J. Crew Chief Executive Officer James Brett will step down effective immediately, the retailer said on Saturday in a press release.
At issue, apparently, was Brett’s turnaround plan. “Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a more expansive, more inclusive fashion concept,” he said in a statement. “However, despite the recent brand relaunch already showing positive results, the Board and I were unable to bridge our beliefs on how to continue to evolve all aspects of the Company.”
Brett arrived in June 2017 from West Elm to take over from longtime CEO Mickey Drexler, who remains on the board.
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There was a lot on Brett’s plate when he arrived at the apparel retailer a little over a year ago. For years J. Crew struggled with quality, fit and style issues that were driving away longtime fans, at the same time that its private equity owners piled on debt.
The company has been working to swiftly grow its Madewell brand, a Drexler brainchild, because it does so much better than its flagship. Sales had steadied…