3/30 Kohl's Presentation (Photo Essay) by Nikki Kook

Despite some technical glitches, Carrie and June delivered an impressive presentation about product management at Kohl's. Even though the powerpoint presentation failed to work and there was a phaton microphone talking to us in the room, their knowledge of the field was clearly portrayed in this interactive dialogue. Carrie and June were currently traveling from Kohl's Corporate office in Menominee Falls to Hong Kong to meet with suppliers to negotiate prices and ensure that these costs are in line with their profit goals. They explained when working with units of more than $1 million value, a small difference of just three cents per item can be crucial. A phrase used often in these negotiations is "Tai Quo!" or "too expensive" in Chinese. Li & Fung serves as an agent for Kohl's and provides the vendor matrix for Kohl's to choose from and then handles the initial negotiating for the best cost. Kohl's then meets with theses vendors face-to-face and attempts to lower these costs even more while building a strong relationship with the vendors. When negotiating, Carrie and June try for a win/win partnership between Kohl's and its factories, which correlates with how much importance Li & Fung places on long term relationships. It is also important to balance the assortment of both clothing and the placement of factories to attempt to hedge risk. Carrie and June serve as the central communicators between packaging and marketing and the four divisions of Kohl's as a whole (product management, product services, trend and design, and art). The 30 UW-Madison students listening intently to the presentation were excited to hear that all majors and backgrounds, from finance to design, are welcome to the Product Management position. Carrie and June further explained the Lifestyle Matrix that Dawn touched on the prior day and explained how the Contemporary Matrix, which includes the LC brand, has the most opportunity for growth. LC is one of Kohl's many private brands which make up 43% of sales and provide more profit for their bottom line and allow Kohl's to maintain more control over the aspects of the brands. It was great to hear that despite all of the money and negotiating involved in the process, Kohl's and its employees still make it their priority to infuse Kohl's values in everything they do.

Thank you Kohl's! For giving us this opportunity and educating us about the industry! I know I speak for all of us students when I say this was an incredible experience that we will never forget!