Is MedMen Enterprises (CSE:MMEN) (OTCQX:MMNFF) now moving into fashion? Not quite, but the company clearly sees the value in adding three key hires that are big players from the fashion world. Is this a smart move? Well, MedMen stock remains in a lull, selling for $2.04 USD at present, and down 19% on the month.
Perhaps this news can give the stock a boost.
MedMen Stock
The multibillion-dollar US cannabis retailer, with flagships in LA, Las Vegas, and New York, has always been one of the more "trendy" brands in the cannabis sector. The company has store designs that liken to Apple stores, and it elicits the help of well-known faces to peddle its brand. It even, most recently, was the butt of a South Park parody on cannabis.
Now the company has looked to the fashion industry for its next key hires. In a move that is rather distinct, the company has hired Esther Song, Christian Langbein, and Sandey Kang. The new hires are alumni from fashion giants Tory Burch, Prada, and CAA respectively.
It seems that by bringing in executives from the fashion world, MedMen Enterprises is strategically trying to reach a new audience. As Esther Song—the brand's newly appointed senior vice president of marketing and communications—said on the news:
"There is tremendous opportunity in fashion, beauty, wellness, sports and entertainment to reach a new audience.”
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Will Being Trendy Help MedMen Stock?
MedMen has, since its inception, prided itself on being a brand that creates a "cannabis experience" for its customers. With 37 stores in operation across 12 states, the company is dominating the cannabis retail landscape in the US. And it isn't slowing down its growth anytime soon, with licenses for 91 retail stores in total.
One way the company is creating an experience is by diversifying cannabis to involve other everyday things; for example, it launched a clothing line comprised of eight pieces in February. The items aren't run-of-the-mill branded t-shirts either, but rather, include bespoke pieces such as a varsity jacket with custom pot-leaf-print silk lining, a fleeced hoodie, along with graphic T-shirts.
The company even included an 'ultra-now' yoga mat in its line. The items all incorporate the signature red MedMen logo, moving the company from cannabis giant to global status symbol.
But is the marriage of cannabis and fashion a smart move or a potential business fail? Only time will tell if cannabis can truly merge with fashion and deliver results that don't just look pretty but actually create profits.
What do you think? Is there an upswing on the horizon for MedMen stock?
Featured Image: Canva
