Fraying J.Crew snips away its top creative
The price for J.Crew’s continuing weak performance became known on Monday — longtime Creative Director Jenna Lyons is on the way out.
Lyons’ fashion sensibility has defined J.Crew for decades — but with same-store sales down 10 percent and 8 percent in 2016 and 2015, respectively, Chief Executive Mickey Drexler was forced to make a move.
Same-store sales were down 14 percent in the first seven weeks of the fiscal year, J.Crew said recently.
Lyons’ exit comes nine months before her contract expires, the company said on Monday.
The 26-year veteran will remain as creative adviser through the end of the year, relinquishing her positions as president and executive creative director.
“She has made many significant contributions to J.Crew,” Drexler said in a state- ment, adding that the company will not replace Lyons.
“We have taken important steps to improve our performance and are confident that the team in place will continue these efforts.”
Somsack Sikhounmuong, who had headed up the far more successful, casual Madewell brand, will assume Lyons’ duties as chief design officer effective immediately.
Owned by private equity investors TPG Capital and Leonard Green & Partners, J.Crew has $1.5 billion in debt and is on bankruptcy watch lists.
“It was time for a change,” said Craig Johnson, president of Customer Growth Partners, adding that “Lyons had lost touch with the customer.”
J.Crew’s popularity has dwindled with some customers in recent years as women have abandoned the pricey, tailored, more formal dress code J.Crew is known for.