In a new interview with Bloomberg TV's Inbusiness with Margaret Brennan, J.Crew's charismatic CEO, Mickey Drexler discusses the brand's recent acquisition by private equity firms, as well as the potential that Jenna Lyons would succeed him at the helm.
Despite the litigation around the sale, Drexler insists he'd do the same thing again if given the chance: "I would do it the same way ... I sleep well at night. People write things. It's the way of America. I expected it. It is what it is. I can't blame anyone."
In discussing the state of the business, Drexler admits "it's not the high tide right now" in terms of retail sales, though he did tell Bloomberg TV that he won't be changing sourcing in the face of rising cotton prices, for example. Instead, Drexler said the brand will "[raise] certain prices where we feel we can afford to raise them."
While Drexler may be known as "the merchant prince" when it comes to retail, he has in the business for decades, so it stands to reason that some wonder who will run the company once he leaves. While Drexler told Bloomberg TV that he "can't speculate" on a successor, when the possibility was raised that Jenna Lyons could succeed him, Drexler quipped: "Well how could you say no, right? I mean, I don't know if she's going to be watching this or not, but sure."
