In its journey to get back on everybody’s radar and reconnect with customers, J. Crew is giving people something to talk about again.
brand due to the impact of COVID-19 and a determination that J. Crew, saddled with huge debt, wouldn’t survive on its own. The group filed Chapter 11 in April 2020 and four months later, through a debt-for-equity swap, emerged from the bankruptcy with almost all of its $1.7 billion of debt wiped out and with Anchorage Capital Group LLC as majority owner.
“It’s funny,” Wadle said. “We have come back around to being ourselves but in a way that feels very modern. When we talk about J. Crew we talk about that perfect balance, with heritage made modern, and ultimately getting J. Crew back to its rightful place as a great American brand but in a way that doesn’t just look backward, but is rooted in our heritage, while pushing forward and remaining relevant and current. It doesn’t mean repeating best sellers or doing what we have always done.
“Honestly there are things we should never touch and then there are workhorses for us — a great fitting men’s chino. We had an incredible win this year with our Giant Fit chino,” said Wadle. “That doesn’t mean we lose the 484,” slim fit. “Brendon has real understanding and respect for how a guy wants to dress.
While bridal has been eliminated from the collection, J. Crew is “for sure a destination for best-dressed guests, like at a wedding. We lean into it.”J. Crew was a pioneer in brand collaborations, originally with Alden, the British men’s footwear brand. J. Crew this year tied in with Tracksmith for singlets, sweatpants, quarter-zips, long-sleeve T-shirts, turtlenecks and hoodies.
J. Crew’s fleet of retail stores was pared down from more than 200, to 127. “The best representation of the brand needs to be in the stores,” Wadle said. “It’s how we are merchandising the stores today. It’s how we are thinking about investment in our stores. We have a smaller footprint, but these stores are in our best markets. We will invest in them to make sure they feel really fresh.
Now, said Wadle, with Babenzien and Gayot, there’s “strong design leadership in place really helping to set our concept, our point of view, and our story from the beginning. Frankly, what you have seen starting this fall, and continuing into our 40th year, is a very clear story we are telling with our product that feels more collection-oriented than what you are articulating, and we will always have the whimsy and the novelty.”J.
“People were really excited about coming back together and collaborating where it made sense,” Wadle said. “At the same time, we have a real appreciation for the distinctiveness of each brand, because I have worked for and led both brands.” Was there ever a blurring of the brands? “I don’t know. It’s all history now. I’m sure at some point,” Wadle said. “Anything the customer sees, touches and hears is always distinct,” while back-of-house functions and services can be jointly managed.
“When you cut through it all, it’s a profitable machine built on a promotional model,” said a retail executive who has been close to J. Crew. “I believe they have leveraged their size and scale and sourcing to make a lot of money, even on promotion because they shed a lot of debt. Everything is done on sale. They are very happy with this model. You can’t fault it. It makes money for them. They have volume. They have distribution. A good sourcing strategy, and margin built in up front.
“Libby has been a steadying force after so much turnover, because she knows the business, the brand, the heritage, what has worked and hasn’t worked,” added Kirk Palmer of Kirk Palmer & Associates executive search. “There were four CEO changes in about five years, but the business has been stabilized.”
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