She's Bringing Preppy Back

J.Crew Group CEO Libby Wadle is figuring out what fits America today.

- NICOLE LAPORTE

WHEN LIBBY WADLE became CEO of J.Crew Group in November 2020, conditions were not ideal. It had been six months since the company-which tripled annual revenue to $2.2 billion between 2003 and 2013-had declared bankruptcy after six years of spiraling sales.

For longtime J.Crew fans, it was an unthinkable low. Launched in 1983 as a less starched, and affordable, alternative to Ralph Lauren, J.Crew upended the apparel industry by selling its Hamptons-preppy clothing directly to young shoppers via a sumptuously photographed catalog that sometimes featured celebrities, was pored over in college dorms, and helped shape the '90s reigning casual aesthetic. In the early aughts, under CEO Mickey Drexler and executive creative director Jenna Lyons, the brand evolved, championing a colorful, pattern-filled vibe (memorably embraced by former First Lady Michelle Obama)-surviving the fast-fashion wave, and defining an era yet again.

But in 2014, the company began losing its way when it veered toward ever trendier, higher-priced styles.

Then came the pandemic-and the emergence of even faster fashion brands like Shein, where 44% of Gen Z buy at least one product every month, according to market research firm eMarketer-and J.Crew has had to evolve yet again. Under Wadle, a 20-year veteran of the company who also oversees Crewcuts, J.Crew Factory, and the company's successful spin-off Madewell, J.Crew Group is approaching a record $3 billion in sales this year by harnessing Gen Z nostalgia for retro apparel. Meanwhile, the number of J.Crew stores has shrunk to 117 from a high of 285 in 2015 because of a combination of bankruptcy-era closings and an industry-wide contraction in physical retail.