Since J.Crew can't turn back the clock and make it the early part of this decade again, the company is changing directions amid slumping sales, Bloomberg reports. J.Crew's CEO Mickey Drexler says that the company is going to focus more on its foundation of well-made basics instead of venturing further into the high-fashion world.
The buzz word on the conference call between Drexler and analysts was "heritage." This means that you can expect to see a lot less high-end, expensive items at your local J.Crew stores. Analysts note that no one is shopping at J.Crew for an $800 piece of outerwear, and while inviting more fashion forward brands to sell at its stores may have added to its unquantifiable cool factor, it hasn't done much for its margins. Sales have dipped a total of 13 percent in the last year.
"[Higher-end products will be] a lesser percent of investment and a lesser percent of perception," Drexler said on the call. An analyst at Citigroup, Jenna Giannelli, notes to Bloomberg that she has already seem the shift in stores to "heritage" or "basics," like cardigans and chinos in solid colors or basic patterns.
J.Crew and its diffusion brands are some of the most reliable retailers for copping basics that can move seamlessly between work and post-work situations, so here's to hoping Drexler's redirection pays off.
