Good news, J.Crew fans. Soon, you'll reportedly be able to buy those classic sweaters and skirts for less bank. In a new interview with the Wall Street Journal, the company's CEO confirmed that J.Crew is embarking upon a new strategy that involves slashing the prices of 300 items—and the new, more affordable items are already available for purchase.
[post_ads]J.Crew Chairman and CEO Mickey Drexler told the WSJ that the new push to lower prices is part of an effort to keep customers interested and turn around disappointing sales. "We became a little too elitist in our attitude," Drexler said. "We gave a perception of being a higher-priced company than we were — in our catalog, online, and in our general presentation...Very big mistake."
Longtime J.Crew creative director Jenna Lyons left the company in April, and the brand laid off 250 workers weeks later. According to Racked, during Lyons's tenure, some shoppers complained that J.Crew's venture into a more high-fashion, high-quality space had pushed to become unreasonably high.
[post_ads_2]
Drexler says that the change in pricing, therefore, is aimed at "getting back to being who we are — much more comfortable, approachable, democratic, and friendly." He says that the company will onboard experts to "optimize prices for each garment" and grow its supply base to cut productions costs.
The CEO says technology is partially to blame for J.Crew's backward slide and the rise of its lower-price competitors. "I’ve never seen the speed of change as it is today," he said. "If I could go back 10 years, I might have done some things earlier."
Still, better late than never. And the changes are already taking effect: Racked reports that this year's summer collection is already a fraction of the price of last year's.Colorful cardigans and ballet flats for all.
[post_ads]J.Crew Chairman and CEO Mickey Drexler told the WSJ that the new push to lower prices is part of an effort to keep customers interested and turn around disappointing sales. "We became a little too elitist in our attitude," Drexler said. "We gave a perception of being a higher-priced company than we were — in our catalog, online, and in our general presentation...Very big mistake."
[post_ads_2]
Drexler says that the change in pricing, therefore, is aimed at "getting back to being who we are — much more comfortable, approachable, democratic, and friendly." He says that the company will onboard experts to "optimize prices for each garment" and grow its supply base to cut productions costs.
The CEO says technology is partially to blame for J.Crew's backward slide and the rise of its lower-price competitors. "I’ve never seen the speed of change as it is today," he said. "If I could go back 10 years, I might have done some things earlier."
Still, better late than never. And the changes are already taking effect: Racked reports that this year's summer collection is already a fraction of the price of last year's.Colorful cardigans and ballet flats for all.
More from Allure
