J.Crew Survived Bankruptcy. Next Up: Cultural Relevance?

Описание: J.Crew CEO Libby Wadle, who took the helm in 2020, says the company is “back in the conversation” after hitting a rough patch.

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The 52-year-old chief executive officer has been at J.Crew Group LLC—corporate parent of J.Crew, J.Crew Factory and Madewell—long enough to know what makes a successful back-to-school display. She’s worked here for 21 years (nearly five as CEO) and before that, almost a decade at Gap Inc. Many of those were under the tutelage of legendary Gap CEO Mickey Drexler, who later recruited Wadle to J.Crew during what would eventually become the company’s 2010s heyday, when Michelle Obama’s sprinkling of J.Crew pieces into her first-lady wardrobe helped push the brand to the cultural forefront. “I think the Obama moment was probably the top of the top,” Wadle says. It’s the kind of relevance she has in her sights for J.Crew once again.

Wadle took on the top role at a tumultuous time, its third CEO in just over three years and the first since the company exited bankruptcy after filing near the start of the Covid-19 shutdowns. She stepped up in fall 2020 with big visions for a once storied retailer that felt like it had lost its way.

Her first target was quality. For several years, customers had been lamenting cheaper-seeming clothes with indistinct style; J.Crew no longer felt like the unofficial uniform of schools and offices across America. To keep less popular items moving, J.Crew plastered a seemingly never-ending “40% OFF ALL ITEMS” banner across its website. Wadle, who fondly remembers walking into a Boston J.Crew in the mid-’90s to buy her first grown-up pantsuit (made with “this pretty, thick wool twill” from Italy that she’s proud to report the company still uses), knew she needed to bring back the caliber and charm the preppy-classic retailer was once known for.

#Business #Jcrew #Finance

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