The US-based apparel brand J.Crew has been hit with an unexpected exit of its CEO, James Brett just after one year when the retail veteran took over the charge of the brand back in 2017. His departure was carried out in a mutual agreement between the brand and James.
In a press statement issued, the American fashion label cited that the duties of Brett will now be performed by four senior-level executives of the company which involves Michael Nicholson, COO and the company’s President.
It is important to add here that the company is facing a difficult time in the current fiscal year, has registered a net loss of worth US $ 18.5 billion and is also currently under US $ 1.7 billion of debts.
The apparel label also marked out that it was James who managed to bring the brand into a position of strength by enhancing its capability to be able to relate to a varied range of customer base and a relaunch was carried out under his leadership which was yielding positive results for the company.
James was quoted as saying that, “Company’s board and I were unable to fill in the gap of our beliefs on how to continue to evolve all aspects of the company.”
With James not in the fray, it remains to be seen how the popular clothing brand picks itself up and starts producing results that are expected by its shareholders for a long time.