Mickey Drexler Says J.Crew Will Not IPO in the 'Near Future'

But he does say the company is open to it -- and to being acquired.
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Dhani Mau
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But he does say the company is open to it -- and to being acquired.
J.Crew's fall 2014 presentation at New York Fashion Week. Photo: Brian Ach/Getty

J.Crew's fall 2014 presentation at New York Fashion Week. Photo: Brian Ach/Getty

Rumors have been swirling for quite some time now that J.Crew is looking to either sell or go public with an initial public offering. Earlier this year, there were reports that the company was interviewing banks about a public offering, and that it was in talks with Japan's Fast Retailing about an acquisition. However, J.Crew has yet to confirm or deny that it has even been considering such financial deals, until now.

CEO Mickey Drexler, without being very specific, confirmed to Bloomberg that an IPO or sale is possible. “Partners always like to see their return of investment, so down the road, we will entertain at some point, either selling or going public,” he said, adding that the company would entertain "good offers," but that “Nothing is imminent and in the near future for us.”

Drexler says the company is taking things slow following a less than stellar (but still respectable) fourth quarter, during which sales were up to 7 percent to $686 million. This steady approach will also be applied to expansion, said Drexler, who is currently in Hong Kong, where J.Crew is opening its first two Asian stores. He will soon head to Paris to scout for the retailer's first location in continental Europe.