Fashion / Retail / J. Crew

CEO Jim Brett Out At J. Crew Group

Posted On: Nov 17, 2018   |   Posted By: WWD

Just 15 months into his mission to turn around J. Crew Group, Jim Brett is out as chief executive officer, the company said Saturday morning.
The struggling retailer said that a “mutual agreement” was reached by the board of directors and Brett, but sources said Brett was forced out.
The J.Crew brand has been struggling for the past three years, grappling fashion misses, pricing issues and management changes as well as not long ago restructuring its debt to make it more manageable.
To offset difficulties at the J. Crew brand, the corporation has been growing its successful denim-based Madewell division and it's recently started the Mercantile lower-priced division. Also, third party brands are being added to the assortment.
Sources also said this fall's relaunch of the J. Crew brand lacked sufficient verve.
“I didn't like it. They took out the whimsy. They made it more mainstream, “ said one retail expert who asked to not be named. ”They brought the prices down and the quality down. It made my stomach sink....

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