The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — J. Crew Group Inc., the preppy-apparel retailer that has been struggling to revive sales, named former Ann Inc. executive Michael Nicholson as chief operating officer and chief financial officer.
Nicholson, 49, will report directly to Chairman and Chief Executive Officer Mickey Drexler, the New York-based company said Thursday in a statement. The move is effective Jan. 11. Joan Durkin, who had served as interim CFO, will return to her role as chief accounting officer.
The appointment shows J. Crew is working to correct some operational missteps that have hurt its sales. The retailer has suffered from putting the wrong styles in stores, and stocking fits and prices that didn’t appeal to shoppers. Compounding those mistakes, foot traffic at malls has been steadily declining while retailers slash prices to draw in customers, forcing J. Crew to increase discounts to compete and to clear out excess products. Same-stores sales at the company have slipped in six out of the last seven quarters.
Nicholson served as executive vice president, COO, CFO and treasurer at Ann Taylor owner Ann Inc. from December 2012 until it was acquired by Ascena Retail Group Inc. in August. He also has worked for Limited Brands Inc., Colgate-Palmolive co. and Altria Group Inc.
By Lindsey Rupp; editors: Nick Turner, Kevin Orland.
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