J.Crew gets new CEO; Mickey Drexler still chairman

J.Crew gets new CEO; Mickey Drexler still chairman

J.Crew gets new CEO; Mickey Drexler still chairman

For a while, he helped turn around a troubled brand known for its preppy style. After being surprisingly fired from the company in 2002, he quickly turned up in the same position at J.

Drexler has been with the company for 14 years.

Now J.Crew's Mickey Drexler is also stepping down as CEO, as reported by Business of Fashion.

There are more changes underway at J.Crew-and this time, they involve the interior design world: the fashion retailer, which just last month said goodbye to high-profile creative director Jenna Lyons, is also seeing a change in CEO. Most recently, Brett served as president of specialty home furnishing company West Elm, a division of the Williams-Sonoma portfolio. "I thought it was time to move on and lessen up on the day to day", he said. "I am excited about where the team is and the strategic plans we have".

As West Elm, Brett led a brand that successfully wooed a generation of young, affluent shoppers looking for furniture that was a step up from low-priced mainstays like Ikea - a competitive trait that will be welcomed as J.Crew tries to get sales of its preppy, pricey clothes growing again.

J.Crew's sales fell 6% to $2.3 billion a year ago, according to its most recent annual report.

But industry headwinds and flagging sales eventually caught up to the company.

Brett, meanwhile, will have his work cut out for him once he inherits the many and daunting challenges J.Crew now faces. Abercrombie & Fitch and both the Gap and its sister brand Banana Republic are navigating their own rocky future and declining sales. In March, J. Crew, which is backed by private equity firms TPG Capital and Leonard Green & Partners, reported that revenue fell 2 percent, to $695 million, in its fiscal quarter ending January 28. I have been running companies for 37 years and the announcement today is a major change in my life... Drexler, who will stay on as chairman, invested $100 million into J. Crew and owns 10% of the company.

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