J.Crew is trying to atone for its missteps by lowering prices and pivoting its marketing strategy, slashing prices on approximately 300 items. Drexler, who is known as Mickey, will remain chairman and an owner of J. Crew. "I am relaxed-ish", Drexler, 72, said of the transition.
That might partially explain the shake-up, but we wouldn't blame Drexler and Lyons for wanting a break from a retailer of J.Crew's scale, either.
But over the last few years, J.Crew has become the latest victim of an unforgiving retail environment.
On Monday, J. Crew said Drexler - a former design wizard at Gap (GPS) who has led J. Crew for 14 years - will be succeeded by Jim Brett in July.
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Drexler said Brett was chosen due to his "proven track record of pushing for innovation and growing omnichannel brands", he said.
"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", Drexler said in a statement.
J. Crew ultimately has found itself in an untenable position in the apparel industry that has hurt the likes of Gap and Ralph Lauren (rl)-a slice of apparel that can't compete with the cheap, fast fashions churned out by the likes of H&M and Zara. Most famous for his revival of The Gap in the 1990s-bringing it from a $400 million company to a $14 billion retail powerhouse-in 2002 he was abruptly fired. As of June 5, 2017 the Company operates 278 J.Crew retail stores, 116 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com, and 178 factory stores (including 39 J.Crew Mercantile stores). That's problematic when customers are visiting those stores less frequently.