J.Crew's New President: Libby Wadle

"Thanks!" to so many of you, including GetFresh, who shared the following great article from Fast Company about J.Crew's Jenna Lyons Libby Wadle (click here to read in its entirety):

What Libby Wadle's Promotion Says About The Future Of J.Crew
The new president of the soaring J.Crew brand says she is a devotee of CEO Mickey Drexler. Could she one day have his job? Here's what she says.
By Danielle Sacks

J.Crew may have finally tipped its hand as to who will become the retailer’s new CEO whenever 68-year-old Mickey Drexler decides to retire. Yesterday Libby Wadle, J.Crew's executive vice president of brand, was promoted to President of the J.Crew brand, a title no one at the company has owned since 2010 when then-President Tracy Gardner left to “spend more time with her children." As I posited in this month’s Fast Company’s cover story, Wadle—a merchant by training—along with her designer counterpart, executive creative director and president Jenna Lyons, are rumored to be heirs of the company.

In many ways Wadle has spent her entire career working towards this moment as Drexler’s understudy. In the 90’s the Boston College English major ventured west “dreaming of working for the Gap--for Mickey--to be perfectly honest,” she told me in March. She spent ten years working in Gap Inc, starting in its merchandising training program, working her way up to running Banana Republic’s women’s business. After Drexler was fired in 2003 following a plunge in the company's stock (despite turning the $400 million enterprise into a $14 billion empire) Wadle left--“it had already become a different place [without Mickey]”—and went to Coach to run their women’s merchandising group. That is, for a mere 11 months until Drexler called and asked her to run J.Crew’s Factory outlet business. “I was a little hesitant just because I didn't really want to do off-price [discount], but I wanted to work for Mickey so I didn't really think about it,” says Wadle. “I came and it was the best decision.”

In her eight and a half years at J.Crew, Wadle, 40, has risen to oversee every part of the retailer’s merchandising business. After Factory she took on Madewell; then in 2010 when J.Crew’s women’s business needed refocusing, she was charged with running the mother brand. During a tour of a J.Crew store with Drexler and gaggle of his top executives, Wadle--who could easily appear in a J.Crew catalog with her mane of chocolate brown hair that’s often tossed into a bun and natural fashion sense that rivals Lyons--is totally unassuming. But then she shows how she can meld with Drexler’s steam-of-consciousness mind just when he needs it. I ask Drexler if becoming a private company has enabled J.Crew to make more risks, and he replies, “I just think it’s much lower blood pressure for me”--then immediately turns to Wadle, for her to finish his sentence. “It doesn’t change the way we make decisions or run the business, whether we are public or private,” Wadle continues without missing a beat. “It’s a different kind of cadence of blood pressure.” ...

As a disciple of the Drexler school of merchandising, Wadle has also become an essential partner for the retailer’s chief creative, Lyons. But it’s not a partnership that is guaranteed in the culture of retail. “I think it's by coincidence that Jenna and I have good chemistry,” says Wadle, who seems to have a sisterly rapport with Lyons. And like many of J.Crew’s top talent who have been with the company for around a decade, Drexler describes the dynamic among the three of them like a healthy family. “It’s collegial, it’s argumentative, it’s disagreement, it’s agreement,” he says. But when asked who will take the helm on the inevitable day that Drexler decides to bid adieu, Lyons and Wadle both demure that they don’t allow themselves to contemplate it. “We don't want Mickey to go anywhere,” Wadle insisted back in March. “Okay,” I said to her. “But I think that would also be pretty badass to have two women running the company.” She took the bait and flashed a grin. “It would be pretty badass, yeah,” she says. “It would be pretty cool.”

The Wadle Way - 5 philosophies for running a design-driven retail business from J.Crew’s new brand president.

1. Merchandising is an art, not a science. “A lot of heads of CEOs or heads of businesses are merchants and what we do is we try to break things down into a formula and try to make things fit so they work perfectly. Mickey really doesn't do that. It's a unique kind of merchandising. It's not a formulaic merchandising that we do here.”
2. A merchandiser is the yin to a designer’s yang. “I am the business side to the creative piece. I'm Jenna's partner. So she and her team design the product, design the brand creative, all of that; my team picks the product, edits it, decides how much to buy and how much to put in which store it goes in, that kind of thing. Sort of creates the picture for the customer in the store, how often it comes in and then how much you should be buying of it...." I’ve worked with a lot of designers in the past and while I would never call Jenna a democratic commercial designer, she gets it and she also really understands our customer and she loves our customer. And she understands how far you can push her, how far you can't. And that's the beauty of it. Her head is not in the clouds but she also will push me and my team to move forward.”
3. Healthy tension between designers and merchandisers leads to a great product. “Tension will always help move each party forward, especially a merchant. A merchant can actually create a line but then it becomes very formulaic, it becomes very much what the customer has asked for, has bought in the past. But with a good amount of design inspiration and tension, there is always that healthy debate about how you move something forward. And that's the magic of the merchandising and the design relationship. So whenever you have a designer that's too easy to work with, it's almost not great.... It's not really a fight as much as a healthy conversation. So there is sort of a pass off that happens; design creates the line and then merchandising takes it from there.... The unique thing about J.Crew is while merchandising takes it, the creative influence doesn't end there, where it sort of ends in a lot of companies. The merchant here edit the line and pick the product but then we do the website and the catalogue and there is still a creative vision throughout that can really continue to inform everyone and it's sort of a real magical part of J. Crew.”
4. Collaboration is more important than ego. “I think you just have to stay constantly connected and partnered here. I mean it is about collaboration and it's not about blazing a trail that was your idea and you're going finish it out to the end. That won't work here.“
5. Acting like a small company breeds creativity. “What happens here is we have these small, special ideas throughout the company or a style that's selling really well that's a small investment. But that's how we make things big. We take these small things and then we distort them. We're constantly looking for these little pieces of gold, as Mickey always says, panning for gold, that's all we're doing. So it's not as much an invention as a distortion of something that was really unique.”

This article is a part of the series on J.Crew over at Fast Company. Refer to last week's "J.Crew's Jenna Lyons & the Cult of J.Crew" where the first part was discussed.

It is refreshing to read about J.Crew's Libby Wadle. Often times, it feels like the media focuses on just Mickey Drexler or Jenna Lyons. It is nice to change it up a bit and learn more about the other team members who are at J.Crew.

Did you enjoy the article? Any points you thought were particularly interesting? :)

J.Crew's Jenna Lyons & the Cult of J.Crew

"Thanks!" to so many of you, including Nicole, Ji (in this post), ReaganFlowers & ruffles (in this post), as well as Cole of Fast Company, who shared the following great article from Fast Company about J.Crew's Jenna Lyons. Cole also shares:

 "...Fast Company's exclusive with J.Crew's president Jenna Lyons, live on Fast Company.com on Monday, April  15, on newsstands Tuesday, April 23. Our May cover feature explores how Jenna Lyons has taken J.Crew from ugly ducking to fashion arbiter – and counts Anna Wintour and Michelle Obama as die hard fans. Learn from the creatives at J.Crew (Jenna, Mickey Drexler, ) how collaboration, creativity and innovation has shaped this brand on fire..."

To read the article in its entirety, click HERE. To view the slideshow of Jenna's office {swoon}, click HERE. The following are just a few portions of the detailed and lengthy article (that is definitely worth reading!):

How Jenna Lyons Transformed J.Crew Into A Cult Brand
See how Jenna Lyons has taken J.Crew from ugly duckling to fashion arbiter.
By Danielle Sacks
April 15, 2013

• After graduating from Parsons in 1990, the then 21-year-old started as an "assistant to an assistant to someone else's assistant," as she puts it, designing the company's old-world men's rugby shirts.
• Todd Snyder, Drexler's former head of men's wear at Gap, advised him to seek out Lyons, at the time J.Crew's vice president of women's design, likening her to Calvin Klein in the early days. "Jenna was a great designer, she looks like a model, and then she talks like the best salesperson you ever met," says Snyder. "I think she's the most talented person he's ever worked with in design."
• Their partnership would mark the end of the days when J.Crew's product design was dictated by corporate strategy. Together, they would make and sell only what they loved. The love would not be unconditional; they would adjust their product line always, trying new ideas, assessing, and quickly getting rid of anything that didn't work. Under Drexler and Lyons, J.Crew would become a company of constant and freewheeling experimentation, iteration, adaptation.
• J.Crew employees reveal themselves by the nakedness of their ankles. It's as if the company's uniform, ambiently dictated by Lyons, is enforced only from the knees down. Bare ankles, for men and women alike ...
• Lyons believed that to create a coherent brand and drive the business forward, every piece of the creative organization--from retail to catalog to web--had to be unified.
• In 2010, her lobbying paid off. J.Crew's president, according to the official announcement, stepped down "to spend more time with her children," and Drexler gave the title to Lyons. "It was literally a two-second conversation," says Lyons. "He pulled me into a room and said, 'So, just want to let you know you're the president.' I was like, uh, okay. Alrighty then. Then I put my head down on the table, took 10 deep breaths, sat back up and was like, 'Okay, do I need to do anything different?' And he was like, 'No, just keep doing what you're doing.' I'm like, 'Okay,' and we walked out of the room. That was it."
• "It's hard when the finance team is used to putting a light fixture in the store that costs $2,000 and I'm like, 'Well, I want an $8,000 fixture,'" says Lyons. "You have to get people to understand why having that Serge Mouille light fixture is better, because it's beautiful and people will know something's different. Maybe when you look at that $200 cashmere sweater, you'll feel like, 'Oh, yeah, look at the store, it's so beautiful. This $200 sweater is a steal.'"
• More recently, Lyons worked a bold overhaul of the catalogs. With 40 million copies distributed every year, the catalogs are at the root of J.Crew's business and constitute some of the brand's most precious real estate. Yet for years, the catalog lineup was dictated by sales from the year before. Pictures of each item ran alongside clunky color swatches and dense text; perhaps only 2 out of 100 pages were devoted to material that might be called editorial. The reimagined catalog supports the idea of J.Crew as tastemaker, with multipage stories packaged around trends, such as "The Italian Shoe Collection: Designed in New York. Made in Italy" for some fancy leather flats. Today, the J.Crew Style Guide--its new name--and its website have more of the feel of a fashion magazine.
• When I get home, I dig up the piece: "Has J.Crew finally found a rival? Gap makes big comeback." It is the worst kind of story for J.Crew, lumping it in with Drexler's ex, a name that is practically forbidden in the office.
• "Mickey wants to be so cool so bad," says the former employee. "Jenna is confident and cool and human and comfortable with herself and gives him the credibility he needs to be on fire. And he has her back in a way no one else can." I ask Lyons what everyone in the business wonders: When will she leave J.Crew to start her own line? She says it's not in the cards, at least for now. As she has said, she already is building her own collection, and she wouldn't be able to do so on her own. Her former colleague Todd Snyder argues that no designer in Lyons's shoes would ever have a reason to leave. "Mickey has given her enough runway so she can really make of it what she wants," he says. "They should just call it Jenna Crew."

I am a little bummed out that the article mentions a few J.Crew-fanatic blogs (congrats to those who got mentioned!) and the JCrew Aficionada blog was omitted. Especially since the magazine reached out to me (to let me know about this article to feature on this very blog!) Not the first time this has happened (and won't be the last). ;)

As for the article itself, it was a good, in-depth, look at J.Crew. Although many JCAs are aware of Jenna's back story and ascension to the executive ranks of J.Crew, it is always fascinating to read it again.

So many interesting tidbits that can be read between the lines too! First, the former J.Crew president who "stepped down" was Tracy Gardner (president from 2004 to 2010). This is just speculation (and speculation only), but many thought that she might have been asked to leave so Jenna could take her place. The irony is that Tracey became an adviser to the Gap (yup, that Gap!) last year (refer here).

Second, I find it interesting that Jenna is creating her own collection. We all saw the J.Crew custom designed dress of Jenna's own design for the Vanity Fair Oscar party (click here). Does this mean Jenna will have her own capsule line within the brand?

Did you enjoy the article? Any points you thought were particularly interesting? :)

Gap Coming for J.Crew {I say yes!}

"Thanks!" to J.Crew JD (in this post), who shared the following news article from the DailyMail (click here to read in its entirety):

Has J.Crew finally found a rival?
Gap makes big comeback with 61% profit increase (and some very familiar styling)
By Olivia Fleming
March 4, 2013

The untouchable popularity of J.Crew may finally have some viable competition. After struggling for years to reclaim its fashion status, Gap Inc. reported a 61% increase in fourth-quarter profits on Thursday, ending a strong year that saw the 44-year-old company's predicted comeback firmly accomplished.

And with a smattering of quirky spring prints (like the cat symbols on a boyfriend-style shirt), colorful outfit combos and the use of some geek-chic spectacles, it seems Gap's $133 million profit increase may be thanks to some strategic styling lessons from fast-fashion's reigning Queen bee, J.Crew.

While the company's latest performance includes the critical, and revenue-churning, holiday period, it seems its efforts to push brightly colored and preppy pieces, new designer collaborations and lively marketing campaigns have helped to invigorate sales.

The ...company, which also owns Banana Republic, Old Navy and now Intermix, posted increasing sales for all four quarters - with net income for the year rising 36% to $1.1 billion, up from $833 million.  And revenue rose 7.6% to an accomplished $15.6 billion.

Gap CEO Glenn Murphy, very much aware of America's love-affair with J.Crew's sunny styling, eclectic prints and easy staples like chambray shirts and bright cardigans, told investors during a conference call: 'If you're going to win in this environment, doing the same thing all over again is not a winning strategy."

'We have to bring more and more uniqueness, differentiation and excitement to the business.' Gap earned $351 million in the quarter ended February 2, compared with $218 million just a year earlier. 'At the end of the day, we are looking at the consumer and saying we have to continue to give her reasons to buy,' Mr Murphy emphasized.

Revenue at Gap's North America stores which have been open at least a year, rose four percent - a key indicator of a retailer's health. But it hasn't been an easy climb back up. ...

Under Mr Murphy, who arrived at Gap in 2007, the chain closed stores and cut inventory to boost its profits. But shoppers still weren't buying the clothes; unless they were heavily discounted. Comparatively, shoppers have been more than willing to pay hundreds for J.Crew's offerings.

Poor fit, drab colors and unexciting styles hurt Gap, which has been floating between flimsy and cheap options Forever 21 and H&M, and higher-priced J.Crew, for more than a decade.

But the brand, as well as the company's other labels, appears to be striking the right chord these days. From staff changes to new ad campaigns and partnerships with other designers, it has worked hard to turn around its business. A few examples: Gap Kids partnership with Diane Von Furstenberg and Banana Republic's partnership with AMC's hit show Mad Men.

The company has also hired new talent. Gap brought back Tracy Gardner, a former J.Crew executive, as creative adviser, who made an imprint on holiday fashions. She worked at Gap and Banana Republic in the late Nineties. ...

The company also announced last October a management overhaul aimed at enabling it to respond more quickly, and cohesively, to changing tastes around the world. ...The company also formed a new innovation and digital strategy team, to further advance its social media efforts and online presence. ...

This article is perfect with its timing. Why? Because the past month I have been shopping like crazy at the Gap! Where have I dropped my shopping significantly (as in, almost non-existent)? J.Crew. (So much, that when I stopped in last week, the J.Crew store associate asked me if I was going to buy anything! For those wondering, I did not.)

This article explains a lot of the positive changes that I noticed (but could not quite put my finger on) at the Gap! First, they are offering styles that are on trend again (like the color-block sweaters and brightly-hued khakis). Yes, they are not terribly fashion forward, but they are "classics with a twist". Plus, there are a lot of pieces that bear a striking resemblance to J.Crew. It makes a lot of sense now that I know the Gap has once again employed Tracy Gardner, formerly from J.Crew, as creative adviser.

Double-take! Take the following example of both retailers offering similar items this Spring season. On the left there is J.Crew's Schoolboy Blazer in Indigo Dot (item 40203) for $175. On the right, there is the Gap's Chambray Academy Blazer (item 351492) for $98 (more like $70 right now, using the promo mentioned at the bottom of this post). The price difference is pretty substantial.

Other perks to shopping at the Gap:

• I find the material used at the Gap (in general) is more machine-washable friendly and lasts longer after multiple use.  (I am particularly referring to the Gap's tees and sweaters, in comparison to J.Crew's.)
• The prices at the Gap are about a half to a fourth of the price of J.Crew. 
• There is always a great promotion going on at the Gap- so paying full price, even on a new arrival, does not happen often.
• Nothing online is "final sale"- making shopping worry free. Rarely anything on the store sale rack is final sale either, unless it is marked waaaay down (which should be the point of final sale... ahem, J.Crew).
• Free shipping has a low minimum of just $50 at the Gap. That is easy to get to, especially since you can include items from the their sister stores (like BR).
• Online reviews from customers help determine if an item is a "stud" or a "dud" before buying it.
• Gap offers store inventory for merchandise. It makes it easy to figure out if your store is carrying the item you are looking for.

Does this mean I am leaving J.Crew behind? Absolutely not. However, this does mean that I will be integrating more (new) pieces from the Gap with my (existing) J.Crew wardrobe. ;)

Lastly, if any of you are interested in checking out the Gap, they are running a great promo right now... Take 30% off your entire order (full and sale priced!) with promo code SPRINGAIR. It works for Banana Republic and Old Navy too. It expires March 5, 2013.

What are your thoughts on the article? Do you agree/ disagree with any points made? Have you been spotting the look-a-likes at the Gap & J.Crew? Have you been shopping at the Gap more lately? If so, please share!

Former J.Crew Tracy Gardner Now at the Gap

"Thanks!" to many of you, including Lizbeck (in this post), who shared the following. NY Mag's The Cut (click here to read in its entirety) offers an update about Tracy Gardner's latest role:

The Gap’s New Advisor Is J.Crew’s Former President
By Charlotte Cowles
January 19, 2012

The poor old Gap has been limping along with poor sales figures for years now, but perhaps the company is actually ready to make good on all those promises to fix itself up and sell clothes people actually want to buy. Enter Tracy Gardner, who was the president of J.Crew from 2004 to 2010, after which she resigned in order to “spend more time with her children," according to J.Crew CEO Mickey Drexler (she was replaced by Jenna Lyons). Like Drexler, Gardner worked at the Gap before J.Crew, so this move is a homecoming of sorts.

As of now, Gardner doesn't have a specific title; she'll work "in an advisory capacity and will provide oversight and guidance on the development of our women’s product,” Gap spokeswoman Louise Callagy told WWD. And don't expect to see major changes at the store for quite some time — Callagy said that Gardner's first project is "developing holiday product for 2012." (If Gardner brings any of her J.Crew fairy dust with her, this means we can anticipate lots of sequins and artfully half-tucked collared shirts from the Gap come Christmas.) Meanwhile, the brand is still hunting for a successor for head designer Patrick Robinson, who was dismissed this past summer.

Good to see her back! (As some of you remember, Tracy Gardner left J.Crew back in 2010. Refer to the "J.Crew News: Tracey's Out, Jenna's In" post.) I thought Tracy did a great job at J.Crew too.

It will be interesting to see what Tracy's title will be at the Gap, and the amount of influence she will have to turn things around. This is a great move for the Gap, since they need some help in the style department. (Honestly, I have not shopped there in the longest time.)

On a semi-random note... what is Melissa Webb up to now? Love to hear about her too!

What are your thoughts on Tracy Gardner's role at the Gap? Were you surprised by the move or did you see it coming? Are you excited to see Tracy back?

J.Crew News: Tracey's Out, Jenna's In

"Thanks!" to RatsOnParade, who shared some shocking (well for J.Crew it is) news from Earthtimes (click here):

Tracy Gardner, J.Crew President of Retail and Direct, Resigns; Jenna Lyons Promoted to President & Executive Creative Director, J.Crew Group, Inc.
July 13, 2010

J.Crew Group, Inc. (NYSE: JCG) today announced that Tracy Gardner, President of the Retail and Direct channels, has said she will resign from the Company effective September 13, 2010.

Jenna Lyons, 42, currently Executive Creative Director, will be promoted to President and Executive Creative Director, J.Crew Group, Inc. the Company announced.

Millard Drexler, Chairman and CEO of J.Crew, stated, "I am sorry about Tracy's decision to leave J.Crew but I respect and understand her wish to spend more time with her children. Tracy and I have worked together for almost 20 years and I will miss her as a great merchant, leader and business partner." Drexler continued, "The team at J.Crew has considerable depth, and I am pleased to announce Jenna's promotion along with additional important organizational changes. I am also confident in our ability to achieve a seamless transition."

"I am so appreciative of the confidence Mickey and the Board of Directors have in me and am excited to continue to grow J.Crew Group in a creative and innovative way," said Ms. Lyons.

"At this point in my life, it is important for me to spend more time with my family. I am so proud of all that J.Crew and the team continues to accomplish and I am grateful that this success has allowed me the opportunity to make this difficult choice," said Ms. Gardner.

In connection with Ms. Gardner's departure, members of J.Crew's leadership team will assume her responsibilities. Libby Wadle will now become Executive Vice President of Retail and Factory and continue to report directly to Mr. Drexler. Trish Donnelly, Executive Vice President of the Direct Channel and Laura Willensky, Senior Vice President of the Madewell Retail Channel will now both report into Mr. Drexler as well. The merchandise production responsibilities will now fall under the Chief Administrative Officer/CFO, James Scully.

Let me begin by stating that I am very surprised by Tracy Gardner's departure. I am sure it was an extremely difficult decision for Tracey to make. Choosing to spend time with family is an admirable move. I just hope Ms. Gardner came to that decision by herself and for herself (and was not pushed out.)

As for Jenna Lyons new promotion... I am sure she will do fine. She is J.Crew's rock star, so it seems like the obvious choice for the spot. J.Crew's CEO Mickey Drexler really has put a lot of faith in her— she better deliver! ;)

What are your thoughts on Tracy Gardner's resignation? Were you surprised by the move or did you see it coming? Are you excited that Jenna Lyons will be stepping in?

J.Crew's Bridal Boutique is Now Open for Business!

We have been waiting for this for some time now (refer to May 14th "J.Crew Email: Our very own wedding announcement" post and April 8th "J.Crew's First Wedding Boutique is Coming Soon!" post). Now the time has arrived... It's officially open: J.Crew's first stand alone Bridal Boutique in NYC!

J.Crew also shared the video above with the following note:

Our big day is here! Our very first bridal boutique is now open at 769 Madison Avenue at 66th Street, New York City. Watch our behind-the-scenes video of a wedding paradise in the making.

I love these behind-the-scenes looks. Everything looks so pretty! There is also an article over at the Huffington Post (click here) that sheds some light on what to expect:

J.Crew Opens First Bridal Store
By Huffington Post
May 27, 2010

J.Crew has opened the doors to its first bridal store, WWD reports. Located at 769 Madison Avenue in Manhattan, the French-style salon combines wedding garb with the J.Crew sensibility. Dresses run from $229 up to $3,500, but that's not all that shoppers will find on the racks.

Bearing in mind the before and after parties, rehearsal dinners and the honeymoon night, there are separate areas on the first floor for cashmere sweaters, handbags, shoes, jewelry, lingerie and a new 769 Collection of cocktail and evening dresses, tuxedo jackets and harem pants. Much of the assortment, J.Crew executives boast, incorporates fabrics from some of the finest Italian mills, such as Clerici Tessuto and Canepa, yet without the expected sticker shock. There's also makeup, perfume and headpieces.

J.Crew Group president Tracy Gardner summed things up, saying, "We're not fancy here. We're still J. Crew, but it's an elevated experience."

The location for the new store is:

769 Madison Avenue
(at 66th Street)
New York, NY 10065

What are your thoughts on the Wedding Boutique on Madison Avenue? Are you excited about its arrival? Do you think you will shop there? :)

J.Crew's A-Team Scores Big

A big "thanks!" to audball (in this post) & Raina, who shared the following article over at Daily Front Row's The Fix (click here).

Jenna Lyons Promoted at J.Crew
By Ashley Baker
April 16, 2010

Jenna Lyons is doing something very, very right. J.Crew Group Inc. has just announced that Lyons, formerly creative director, has been promoted to executive creative director for J.Crew, and she will receive a $325,000 bonus. This comes six months after Lyons received a $1 million bonus, which was awarded on the condition that she must pay it back in full should she leave J.Crew within 2 years or pay back in half should she exit the brand in 4 years.

Chairman and chief executive officer Millard "Mickey" Drexler will also benefit from a cash payout of $2 million, part of the a series of bonuses paid out by the company's compensation committee to reflect J.Crew's strong performance. Other beneficiaries include Tracy Gardner, president of the retail and direct businesses, who will receive $425,000, chief administrative and financial officer James Scully, who will get $250,000 and executive vice president of factory Libby Wadle, who will receive $200,000. In 2009's extremely challenging climate, J.Crew’s total income more than doubled, with a revenue increase of $1.58 billion.

There is also an article over at the StyleList (click here) that shares the same news:

J.Crew Bestows Big Bonuses on Jenna Lyons, Mickey Drexler
By Lisa Marsh
April 16 2010

A promotion and a bonus. Jenna Lyons, J.Crew's creative director, has been promoted to executive creative director and was awarded a $325,000 bonus in recognition of both individual and company performance in fiscal 2009. This comes on top of her "one-time" $1 million bonus that she received in October 2009. It's good to be queen!

In addition, other J.Crew executives also pulled down some nice change, too. Tracy Gardner, president, was awarded $425k, chief financial officer James Scully was awarded $250k, executive vice-president Libby Wadle was awarded $200k, and the big kahuna Millard "Mickey" Drexler, the company's CEO and chairman, was awarded a whopping $2 million.

An SEC filing said the company had suspended its cash incentive plan at the beginning of its fiscal year, "in light of the then challenging economic conditions," but reinstated the program after the company outperformed its financial goals for the year.

It seems steering the company into partnerships with Fenton/Fallon, Net-a-Porter, Miriam Haskell for bridal among others were not bad moves for Lyons. Plus, it doesn't hurt that the company is a favorite fashion resource for the First Family.

J.Crew is definitely doing something right! They have been outperforming competition for the past several years. More importantly, they have been outperforming market analysts expectations in terms of performance. As a stock holder, I am very pleased.

I definitely believe these executives deserve a bonus & promotion. Not only are they performing well, J.Crew wants to make sure they can retain them, their top talent. (I believe I read somewhere that some of J.Crew's creative team had been lured away by other companies, like the Loft.)

Although, casual-crew (in this post) raised an interesting point: "...Executives get bonuses while their staff had to take cuts to their pension..." The second article mentions: "An SEC filing said the company had suspended its cash incentive plan at the beginning of its fiscal year, "in light of the then challenging economic conditions," but reinstated the program after the company outperformed its financial goals for the year." Here's to hoping J.Crew is taking care of all their other {talented} employees as well.

What are your thoughts on this latest news? Do you agree or disagree with the decision to promote Jenna Lyons? Are the bonuses an appropriate or inappropriate decision? :)

J.Crew's Alteration Offer to Customers

A big "thanks!" to RatsOnParade (check out her {fantastic} I LOVE J.CREW blog) who shared the latest mailing J.Crew sent to customers. (Check out her "From J.Crew: Best of the Best - Free Alterations!" post for additional images).
The mailing sent to customers (both card members *and* non-card members) revealed free alterations for a limited time. The following note was included:

Best of the Best
We want your experience in our stores in 2010 to be the absolute best it can be. I'm pleased to include a look at our special services available exclusively for you as one of our best customers. We look forward to seeing you in the year ahead, and if there is anything we can do for you in the meantime, please let us know.

Best wishes,
Tracy Garner
24-7@jcrew.com

As RatsOnParade's post correctly points out, this free-alteration service on full priced items is already a benefit for card members. (So isn't it kind of pointless to send this to them, let alone give them an expiration date for the service?) At least the offer is being extended to some non-card members as well. Incidentally, the fine print of this offer reveals the following:

*Free standard alterations can be applied to full-price items only. Offer valid from March 1st, 2010 through March 31st, 2010. Bring in this card to receive this complimentary service.
**Courier service available in New York City only. In other locations, UPS overnight service will be provided. A few location restrictions may apply.

How cool is having J.Crew "courier service"? Loves it! As for the marketing piece, it is nice to see J.Crew send rewards (big & small) to customers. :)

What are your thoughts on the mailing? Do you think this is a good incentive for J.Crew to offer customers? Was it a smart move to send this to existing card members (who already benefit from this service all year round)?

J.Crew's Tracy Gardner In the News

"Thanks!" to Pamela (author of the lovely Ginger Girl blog), who not only let us know that J.Crew's Tracy Gardner is featured in the February 2010 issue of More magazine, but also provided the images of the article (read her "J.Crew spotted in February MORE" post). Click on any of the images in this post to view larger.

According to the article, Tracey Gardner is the "retailing expert" who "has helped steer some of the most high profile brands of our time". As "president of J.Crew, she embodies the company's blend of urban and feminine chic". Some advice offered in the article include the following:

• "As I've gotten older, I've learned how to play with proportions," she says. One way to look modern: Wear smaller, fitted jackets (ones that fall just below the waist) with something longer underneath. It looks great, even if "tiny" isn't your size.
• Do you love basic black after hours? Gardner says it's time for a rethink: "I love color!" she exclaims and changes hues seasonally: citrus in the summer, jewel tones in the winter. She also loves red lips any time of year. "You need to try something new and see how you feel. You may find it speaks to you more than you thought it would"
• Gardner says a touch of something unusual— like this bow-tipped gold evening shoe— adds whimsy to a wardrobe.
• Gardner calls her brand of dressing "sweet and sour" for its boy-meets-girl approach. Case in point: These cargo pants with a pretty topper. "Combinng creates the unexpected," she says.

It's nice to see other faces of J.Crew's executive team offering their viewpoints on the brand & styling. I wonder if we will be seeing more of Ms. Gardner in the future.

What are your thoughts on the outfits & advice Tracey Gardner offers? Do you like the styles or pieces used?

Interview With J.Crew's Executives {fascinating!}

A big "thanks!' to Jordan who was kind enough to share with us two {fantastic} videos containing interviews with J.Crew's upper echelon.

J.Crew: The Business of Style
Creative Director Jenna Lyons discusses the iconic brand and its inspiration
Click here for video link
Length: 5 min 20 sec



J.Crew: The Business of Style (Part II)
Tracy Gardner discusses the iconic brand and its inspiration
Click here for video link
Length: 6 min 58 sec


L-o-v-e-s it! There is such a wealth of information shared in these interviews, as they cover an array of topics: the current economic times (how to bring "it back to full price"), J.Crew's strategy, Mickey Drexler, Michelle Obama, wedding line, accessories & jewelry, Madewell, the website issues, and so much more.

And how great does Tracy look with the Berry-trim Astrid jacket in Charcoal (Item 96309; was $248.00, now $169.99- $99.99)? ;)

What are your thoughts on the videos? Do you agree or disagree with any of the points made? For example, do you agree with the best sellers listed (e.g. jewelry, corduroys, wedding line)?