Blog: J Crew cuts to the chase
Leonie Barrie | 25 November 2009
J Crew has consistently outperformed its rivals during the recession providing proof, if it were needed, that shoppers are still prepared to pay full price during a downturn if presented with compelling, trend-right merchandise that they can’t find anywhere else.
And a more than doubled third quarter profit and an 8% hike in same-store sales show that this approach has definitely paid off.
It’s clearly not rocket science, but as chairman and CEO Millard Drexler says: “If you aren’t buying the right stock, the right inventory, the right fashion it ain’t getting you sales except at second and third markdowns and on promotions.”
Unlike many of its peers, J Crew is almost single-minded in its commitment to product quality, design, service and creativity.
Speaking on a conference call with analysts yesterday, Drexler elaborated further: “Our goal is to continue to innovate in everything we do. Each and every one of us is responsible for each and every one of our customers, so we design our products down to the smallest details and use the best factories and mills in the world to offer the highest quality.”
He added: “If you have...good product, good service, good delivery, integrity and pricing, some scarcity and not huge assortments, you’re going to take business from whoever is not doing it as well.”
His competitors have been well and truly warned...
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