Retailing icon Mickey Drexler doubles down

J.Crew's CEO says that this is the worst retail environment he's seen in 40 years in the business. His strategy? Take J.Crew upscale and launch a new brand called Madewell.

FORTUNE, August 21, 2008 — Is now the time for a retailer to go upscale? The guru behind clothier J. Crew thinks that's the right strategy. J. Crew is relatively small - its entire retail square footage would fit into the space of just 13 Sam's Clubs - but CEO Mickey Drexler, the man who made Gap (GPS, Fortune 500) into a pop-culture phenomenon and reinvented retailing icon J.Crew, is closely watched in his industry.

A C.E.O. Sells the Store

New York Times, March 1, 2008 — Women’s suits. Mickey Drexler has women’s suits on the brain.

It’s a Tuesday afternoon in SoHo in Manhattan, and Millard S. Drexler — Mickey, as he is universally known — is in a Madewell store looking for customers he can talk to. Mr. Drexler, as you may know, is the chief executive of J. Crew — a job he took in 2003 after being summarily bounced from the Gap, the company he had led for 16 years, transforming it in that time from an $800 million midsize retailer into a $14 billion Goliath. Madewell, which he’s visiting today, is a brand-new J. Crew offshoot that sells hip, casual clothes. It’s a little like the way Mr. Drexler started up Old Navy to offer clothes that were less expensive than the Gap’s.

This visit is not some stunt... continue reading