Crew. Mickey Drexler, Former Gap and J.Crew Boss, Is Running a Fashion Brand Again At 76, he's taking over Alex Mill, a clothing brand his son started; 'I never want to retire' Mickey Drexler is. Millard "Mickey" S. Drexler(born August 17, 1944) is an American businessman and investor, currently CEO of Alex Mill, and head of Drexler Ventures. Lyons was promoted from designer to creative director. Ive been buying these clear frame glasses from Selima for maybe 20 years. With the threat of a recession looming, the new year brings about a slew of challenges for retailers but not all is gloomy. Topics covered: e-commerce, payment technology, IT, in-store tech, cyber security, and more. What was once a low-priced, American, dressy-casual brand became more an upscale, dressy-vintage American brand with "frills included". Having someone with a rsum like Mickey Drexler's onboard isn't the norm for most startups, but Mickey Drexler doesn't generally follow the norm. They knew that getting dressed could be so much easier and so much better if they could combine the right styles + the best fabrics + meticulous attention to detail + a lot of fun. His father was in the garment business, while his mother was a secretary. Website: Biographyscoop.com His marketing campaign at Gap on khakis is still widely remembered as one of the best ever in the industry, and he is rightly referred to as the Prince of Merchants. However, what worked in the past few decades will no longer work today. "J. The brand launched its first womens shoe last autumn, aladylike velvet flat, and will continue to add cold-weather items and other pieces that go beyond thewardrobe staples Alex Mill started with. Mr. Drexler bought the Madewell name for $125,000 in 2003, he said, agreeing later to lease it to the J. And then Gaps quality got traded down to Old Navy. The three of them got together and decided to join forces. Crew even going public in 2020. Crew, it was the Mickey and Jenna show, and Mickey said that the reason they werent doing well is that they picked the wrong cardigan, Mark Cohen, director of Retail Studies at Columbia Business Schooland former CEO of Sears Canada, told Retail Dive. But ideas come from anywhere. Drexler stayed on as CEO until September 26, 2002, when Paul Pressler was named as his successor. In addition to the architecture, the location and the views, the Levits said they were struck by the attention to detail, down to the homes own stationery emblazoned with its moniker "Ski House.". While he started Old Navy and the children's line at Gap, he did not personally own them. All of these issues discounting, changing consumer dynamics, missed fashion moments are the result of top-down decisions, which means the question of what went wrong is both incredibly simple and remarkably intractable. Deep Hollow Ranch Finds Buyer For $8 Million - 27 East Rollneck Sweaters and 'The Delicate Brine of a Clambake' - Age Mickey Drexler, founder of Madewell, in its Fifth Avenue flagship store. He later went on to study at theCity College of New York, andthe University at Buffalo. Mickey Drexler Story - Bio, Facts, Home, Family, Net Worth | Famous Sign up for Alex Mill news and receive10% off your first purchase. Under Drexlers leadership, the company made a significant transition to private label brand items and quickly developed to become an iconic aspect of 1990s pop culture, with slogans like khakis, basics, and casual Fridays. The comfortable American casual image that typified the Gap brand was shown in television commercials utilizing tunes like Mellow Yellow and Dress You Up in My Love.. "The J. He also has an MBAdegree fromthe Boston University Graduate School of Management. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. To bring you not just any clothes, but the right clothes. Crew faced a perfect storm as it was beginning to go upscale in 2011 and 2012, Manik Aryapadi, principal in the retail practice of A.T. Kearney, a global strategy and management consulting firm, told Retail Dive, explaining that the company was blindsided by three main factors: evolving consumer shopping trends; the lingering effects of the recession; and the rise of athleisure. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Fast-forward 20 years, and you have something similar happening with Madewell. He keeps a white board in one corner of the room scrawled with business ideas and inspirational phrases. This problem was further exacerbated by J. Crews erratic pricing strategy, with uneven promotions and discounts that further devalued their brand in the eyes of the consumer., Then too, the company missed the mark on athleisure and the casualization of the office place. As with the leashes, I like local-ish places. Often credited duly with Gap's charismatic and powerful rise during the 1990s, Drexler led the company to a dramatic shift to a private brand merchandise and rapidly grew to become an iconic component of the pop culture of the 90s era. He declined to comment. These companies were meant to be disruptors to the industry. Leverage is at 11 times today, and in the current retail environment we think J. Actually good deals, smart shopping advice, and exclusive discounts. It has begun shipping online orders globally and is also embarking on a collaborative exchange with the Paris menswear brand Brut. We bought it for the stores, and frankly, we didnt sell much. Doesnt it?, A brunette walked by in a long jacket and knee-high boots, a pair of sunglasses perched atop her short bob. These ones that Im wearing now have some teeth marks. And he travels by private plane. Understandably, Alex Drexler resisted joining the industry over which his father looms large, first considering law school or a career as an FBI agent. Drexler first listed the home for $29.95 million in 2016. While once powerful, Drexlers strategy is being replaced by a new way of retailing, one that requires CEOs to leverage technology to bring brands into the modern era. In 2006, Madewell opened its first store for women in Dallas, and Mr. Drexler soon retooled the brands tomboy image. Drexler, who was known as the "the merchant prince" at the time, had been responsible for transforming Ann Taylor and Gap before he took up the role of CEO of J. Amazon invented retail AI that you buy from them. The red brick property, at 464 Greenwich St., was built in 1892 by Hugh Getty for a wholesale coffee and tea merchant named Samuel Crooks. Mickey played a car wash customer and also said his scene took nine takes to finalize the shot. Its brewed in my refrigerator, then I bring it to the office and add ice there. The company's creative director, Somsack Sikhounmuong . [15], Drexler has made a guest appearance in an episode of the AMC drama Breaking Bad called Confessions, in which he plays a car wash customer. At Alex Mill, however, his lifelong journey of purveying the modern American uniform is a family matter and, for the first time, free from the control of the boards of directors and private equity bigwigs with which he butted heads in the past. Crew is countersuing to establish the legitimacy of the move, to clear the way to get the debt swap done. [4][6], In the mid-1970s, Drexler was a merchandising vice-president at Abraham & Straus in Brooklyn, New York. While Mrs. Levit said their Sun Valley purchase was not motivated by the pandemic, the area, like many vacation destinations, has benefited from the dramatic shifts in luxury housing demand that have been spurred by the virus, Mr. Jones said. J. Alex Mill Easy Ruffle Shirt, $115. I used to know Larry quite well from Marthas Vineyard, and thats him in real life. And his father, Charles, Mr. Drexler said, built up what I called a class system in my growing-up years. Last edited on 27 February 2023, at 04:48, "Outdoor Voices Names Mickey Drexler Chairman of Its Board of Directors", "Millard Drexler Retires as Chairman of J.Crew Group, Inc", "Millard 'Mickey' Drexler Talks Price, Creativity, Career", "Mickey Drexler Has A Crucial Quality That Most Executives Have Lost", "The Apple board member who helped design its retail stores is retiring", "Meet The Guy Who Saved Ann Taylor, Made Gap Cool And Put J. But I now have multiples in different colors from 15 years ago, and to this day, when I check into a hotel, the bellmen always say, I love your luggage. They get beat up like every other piece of luggage gets beat up, but theyre cool and beautiful even then. He thinks its everyones responsibility. Jenna is confident and cool and human and comfortable with herself and gives him the credibility he needs to be on fire.. Before television advertisements and campaigns, Gap had been a relatively small chain retailer. The final sales price is not yet known.. The J.Crew Group, a New York City-based apparel and accessory company, was started in 1983 with the introduction of its catalog and expanded into brick-and-mortar retailing in 1989 with the opening of its first store at the South Street Seaport. When you grow up with that, I think it has an important impact on your world, he said. The name was unused when he bought it, having once belonged to a maker of heavy-duty work pants and jackets that originated in 1937 in New Bedford, Mass., now disbanded. Drexlers real estate over the years includes holdings in New York City, the Hamptons he once owned Andy Warhols Montauk compound and is now in Amagansett as well as in Miami Beach. Crew quality went down, the prices went up and J. Mickey describes Alex Mill as being in its infant stage but with the kind of growth potential that has himdreaming of one day opening as many as 40 stores in the best places in America. Some kind of debt transaction needs to happen to make the capital structure sustainable. Crew design director Somsack Sikhounmuong . At Madewell, Mickey Drexler's Third Act - The New York Times Crew Group in 2003 was worth about $350 million when investors took the company private in 2011, he said. and she and her daughter toured . Today, Alexs title is just founder, though his role includes something like chief marketing officer, focusing on Alex Mills brand identity and community, as well as on special projects like collaborations and other operational elements. Things you buy through our links may earn usa commission. (Mickey is the founder of Old Navy and Madewell . Fall 2017 and performance in 2018 are pivotal in determining what happens, he said. I love to work, and I love the business and I always have unfinished business. A quote from the photographer William Eggleston I am at war with the obvious was changed to read, WE are at war with the obvious.. Former J.Crew chief Mickey Drexlerwho in 2017 spent over $26 million on adjacent waterfront properties on one of Miami Beach's most exclusive streetsis expanding again, snagging a neighbor . Drexlers underestimation of Amazon and the lessons that could be could gleaned from its business model wasnt his biggest shortcoming, certainly, but it was one of his most impactful mistakes. $13. In just five years, the Instagram-friendly athletic apparel company that she . Suzanne Devitt Levit, who purchased the property with her husband Carson Levit, said she likes the interiors. Things you buy through our links may earnus a commission. Not a successor in picking sweaters, but a successor in modern thinking. Drexler goes out five days a week to a coffee-shop breakfast with his daughter . We look at every product that goesin. Its not Tom Ford. He later received an MBA. Mr. Drexler says he has been thinking about Madewell ever since he was ousted from the Gap but knew it would be difficult to go it alone. Frank and opinionated, he frequently digresses into detailed stories from his colourful career, with a sharp memory for names and numbers. And then Gap's quality got. Madewell, which plans to add 15 stores this year. Hagen-Dazs is great, but its a big, national company. Mickey Drexler | BoF 500 | The People Shaping the Global Fashion Industry The movie producer Harvey Weinstein called asking about a dinner Mr. Drexler was asked to chair. And you would think that catalog would translate to online really well, but it doesnt, and Im not sure why., It's not necessarily what consumers are buying, but how they are doing so, and the internet is changing everything, Peterson said. from Boston University. Thats where Jenna Lyons came in. Mickey Drexler - Wikipedia Crew agreed to invest an initial $7 million in capital, the brand was absorbed into the J. Hed recently fallen on his sword in an interview with The Wall Street Journalat the end of May, when the 72-year-old admitted he hadnt anticipated the changes technology would wreak on retail while again insisting the company would return to fashion basics. At The Gap he created Old Navy, and it was fabulous, and then somehow it started to compete with The Gap. Former J.Crew chief Mickey Drexler has sold his Ketchum, Idaho, home and two adjacent lots for $11 million, according to people familiar with the transaction. For non-personal use or to order multiple copies, please contact The leather leads make a huge difference compared to the nylon; Theyre more comfortable, and you dont ever have to replace them. However, Drexlers association with Gap ended in 2002, following an abrupt dismissal by Donald Fisher, the Gap founder. The couple has a son Alex Drexler, who is also a businessman and the co-founder of the clothing brand Alex Mill. And its delicious. With the rise of technology, such as smartphones and smart assistants, as well as supply chain advancements such as next day delivery, the entire nature of buying and selling changed dramatically, whereas Drexlers approach did not. All property prices are as stated by the listing agent. Crew, told Retail Dive. Mickey Drexler is a businessman and investor from the United States who is now the CEO of Alex Mill and the founder of Drexler Ventures. Drexler was enraged by his dismissal, but it was vindicated when sales increased one month later. [Jeff] Bezos is the greatest merchant of this century so far. [9] Television advertisements featuring songs such as "Mellow Yellow" and "Dress You Up in My Love" showcased the relaxed American casual look that defined the Gap brand. Yet for all the litigation and hand-wringing, the money problem could be somewhat ameliorated if incoming CEO Brett can inspire real confidence from J. Crews lenders. As the retailer searches for the right way to pivot its business, technology and merchandising will be critical pieces, but the real key, according to Cohen, will be finding a way to connect with customers. Distribution and use of this material are governed by The founder, Bobby, has a very good taste level. But he eventually realised that fashion was in his blood, he says after a walk-through of Alex Mills cosy open-plan office above Lafayette Street, newly expanded to accommodate the growing team. There should have been someone talking to Drexler about mass customization instead of opening up new stores," Peterson said. Ralph Lauren clearly didnt let Stefan Larsson do it. Its not good enough. You know, someone said to me last week when I was talking about something, and they asked, What do you have to prove? I wish I could answer that., Mr. Drexler shares an office with three assistants who sit behind low-walled open cubicles across from a large conference table with a telephone, loudspeaker and a MacBook Air where Mr. Drexler works. Crew offered its unsecured lenders (that own the piece of debt due in 2019) the option to swap into a smaller but more attractive piece of debt due in 2021, which would be backed by intellectual property rights to the J. So in 2012, Alex Drexler launched Alex Mill from a tiny shop on Elizabeth Street,where the shirts soon developed a cult following. But as macroeconomic pressures intensify and capital gets harder to find, they may be put to their biggest test. "This is our first-ever billion-dollar year," he added. In 2020, it released a pyjama collection with Jimmy Fallon and created a limited-edition shirt with Joanna Goddard, founder of the blog Cup of Jo, to the same effect. Chairman and CEO of J. (He added that he invested $100 million of that back into the company. At least not right away. Somsack Sikhounmuong, Alex Mills co-founder and its design director, says Alex has an eye or an instinct that one will only have having been around it this long. J. I love to work, and I love the business and I always have unfinished business. This copy is for your personal, non-commercial use only. Drexler wanted to reinvent the J.Crew brand as a true premium boutique, using Gap-style methods. A trust headed by Millard "Mickey" S. Drexler, the fomer CEO of both J Crew Group and Gap, paid $16.5 million for a waterfront mansion in Miami Beach. Drexler, who stepped down as J. It is meant only as an approximation based on the latest information available and should not be relied upon for any other purposes. Change of Heart? Mickey Drexler Pulls TriBeCa Home From the Market Only Expanding into more accessories is also on the horizon. 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Mickey first introduced Alex to Sikhounmuong, a talented designer who had recently left J Crew and Madewell after 16 years with the business. However, if things dont go according to plan, there is a good chance that key brands will be spun off.. Millard "Mickey" S. Drexler (born August 17, 1944) is an American businessman and investor, currently CEO of Alex Mill, and head of Drexler Ventures. [12], The J.Crew Group, an American clothing and accessories retailer based in New York City, was founded in 1983 with the launch of its catalog and expanded into brick-and-mortar retailing in 1989 with its first store at the South Street Seaport in New York City. [10][11], On May 22, 2002, however due to a sales slump and ballooning debt, plus his management style which clashed with the Fisher family, Drexler was abruptly forced to announce his retirement by Gap founder Donald Fisher. He says he has been advised to raise Alex Mills prices but is set against it, because it can often require promotions to move products. Facebook: thebiographyscoop Drexler was bitter about his ouster but it was validated when sales rebounded one month after his departure. He has an estimated net worth of $200 Million. It all began with a mission to make the perfect shirt. Crew is unlikely to get enough earnings growth to bring it down to a more sustainable 6 to 7 times., Even if earnings grow by 20% or 30% over the next few years, theres still too much debt., VP and senior analyst at Moodys Investors Service. From Penta:Christies Is Auctioning Seven Works to Benefit Storm King Art Center. Realistically, it takes two years at warp speed to fix a broken business. Applying similar strategies from Gap, Drexler sought to reposition the J.Crew brand as a truly upscale boutique. People like consistency. March 10, 2020. Crew back on track, they would let him tackle Madewell. Gap had been a modest business selling private and public brands prior to his engagement. 87990cbe856818d5eddac44c7b1cdeb8, Continue reading your article witha WSJ subscription, Already a subscriber? Former J. Crew CEO Mickey Drexler Sells Idaho Home for $11 Million Topics covered: Retail advertising, social media, analytics, personalization, search, video, and more. I actually gave it a lot of thought, because its like plastic surgery your glasses are a part of your face. Later, he earned a masters degree in business administration from Boston University. Two months later, when Drexler announced that he was stepping down as CEOand former West Elm CEO James Brett would take his place mid-July, the fashion industry was both surprised and unfazed. Crew In The White House", "Gap, Inc. - Falling into the Gap, New Stores, New Leader", "VIDEO: Mickey Drexler, Chairman and CEO of J.Crew, on Leading the Clothing Retail Giant - Ladybrille Magazine", "These companies are closing locations in 2020", "Mickey Drexler Makes Cameo on 'Breaking Bad', J.Crew's Mickey Drexler Responds to the J.Crew Aficionada Blog, An Email to Mickey Drexler from JCrewAholics, https://en.wikipedia.org/w/index.php?title=Mickey_Drexler&oldid=1141855192, This page was last edited on 27 February 2023, at 04:48. [1] He was formerly the CEO and chairman of J.Crew Group,[2] as well as the CEO of Gap Inc.[3], Born to Jewish parents in the Bronx, his mother died when he was 16. However, Drexler was abruptly sacked by Fisher in 2002. 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