Can Hypebeast Magic Revive J. Crew?
The past 30 days (since mid-August), J. Crew has been in the middle of a major transformation that might make it the most exciting retailer to open its doors in, perhaps in two decades. The brand has been in the news because of the store’s new, $600 million investment from private-equity firm Blackstone Group, and the retailer also announced last week the opening of three additional stores in the U.S. (all in urban areas). The retailer is now the most exciting retailer to open in a while.
But there’s more to this news. Not only did J. Crew announce the new store (a move that was never expected) but it also gave an impressive glimpse at a revamped, more ambitious vision for the brand. The retailer is now focusing on fashion, and it seems that it is going to be about more than just dressing well.
J. Crew’s new vision for its stores will revolve around dressing well, according to CEO Mickey Drexler (a man who knows a thing or two about retail). And with its new location (in Boston), J. Crew is putting its money where its mouth is.
When Drexler, who began his career as the manager of a clothing store in his native Detroit (the one where he started out as a manager as a teenager), took over J. Crew in 2010, he inherited a small business in the clothing retailing segment. Drexler’s new vision is to take J. Crew and make it the fashion retailer of choice.
And he is making a $600 million bet that he can make it happen.
Drexler’s vision for J. Crew takes fashion, which is, as he states, “fashion merchandising” to a whole new level. It’s an ambitious vision for a retailer that prides itself on its ability to dress well and, as Drexler put it, “make a wardrobe”.
According to Drexler, J. Crew is not just about “fashion” and “merchandising” but is now about “branding”. And according to him, J. Crew is about fashion with a “a more playful purpose”. So the brand is trying to be on one side in