, dresses, denim, lingerie, and wedding attire – ensuring that it is able to serve a broad spectrum of tastes and needs within its target demographic;
  • Quality Products – Torrid aims to bring high quality products and fashion forward designs to an under-served demographic, ensuring that its target customers have access to good quality, attractive, and durable items;
  • Sales and Distribution Reach – Torrid operates an extensive network of retail outlets spanning the US, Puerto Rico, and Canada, and serves customers across more than 150 countries around the world through its online store; and
  • Customer Service and Experience – Torrid offers excellent customer care and in-store service, ensuring that customers have an enjoyable and stress-free shopping experience at its physical outlets and online.

Channels

Torrid operates an omni-channel business model, serving its customers directly through a network of physical retail outlets as well as an ecommerce portal.

The Company operates network of around 500 stores across 48 US states, the territory of Puerto Rico, and Canada.  Its stores average approximately 2,850 square feet and are located primarily in premium malls, strip centres, lifestyle centres, or outlet locations.

Torrid also serves customers across more than 150 countries through its online store, which allows customers to browse products, place orders, and schedule deliveries on a self-service basis.

While Torrid produces its own products, its manufacturing operations are conducted via third party manufacturing facilities.

The Company is also dependent on third party distribution and logistics companies that tale on the bulk of its distribution activities.

Customer Relationships

Torrid serves its customers directly in-store, and on a self-service basis through its online shop.

The Company’s stores are staffed by sales personnel who seek to provide excellent customer service to customers, and are able to deal directly with requests, queries, complaints, and product returns.

In addition to hosting an online store on its website, Torrid also uses its website to provide its customers with information on its store locations, its products, and delivery services.

The Company’s website also includes an order tracking service and a store-finding service, which gives customers further flexibility and control in their shopping experience.

Torrid additionally publishes an FAQ on its website to further guide customers, as well as an online contact form, through which customers can contact sales and support personnel in order to access more specific information regarding their orders.

Torrid has an extensive social media presence, operating a number of accounts – including with Facebook, Twitter, Pinterest, Instagram, Snapchat, and YouTube – through which it is able to communicate deals and updates to its customers directly and handle customer feedback.

Key Activities

Torrid operates as a holding company.  Its principal operating subsidiary, Torrid Inc, operates an a branded omni-channel retailer of apparel, intimates, and accessories for 25 to 40-year-old women.

It designs, develops, and merchandises tops, bottoms, denim, dresses, swimwear, and shoes under the Torrid brand name that are targeted specifically at women who wear sizes 10 to 30.

As of April 29, 2017, the Company operated 487 stores in 48 states of the US, as well as in Puerto Rico, and Canada.  It also operates an online store, through which customer across more than 150 countries can place orders and schedule deliveries.

Torrid was established in 2001 as a unit of Hot Topic.  It is headquartered in City of Industry, California.

Key Partners

Torrid works closely with a network of partner companies and organisations around the world.  These partners can be organised broadly into the following categories:

  • Supplier and Vendor Partners, comprising suppliers of materials and equipment used in the Company’s design and manufacturing activities, as well as third party providers of services that support the Company’s corporate activities;
  • Manufacturing Partners, comprising various third party manufacturers and factory owners with which the Company collaborates on the manufacturing and production process for its various clothing products;
  • Distribution and Logistics Partners, comprising a network of third party logistics, courier, and storage companies that support the Company’s distribution, warehousing, and delivery services in the US and internationally;
  • Marketing and Affiliate Partners, comprising dedicated marketing agencies and a range of online businesses that support the Company’s offline and online marketing efforts; and
  • Strategic Partners, comprising a range of other commercial enterprises and organisations with which the Company collaborates on business development and other strategic projects.

Torrid has a number of notable partnerships in place.

This includes a branding partnership with Archie Comics, a marketing partnership with Rebel Wilson, and a strategic partnership with Tracy Paul and Company.

Key Resources

Torrid’s business model depends on its ability to provide customers with high-quality fashion items at reasonable process.

As such, the Company’s key resources are its suppliers and supply chain, its network of retail outlets, its third-party storage and logistics infrastructure, its manufacturing partners, its online store, its IT and communications infrastructure, its partnerships, and its personnel.

The Company notably owns or leases close to 500 physical retail outlets across the US, Canada, and Puerto Rico, upon which the bulk of the Company’s business is based.

The Company is also notably dependent on its manufacturing and logistics partnerships, as it does not own its own production or distribution assets.

Cost Structure

Torrid incurs costs in relation to the operation of its store networks – including occupancy and utility costs, the procurement of materials and equipment, the procurement of third party manufacturing and distribution services, the operation and maintenance of its online store, the development and maintenance of its IT and communications infrastructure, the management of its partnerships, and the payment of salaries and benefits to its workforce.

In 2017, Torrid recorded cost of goods sold totalling USD 388.52 million and selling, general and administrative expenses totaling USD 191.66 million.

Revenue Streams

Torrid generates revenue via the sale of apparel and accessories across its network of physical and online retail outlets.

The Company derives the bulk of its revenue through the collection of sales fees directly from customers at point of sale, including both physical and digital sales.

Torrid remains a privately owned company, and as such it is not obliged to disclose its financial result to the public.

The Company, however filed an initial public offering prospectus in 2017, in which it stated that it recorded annual net sales for 2017 of USD 640.17 million, up on the USD 440.72 million generated in 2016.

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