Almost half the time when I post about retail, I’m posting about JCrew (JCG) and its CEO Millard Drexler, because he is just that adroit at inserting his wingtip loafers into his maw.
Anyway, it seems like you guys didn’t feel like dropping a whole lot of money in JCrew stores in the last few months. And you know what, he’s embarrassed for you:
“Fourth quarter was how low can it go,” said Millard Drexler, CEO of J. Crew Group Inc., on a conference call with analysts last month. “And it was almost embarrassing what a lot of us were selling goods for. But, I think we’ve gotten over that hump.”
But no. Mickey is not going to do anything to make you feel better about it. He will not be providing Italian-milled paper bags in a rainbow of Easter-egg hues under which you can hide your face when you shop their $19.99 rack. Because, much like Homie the clown, Mickey don’t play that:
“The customer is smart,” Drexler said. “They’re quick, and frankly, the game and the hobby now is to spend less than more on everything you’re buying.”
8% unemployment? Mirage. Pay freezes, pay cuts, rising costs of insurance, mortgage expenses? The erosion of 40% of your stock portfolio? NONEXISTENT, says Mickey. You are just f**king with his head and trying to get him to sacrifice his dreams of being the A#1 aspirational brand in America! Saving money is a game. A hobby. Everything is fine, and we are all just spending less for sport. Get out of that dumpster, and get back to the mall, and start paying $235 again for orange hand-milled cashmere postcard-sequined sleeveless sweaters. Then you, and Mickey, can proudly show your faces again and we can get this whole national nightmare of “The Savings Game” behind us.
LoLo, ESQ // Apr 3, 2009 at 11:55 am
He says all this shit all the while sending out 25% off cards in the mail.
cortney_joy // Apr 3, 2009 at 3:25 pm
Read carefully, alyx. Mickey is embarrassed for himself and his company “us” for having to sell his goods at such a low price, i.e., not making profit. He says nothing about being embarrassed about bargain shoppers!
alyx // Apr 3, 2009 at 3:51 pm
By being ashamed of the market-clearing price, you necessarily implicate both the buyer and the seller, unless you want to admit you were offering an inferior good, and I don’t think Mickey is capable of that.
Fartles // Apr 3, 2009 at 8:41 pm
Ah their shit sucks anyway. I wouldn’t let my labrador bed down in it.
Fartles // Apr 3, 2009 at 8:43 pm
PS. Sorry for the lowbrow stuff, I’ve had a bad week
LoLo, ESQ // Apr 5, 2009 at 10:25 pm
Fartles is so right
blue-chihuahua // May 27, 2009 at 3:08 pm
Mickey D(rexler) is either arrogant or stupid, both equal FAILURE. Mickey ignores the input of everyone, especially customer complaints. Earnings are Thursday May 28–i’m selling it now.