Blog: Leonie BarrieJ Crew CEO soundbites

Leonie Barrie | 28 August 2009

J Crew is something of a rarity among apparel firms these days: a retailer where sales – and profits – are rising.

For most other clothing firms who have managed to achieve growth by cutting costs and inventories, this final piece in the jigsaw continues to elude them. So I thought it would be interesting to list a couple of soundbites from chairman and CEO Millard Drexler, speaking to analysts yesterday after the release of J Crew's second quarter results.

There’s definitely a theme: give customers what they want, not what you think they want. Other retailers take note.

“There is nothing like a good old fashioned recession to make you run a better business.”
 
“We are relentless day in and day out in pursuing what matters most to our customers. We want to be known for the best selection, assortment, product and merchandise.”

“It is apparent to us that customers in this environment and almost any environment but this environment in particular are looking more and more for unique products they connect with emotionally while also offering a compelling value.”

“Once you are in the markdown business and you try to get back to a regular price business, it takes decades.”

“This is not about a cutting cost quarter. It is about a building a product quarter, and I find it interesting as you look at the business there is just so far you go in shaving costs.”

“It ain’t inventory that drives profit; it’s the right inventory that drives profit. 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.”


BLOG

Act now to keep receiving just-style newsletters

You may have noticed a red alert bar at the top of just-style’s weekly and daily newsletters asking you to “Act now to keep receiving the just-style newsletter.” ...

BLOG

Apparel imports into the US rose in June

Apparel imports into the US rose in June as merchants stocked up for summer and prepared for the back-to-school season, with imports from Vietnam continuing to surge....

BLOG

US retailers under pressure to grow sales as mall traffic slows

Under Armour is to close stores and cut jobs – around 2% of the company's global workforce – as part of new plans to build a stronger and smarter company with faster go-to-market speed and greater dig...

BLOG

Agile logistics key to new hybrid retail world

US retail giant Walmart has topped a list of the fastest growing retailers thanks to its investment in ensuring it has the right balance between its online and brick and mortar operations....

just-style homepage



Forgot your password?