J.Crew Group, Inc. appoints James Brett as Chief Executive Officer

NEW YORK, 2017-Jun-06 — /EPR Retail News/ — J.Crew Group, Inc. (the “Company”) announced today (June 5, 2017) that it has named James Brett as Chief Executive Officer. Brett, an executive with more than 25 years of retail experience, most recently served as President of specialty home furnishing company West Elm. Brett will assume the CEO position this July and will also join the Company’s Board of Directors. Millard Drexler will continue in his role as Chairman. Michael J. Nicholson will remain as President, Chief Operating Officer and Chief Financial Officer of J.Crew Group, Inc. and Libby Wadle will remain as President of Madewell.

“This is an exciting time for J.Crew as we continue to make significant changes to position our company for long-term success,” said Mr. Drexler. “As Chairman and an owner of the Company, it is my responsibility to focus on the future of J.Crew and find the right leadership to execute on our strategic plans.”

Drexler continued, “Jim has a proven track record of pushing for innovation and growing omni-channel brands. I look forward to moving into my new role and assist Jim and the team in every way possible to help ensure a smooth and successful transition.”

Brett stated, “I’m honored to work with J.Crew’s talented team of leaders, board of directors and Mickey, who have built an iconic American brand. J.Crew has tremendous opportunity to play a more meaningful role in our lives, and I look forward to leading it through its next phase of growth.”

Mr. Brett most recently served as President of West Elm, a member of the Williams-Sonoma, Inc. portfolio, since 2010, where he oversaw all aspects of the brand. During his tenure, Brett grew West Elm to become a $1 billion global brand. Prior to West Elm, Mr. Brett was the Chief Merchandising Officer for the Urban Outfitters Division of Urban Outfitters, Inc. He has also served in various merchandising roles at other retailers including Anthropologie, the J.C. Penney Company, Inc. and May Department Stores Company.

About J.Crew Group, Inc. 

J.Crew Group, Inc. is an internationally recognized omni-channel retailer of women’s, men’s and children’s apparel, shoes and accessories. As of June 5, 2017 the Company operates 278 J.Crew retail stores, 116 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com, and 178 factory stores (including 39 J.Crew Mercantile stores). Certain product, press release and SEC filing information concerning the Company are available at the Company’s website www.jcrew.com.

Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes in the overall level of consumer spending or preferences in apparel, the performance of the Company’s products within the prevailing retail environment, trade restrictions, political or financial instability in countries where the Company’s goods are manufactured, postal rate increases, paper and printing costs, availability of suitable store locations at appropriate terms and other factors which are set forth in the Company’s Form 10-K and in all filings with the SEC made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Margot Fooshee
J.Crew
Margot.Fooshee@jcrew.com
(212) 209-8414

SOURCE: J.Crew Group, Inc.

J.Crew Group announces strategic changes across its organization

NEW YORK, 2017-May-25 — /EPR Retail News/ — J.Crew Group, Inc. (the “Company”) today announced several strategic changes across its organization to better position the Company for sustainable and profitable growth.

“Today’s retail environment is changing more rapidly than ever before. Customers demand greater speed to market, convenience and personalized shopping experiences” said J.Crew Chairman and CEO Millard Drexler.  “At J.Crew, we are embracing this change and making necessary adjustments to our business and teams to move us forward in a more efficient and dynamic way.”

As a part of the strategic reorganization:

  • Michael J. Nicholson, President, Chief Operating Officer and Chief Financial Officer of J.Crew Group, Inc. will additionally assume responsibility for the J.Crew Brand which includes the planning and allocation, merchandising, marketing and design functions.  Mr. Nicholson joined J.Crew in 2016 and has been instrumental in directing and driving J.Crew’s strategic evolution.  Mr. Nicholson has extensive experience across all aspects of retail and will continue to optimize operational excellence while leveraging the power of the iconic J.Crew brand.  He will continue to report to Millard Drexler, Chairman and CEO.
  • Lisa Greenwald has been named Chief Merchandising Officer of the J.Crew Brand.  In her new role, Ms. Greenwald will oversee merchandising across J.Crew women’s, men’s, and crewcuts.  Ms. Greenwald joined J.Crew in 2004 and has held various positions of increasing responsibility in both the J.Crew and Madewell merchandising organizations.  Most recently, Ms. Greenwald served as  Senior Vice President of Merchandising for Madewell where she leveraged her proven merchandising skills to build and grow the business.  Ms. Greenwald will now report to Mr. Nicholson.
  • J.Crew also recently announced that Somsack Sikhounmuong was named Chief Design Officer, effective April 5, 2017.  In this role, he oversees the women’s, men’s and crewcuts’ design teams. Mr. Sikhounmuong has been with J.Crew since 2001, serving in various senior design roles, and from 2013-2015 he was Head of Design for Madewell where he was a key contributor to the brand’s success.  Mr. Sikhounmuong will now report to Mr. Nicholson.
  • Libby Wadle has been named President of the Madewell Brand.  Most recently, Ms. Wadle served as President of the J.Crew Brand and joined the Company in 2004. Throughout her tenure, Ms. Wadle has held senior management roles across multiple functions of the business, including J.Crew Factory and Madewell. Ms. Wadle will continue to report to Millard Drexler, Chairman and CEO and is well positioned to lead the Madewell team into its next phase of growth.

“We have an incredibly talented team of passionate leaders and will further leverage their strengths and talents as we continue to focus on making critical improvements in our business,” said Drexler.

Additional organizational changes are also being made across the Company reflecting J.Crew’s commitment to long-term profitable growth while, at the same time, creating a more efficient, nimble and streamlined team structure. As part of the reorganization, J.Crew announced today that the Company will initiate a headcount reduction comprised of approximately 150 full-time and 100 open positions, primarily from its corporate headquarters. The Company expects to realize approximately $30 million of annualized pre-tax savings in connection with this reduction in force and will record a charge of approximately $10 million in the first quarter of fiscal 2017 for severance payments and other termination costs.

Drexler concluded, “We take these difficult decisions very seriously, but believe they are absolutely necessary.  We are streamlining our teams  as we evolve our business and processes to cater to the new demands of the retail industry.  While challenging, we know what needs to be done and this is a critical step to position J.Crew for the future.  We are committed to treating impacted associates with respect and support through this period of change.”

About J.Crew Group, Inc.
J.Crew Group, Inc. is an internationally recognized omni-channel retailer of women’s, men’s and children’s apparel, shoes and accessories. As of April 25, 2017 the Company operates 278 J.Crew retail stores, 115 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com, the Madewell catalog, and 179 factory stores (including 39 J.Crew Mercantile stores). Certain product, press release and SEC filing information concerning the Company are available at the Company’s website www.jcrew.com.

Forward-Looking Statements:
Certain statements herein, including the expected benefits from organizational changes and the reduction in force, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events, and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the Company’s substantial indebtedness and the indebtedness of its indirect parent, the retirement, repurchase or exchange of its indebtedness or the indebtedness of its indirect parent, its substantial lease obligations, its ability to anticipate and timely respond to changes in trends and consumer preferences, the strength of the global economy, declines in consumer spending or changes in seasonal consumer spending patterns, competitive market conditions, its ability to attract and retain key personnel,  its ability to successfully develop, launch and grow its newer concepts and execute on strategic initiatives, product offerings, sales channels and businesses, its ability to implement its growth strategy, material disruption to its information systems, its ability to implement its real estate strategy, adverse or unseasonable weather, interruptions in its foreign sourcing operations, and other factors which are set forth in the section entitled “Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K and in all filings with the SEC made subsequent to the filing of the Form 10-K. Because of the factors described above and the inherent uncertainty of predicting future events, the Company cautions you against relying on forward-looking statements. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
+1 434 385 5775

SOURCE: J. Crew Group, Inc.

J.Crew Group, Inc. announces strategic reorganization

NEW YORK, 2017-Apr-26 — /EPR Retail News/ — J.Crew Group, Inc. (the “Company”) today (April 25, 2017) announced several strategic changes across its organization to better position the Company for sustainable and profitable growth.

“Today’s retail environment is changing more rapidly than ever before. Customers demand greater speed to market, convenience and personalized shopping experiences” said J.Crew Chairman and CEO Millard Drexler.  “At J.Crew, we are embracing this change and making necessary adjustments to our business and teams to move us forward in a more efficient and dynamic way.”

As a part of the strategic reorganization:

  • Michael J. Nicholson, President, Chief Operating Officer and Chief Financial Officer of J.Crew Group, Inc. will additionally assume responsibility for the J.Crew Brand which includes the planning and allocation, merchandising, marketing and design functions.  Mr. Nicholson joined J.Crew in 2016 and has been instrumental in directing and driving J.Crew’s strategic evolution.  Mr. Nicholson has extensive experience across all aspects of retail and will continue to optimize operational excellence while leveraging the power of the iconic J.Crew brand.  He will continue to report to Millard Drexler, Chairman and CEO.
  • Lisa Greenwald has been named Chief Merchandising Officer of the J.Crew Brand.  In her new role, Ms. Greenwald will oversee merchandising across J.Crew women’s, men’s, and crewcuts.  Ms. Greenwald joined J.Crew in 2004 and has held various positions of increasing responsibility in both the J.Crew and Madewell merchandising organizations.  Most recently, Ms. Greenwald served as  Senior Vice President of Merchandising for Madewell where she leveraged her proven merchandising skills to build and grow the business.  Ms. Greenwald will now report to Mr. Nicholson.
  • J.Crew also recently announced that Somsack Sikhounmuong was named Chief Design Officer, effective April 5, 2017.  In this role, he oversees the women’s, men’s and crewcuts’ design teams. Mr. Sikhounmuong has been with J.Crew since 2001, serving in various senior design roles, and from 2013-2015 he was Head of Design for Madewell where he was a key contributor to the brand’s success.  Mr. Sikhounmuong will now report to Mr. Nicholson.
  • Libby Wadle has been named President of the Madewell Brand.  Most recently, Ms. Wadle served as President of the J.Crew Brand and joined the Company in 2004. Throughout her tenure, Ms. Wadle has held senior management roles across multiple functions of the business, including J.Crew Factory and Madewell. Ms. Wadle will continue to report to Millard Drexler, Chairman and CEO and is well positioned to lead the Madewell team into its next phase of growth.

“We have an incredibly talented team of passionate leaders and will further leverage their strengths and talents as we continue to focus on making critical improvements in our business,” said Drexler.

Additional organizational changes are also being made across the Company reflecting J.Crew’s commitment to long-term profitable growth while, at the same time, creating a more efficient, nimble and streamlined team structure. As part of the reorganization, J.Crew announced today that the Company will initiate a headcount reduction comprised of approximately 150 full-time and 100 open positions, primarily from its corporate headquarters. The Company expects to realize approximately $30 million of annualized pre-tax savings in connection with this reduction in force and will record a charge of approximately $10 million in the first quarter of fiscal 2017 for severance payments and other termination costs.

Drexler concluded, “We take these difficult decisions very seriously, but believe they are absolutely necessary.  We are streamlining our teams  as we evolve our business and processes to cater to the new demands of the retail industry.  While challenging, we know what needs to be done and this is a critical step to position J.Crew for the future.  We are committed to treating impacted associates with respect and support through this period of change.”

About J.Crew Group, Inc.
J.Crew Group, Inc. is an internationally recognized omni-channel retailer of women’s, men’s and children’s apparel, shoes and accessories. As of April 25, 2017 the Company operates 278 J.Crew retail stores, 115 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com, the Madewell catalog, and 179 factory stores (including 39 J.Crew Mercantile stores). Certain product, press release and SEC filing information concerning the Company are available at the Company’s website www.jcrew.com.

Forward-Looking Statements:
Certain statements herein, including the expected benefits from organizational changes and the reduction in force, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events, and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the Company’s substantial indebtedness and the indebtedness of its indirect parent, the retirement, repurchase or exchange of its indebtedness or the indebtedness of its indirect parent, its substantial lease obligations, its ability to anticipate and timely respond to changes in trends and consumer preferences, the strength of the global economy, declines in consumer spending or changes in seasonal consumer spending patterns, competitive market conditions, its ability to attract and retain key personnel,  its ability to successfully develop, launch and grow its newer concepts and execute on strategic initiatives, product offerings, sales channels and businesses, its ability to implement its growth strategy, material disruption to its information systems, its ability to implement its real estate strategy, adverse or unseasonable weather, interruptions in its foreign sourcing operations, and other factors which are set forth in the section entitled “Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K and in all filings with the SEC made subsequent to the filing of the Form 10-K. Because of the factors described above and the inherent uncertainty of predicting future events, the Company cautions you against relying on forward-looking statements. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Allison Malkin
Integrated Corporate Relations
Email: 
Phone: 203.682.8200

SOURCE: J. Crew Group, Inc.

J.Crew Group President and Executive Creative Director Jenna Lyons to leave the company

NEW YORK, 2017-Apr-05 — /EPR Retail News/ — J.Crew Group, Inc. (the “Company”) announced today (April 3, 2017) that Jenna Lyons, President and Executive Creative Director, will be leaving the Company.  Ms. Lyons will remain with J.Crew as a creative advisor until the end of her current contract, which expires in December 2017.

Ms. Lyons has been with J.Crew for 26 years and has served as President and Executive Creative Director since 2012.  Prior to 2012, Ms. Lyons held various design positions across the organization.  J.Crew will not be replacing Ms. Lyons. Her current responsibilities, which include the oversight of all product design, visual and brand presentation, will be transitioned to other members of the J.Crew executive team.

Somsack Sikhounmuong, currently Head of Women’s Design, will be promoted to Chief Design Officer which will include the oversight of the women’s, men’s and crewcuts design teams, effective immediately. Mr. Sikhounmuong has been with J.Crew since 2001, in senior design roles, and from 2013-2015 served as Head of Design for Madewell where he was a key contributor to the brand’s success.  Mr. Sikhounmuong will report directly to Millard Drexler, Chairman and CEO.

Mr. Drexler stated, “It has been an absolute pleasure to work with Jenna as my trusted partner for the past 14 years.  She has made many significant contributions to J.Crew and has built an incredibly talented team.  J.Crew is focused on continuing the progress underway as we execute on our strategic initiatives and position the Company for the long term.  We have taken important steps to improve our performance and are confident that the team in place will continue these efforts.”

Drexler continued, “Somsack and our design teams have a deep understanding of the aesthetic and style our customers rely on J.Crew to deliver, with a proven track record of driving creative vision in-line with our brand DNA.  We are excited to extend Somsack’s vision across all design categories and look forward to the team’s contributions.  As always, delivering the very best product, value and brand experience across channels is our top priority.  We look forward to this next chapter and thank Jenna for her continued dedication to our team and passion for our brand.”

Ms. Lyons stated, “It has been beyond my wildest dreams to work with such an amazing team of people at such an incredible brand and alongside Mickey — one of retail’s most talented visionaries.  I am excited about the next chapter for J.Crew as well as the opportunity for other creative leaders within the organization to step up and take on new responsibilities. Having spent the better part of my life with J.Crew, I feel an immense pride and love for everyone at the Company as well as for our loyal J.Crew customers.  I look forward to supporting our team through this natural transition.”

J.Crew continues to make meaningful and strategic changes across the organization to better position it for future growth.  The Company has been strengthening its operations to be able to move more quickly to address today’s fast changing world, focusing on sales productivity with new merchandising and marketing initiatives, which are expected to enhance customer loyalty and extend brand reach.  Several other key operational initiatives are underway to position the Company to optimize its global sourcing and supply chain, with continued reviews of all aspects of the business to drive further efficiencies in the year ahead.

About J.Crew Group, Inc.

J.Crew Group, Inc. is an internationally recognized omni-channel retailer of women’s, men’s and children’s apparel, shoes and accessories. As of March 21, 2017, the Company operates 281 J.Crew retail stores, 113 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com, the Madewell catalog, and 180 factory stores (including 39 J.Crew Mercantile stores). Certain product, press release and SEC filing information concerning the Company are available at the Company’s website www.jcrew.com.

Forward-Looking Statements:

Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations.  Any such forward-looking statements are subject to various risks and uncertainties that are set forth in the Company’s Form 10-K and in all filings made with the SEC made by the Company subsequent to the filing of the Form 10-K.  The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Tel: +1 434 385 5775
Email: help@jcrew.com

SOURCE: J. Crew Group, Inc.

Nordstrom to sell edited J.Crew collection at select full-line stores and at Nordstrom.com

NEW YORK, 2016-Aug-31 — /EPR Retail News/ —  J.Crew Group, Inc. (jcrew.com) announces that Nordstrom (NYSE: JWN) will sell an edited assortment of the J.Crew collection at select Nordstrom full-line stores and at Nordstrom.com beginning September 12th. The assortment will include women’s apparel, accessories and petites (online only).

J.Crew Group’s Madewell has successfully been partnering with Nordstrom since 2015. Based on the strong customer response, Madewell expanded into 20 new locations in July and is now available at a total of 76 Nordstrom locations and at Nordstrom.com. Nordstrom is the only store to sell J.Crew and Madewell products outside of their own retail stores in the United States.

“We know our customers love J.Crew and we’re excited to be offering this coveted brand in our stores and online. Partnering with quality brands like J.Crew that have exclusive distribution is part of our long-term strategic agenda,” said Pete Nordstrom, co-president.

Millard Drexler, J.Crew’s chairman and CEO, said, “This was an easy decision. Nordstrom is the perfect partner because we both share the same high standards of customer service and store experience. Additionally, we are known for exceptional design, quality and style, which we know will appeal to the Nordstrom customer.”

The women’s fall 2016 assortment will feature signature J.Crew styles, including iconic classics such as their famous Regent and Rhodes blazers, Italian cashmere, outerwear and their famous Martie pants, to name a few. The pieces will be merchandised and presented in the signature J.Crew way: pattern mixing (like prints with stripes), quirky styling and bright colors, with a fun assortment of accessories for the finishing touch.

The 16 Nordstrom store locations where the women’s assortment will be carried are:

  • Downtown Seattle (Seattle, Wash.)
  • Bellevue Square (Bellevue, Wash.)
  • Washington Square (Tigard, Ore.)
  • Michigan Avenue (Chicago, Ill.)
  • Oakbrook Center (Oak Brook, Ill.)
  • Somerset Collection (Troy, Mich.)
  • Scottsdale Fashion Square (Scottsdale, Ariz.)
  • NorthPark Center (Dallas, Texas)
  • Houston Galleria (Houston, Texas)
  • Barton Creek Square (Austin, Texas)
  • Domain Northside (Austin, Texas – opening September 30th)
  • Tysons Corner Center, (McLean, Va.)
  • The Plaza at King of Prussia (King of Prussia, Pa.)
  • South Coast Plaza (Costa Mesa, Calif.)
  • The Mall at Short Hills (Short Hills, N.J.)
  • The Mall at Green Hills (Nashville, Tenn.)

About J.Crew Group, Inc.
J.Crew Group, Inc. is an internationally recognized omni-channel retailer of women’s, men’s and children’s apparel, shoes and accessories. As of August 17, 2016, the Company operates 287 J.Crew retail stores, 107 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew Style Guide, madewell.com, the Madewell catalog and 170 J.Crew Factory stores (including 19 J.Crew Mercantile stores). Certain product, press release and SEC filing information concerning the Company is available at the Company’s website, jcrew.com.

ABOUT NORDSTROM:
Nordstrom, Inc. is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 333 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 204 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com and HauteLook. The company also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its five clubhouses. Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the symbol JWN.

MEDIA CONTACTS:
Jessica Canfield
Nordstrom, Inc.
(206) 303-4250
Jessica.Canfield@nordstrom.com

Marty Koshman
The Ottawa Train Yards Inc.
(613) 723-7490 X 124
MKoshman@controlex.ca

SOURCE: Nordstrom, Inc.