Ann Inc. is an American group of specialty apparel retail chain stores for women. The company headquartered in New York City and operates as a subsidiary of Ascena Retail Group. The stores offer classic styled suits, separates, dresses, shoes and accessories. The brand is marketed under five divisions: Ann Taylor, LOFT, Lou & Grey, Ann Taylor Factory and LOFT Outlet. Richard Liebeskind, the founder of Ann Taylor, opened his first Ann Taylor store in New Haven, Connecticut in 1954. "Ann Taylor" was the name of a best-selling dress at Liebskinds fathers store. Both the best-selling dress and the name Ann Taylor were given by the father to his son, Richard Liebeskind, for good luck. Liebeskind decided to go with the name Ann Taylor because Ann was considered a very New England name, and Taylor evoked the image of tailored clothing. The name supposedly created the ideal identity of classic womens apparel. In May 1991, the company completed an initial public offering resulting in aggregate net proceeds of approximately $166.5 million.