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Manufacturing Industry
TSI built to win
Bobbin, Jan, 1999 by Kathleen Desmarteau
Together, Compton and Kagan also hold a 20 percent interest in TSI, with Compton controlling approximately 12 percent of the shares. (Neither partner sold any shares during TSI's October 1997 initial public offering.)
Compton's office overlooks the main entrance of TSI's modern, window-encased Tampa, FL, headquarters from the right of a wide staircase. Like all of TSI - which reflects the clean, cube-style office environment of the '90s - his office exudes one purpose: business.
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But Compton also ensures that TSI maintains a softer side, including spacious, bright indoor and outdoor break areas and a fully equipped gym/aerobics studio with personal trainers on hand to assist employees with everything from martial arts to Stairmaster basics. Moreover, TSI's grounds feature a recreational park, named in memory of one of Compton's four children - his son Travis, who was killed at age 30 in a motorcycle accident just more than a year ago. The park includes a playground, gazebo and stocked fishing pond for use by employees and their families.
At 55, Compton exuded a wiry, weathered strength and confidence as he discussed his business with Bobbin this past November in the deep, gravelly voice many in the industry no doubt have come to respect. Here's what he had to say on some key issues as they relate to TSI:
On private label programs ...
"I'm very positive about private label, and I always have been. I think it runs our entire economy, whether it's private label food products or apparel or any other commodity product. ... Private label products carry a lot of integrity and provide an incredible value to the consumer in many different ways. Regardless of which distribution channel it may be, retailers need private label in order to be able to control some of their bottom line, their assortment on the floor and their credibility with the consumer. ... Private labels enable retailers to be consistent, and they can make more money. But they can also provide, if they go to the right sources, quality and value equal to or better than that of a brand.
"On the other hand, they need branded goods too, and that's why we've set TSI up to service both sides of that coin. My feeling is that retailers' private label assortments should make up at least 30 percent [of their product selections], give or take 5 percent, at least in the men's and women's areas ... so that they can control their margins."
On the Farah acquisition ...
"In buying Farah, we were looking for No. 1, a brand, and No. 2, we wanted a base that was parallel or would coincide with what we were already producing, and that would give us a greater strength in the market. We looked at other companies, and there are a few others that would have fit this concept. Fortunately, Farah was ideal for us due to the fact that I had been there for 18 years, and I knew their mode of operation pretty well and most of the people. So it was a very easy fit for us."
On future growth and diversification...
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