Jan Singer will become J. Crew’s new CEO.
J.Crew’s yearlong search for a new CEO has ended, and they have turned to Jan Singer, former CEO of Victoria’s Secret, another struggling brand, to to lead its new turnaround after an unsuccessful attempt in 2018.
Since then, according to CNN Business, the company has been searching for a permanent CEO, and has pointed to Singer’s “significant experience in building global consumer brands and consumer and retail leadership” to choose him as the next leader of the company that’s been struggling with a $1.7 billion in debt, much of it brought on by a 2011 leveraged buyout.
Singer’s appointment, according to Morning Brew, adds J.Crew to the small but growing list of retail companies run by the customers they’re targeting: women.
According to the Wall Street Journal, during her role as CEO of Victoria’s Secret Lingerie, Ms. Singer pushed the brand to move away from its sexy image and introduce bra styles emphasizing comfort and fit. But the unit of L Brands Inc. continued to struggle with falling sales. She left in 2018 after about two years in the job. The 55 years old chief executive had previously been the CEO of Spanx Inc., a maker of intimate apparel, and spent a decade at Nike Inc.
J.Crew’s sales at stores open at least a year fell 2% in the first nine months of the current fiscal year, extending a string of lackluster results.