J. Crew chief executive steps down despite successful relaunch
The chief executive of clothing brand J. Crew is stepping down after just 17 months in the role, the company said yesterday.
James Brett, who joined the retailer in July last year, will step down with immediate effect after reaching a mutual agreement with the board of directors.
Brett had been at the forefront of a brand relaunch, which saw the company reduce prices, introduce larger sizes and launch new products such as mashine-washable suits.
The company reported a one per cent increase in comparable sales in the second quarter this year after it had dropped eight per cent during the same period last year.
“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,” said Brett 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.”
J. Crew said Brett’s responsibilities will be taken on by an office of the chief executive, comprised of four of the company’s senior executives including president and chief operating officer Michael Nicholson.
The office will manage the company’s operations until a permanent management structure can be established, the company said.
“Jim's passion and experience brought new energy to J.Crew and enhanced our ability to relate to a broad range of consumers, and we thank him for his hard work and thoughtful contributions to position our company for long-term success,” the board said in a statement.
“Building on Jim's early progress, the leadership team remains committed to driving performance and results, as well as continuing to strengthen operations, enhance customer loyalty and extend brand reach.”