New J. Crew Format in the Works
J. Crew plans a new retail concept, according to a report in the New York Post yesterday.Mickey Drexler, J. Crew's chief executive who has been credited with turning around the fortunes of the multichannel retailer, reportedly plans to bring back a dormant company rather than develop one from the ground up, the newspaper said.
Heading the project is Liz Meltzer, a former Calvin Klein executive who worked for Drexler when he ran the Gap.
Drexler joined J. Crew in January 2003 when sales were shrinking. He is credited with improving the quality of J. Crew's clothes, adding color and focusing on the brand's preppy heritage, the Post reported. J. Crew's sales rose 36 percent in the most recent quarter, totaling $206 million.
