"I think the key to success is vision that adjusts on the way, but doesn’t at all falter. It's about not compromising and following your gut to a certain degree, based on knowledge, instinct, etc. And not listing to the naysayers.... You develop strength through adversity. You have to keep moving towards your goal through huge obstacles. It’s not easy. Especially a business like this where there are so many moving parts. You have to build a good team and know who’s good and not good and you have to keep raising the bar on your life. For me it’s always, 'I have to get up and do a little better today and go to work to learn.'"
Mickey Drexler in Talks to Take J.Crew Private
J.Crew CEO Mickey Drexler is working with two investment firms to take the company private, according to the New York Times' blog DealBook. This means that if the deal does indeed go through, J.Crew will be removed from the stock market and all public shareholders will be bought out. Generally, with buyouts like this, the idea is to fix the business out of public scrutiny. And eventually either sell it to someone else or take it public again. Why might J.Crew want to do this if it's thought as the leading specialty retailer in the US, if not the world? We shop there, you shop there--who doesn't think it's a brilliant store? Well, despite a transformation in recent years, thanks to Drexler and protege Jenna Lyons, sales have been slower in 2010, dropping for the last two fiscal quarters. Separately, we've heard from sources within the company that while men's sales have continued to rise at a rapid pace, women's have been stunted as of late. What does this mean for your shopping experience? Probably not much.