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Mickey Drexler, J.Crew grand poobah, spoke last night at a Parsons The New School for Design in Manhattan and made an interesting disclosure during his remarks. "For spring, you'll see our prices much more friendly this year," he revealed. "We can't compete with designers."
Drexler, who grew up in the Bronx, where he's said he dreamt of owning nice things and having a home with more than one room, may be price-sensitive but is not a fan of fast fashion. "I resent the masses thing," he stressed. "I find the world isn't that high-integrity. Maybe I grew up not being able to afford nice things, but it shouldn't be that way. I wanted nice clothes that aren't crazily priced."
Drexler also shared that he plans to take J.Crew's expansion slowly, especially in Europe and China. He does, however, see a lot of potential in Madewell, J.Crew's sister brand that launched in 2006. "Madewell has 65 stores," he said. "That's a big growth opportunity."
UPDATE: A J.Crew spokesperson has shared a statement clarifying Drexler's remarks about price. "We are not lowering our prices," it reads. "We are simply maintaining a balance of pricing across the board and better communicating to our customers what we have and why it is worth the price it is. "Emphasis for us is always on the quality and design at best possible price."
· Millard 'Mickey' Drexler Talks Price, Creativity, Career [WWD, sub req]
· Here's What J.Crew Has in Mind for the New Year [Racked]
· Delightful Jenna Lyons Tidbits From Her Die-Hard Assistant [Racked]