A new era is on the horizon for J.Crew: The company's longtime CEO, Mickey Drexler, announced he's stepping down from the position, WWD reports. He'll be succeeded by Jim Brett, formerly of West Elm, starting in July.
Drexler took over J.Crew back in 2003 and grew the company to much critical acclaim. One of his biggest industry-lauded triumphs was handing over the creative reigns to Jenna Lyons, who announced back in April that she would be departing the company after 26 years. However, the retailer has seen better days: At the end of the last fiscal year, J.Crew reported $1.5 billion in long-term debt—and this was on top of criticism that prices had gotten too unattainable in recent seasons. (In a Wall Street Journal profile in May, Drexler hinted at a new strategy to lower the pricing of a large portion of its inventory that had already gone into effect.)
Drexler won't be totally out of the picture at the mall stalwart: He'll simply be assuming the title of chairman at J.Crew. “This is an exciting time for J.Crew as we continue to make significant changes to position our company for long-term success," the executive said in a statement obtained by Glamour. "As chairman and an owner of the company, it is my responsibility to focus on the future of J.Crew and find the right leadership to execute on our strategic plans. Jim has a proven track record of pushing for innovation and growing omni-channel brands. I look forward to moving into my new role and assisting Jim and the team in every way possible to help ensure a smooth and successful transition.”
While this particular genre of industry news tends to circle among trade publications, Drexler wasn't a typical retail executive. His partnership with Lyons was quite revolutionary, in terms of re-branding J.Crew from a go-to for buttoned-up fashion to an arbiter of cool—and in turn, expanding the forward-thinking styles available to shoppers at their local malls. Lyons' departure represented the end of one chapter of the brand's story; a gradual return toward a lower price point signaled another. So, is Drexler's exit finally granting J.Crew the clean slate it's been working toward? Will we see a big change in J.Crew's clothes? One thing's for certain: Its time slot on the New York Fashion Week calendar just got a whole lot more intriguing.
Related Stories:
I'm Not Planning to Stop Dressing Like Jenna Lyons Anytime Soon
