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Restructuring / Turnaround Strategies Case Study
Case Title:
Millard Drexler: Turning Around J. Crew Inc.
Publication Year : 2005
Authors: Gayatri, Phani Madhav
Industry: Home Appliances and Personal Care Products
Region:USA
Case Code: RTS0039
Teaching Note: Not Available
Structured Assignment: Not Available
Abstract:
Millard Drexler took over as the Chief Executive Officer of J Crew Inc. in 2003, amidst a declining market share and quality of merchandise at the stores. After he took over, Drexler withdrew all non-J.Crew merchandise from the stores and focused on repositioning the brand, targeting 25-45 year olds, instead of teenagers. A premium pricing strategy was employed, which was considered a bold move in the midst of the gloomy situation. For the fourth quarter of 2004, the store sales of J Crew Increased by 17% and operating income rose to $20 million from $1 million in the last quarter of 2003.
Pedagogical Objectives:
- To discuss the reasons for the decline in sales of J. Crew
- To discuss the turnaround strategies adopted by Millard Drexler to revive the store sales.
Keywords : J Crew Inc.; Millard Drexler; Premium pricing strategy; Conservative inventory management; Restructuring / Turnaround Strategies Case Study; Speciality retailing; GAP Inc.; Turnaround strategies
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