Gap and J.Crew icon Mickey Drexler on the past and future of retail

You’d be hard-pressed to seek out an government who’s had a much bigger affect on retail and attire over the previous half century than Millard “Mickey” Drexler. Within the Nineteen Nineties, Drexler turned the Hole from a sleepy multi-brand retailer right into a juggernaut clothes model by making office-ready button-downs and khakis comfortable enough to swing dance in. He then revitalized J.Crew, hiring legendary girls’s put on director Jenna Lyons, whose ballet flats, sequins, and cashmere turned the uniform for legions of ladies, together with former first lady Michelle Obama. Whereas overseeing these corporations, Drexler additionally launched new ones. He based the reasonably priced mall staple Outdated Navy whereas at Hole, and the youthful, fashion-forward Madewell for J.Crew. 

Drexler has had a hand in different corporations. Steve Jobs recruited him to the Apple board, the place Drexler served from 1999 to 2015, serving to design the corporate’s retail shops. Extra lately, Drexler served as chairman of the board at Outside Voices, presiding over founder Ty Haney’s ouster. 

Alongside the best way, he turned famend for his unorthodox management type and uncensored pronouncements. An unapologetic micromanager—“The world wants extra micromanagers,” he told CNBC in 2012—he was identified for utilizing an office-wide PA system to summon staff whereas at J.Crew.

Nowadays, he’s most frequently discovered on the places of work of Alex Mill, the 11-year-old clothes firm based by (and named after) his son. Drexler serves as chairman of the workwear-inspired model, which sells direct-to-consumer on-line and in two Manhattan storefronts. Although Roxanne Stahl O’Hara took over from Drexler as CEO earlier this 12 months, Drexler continues to be identified for ensuring that Alex Mill’s 27 full-time staff are in their seats every morning (he’s not a fan of WFH) and concerned sufficient to obsessively verify the model’s day by day gross sales knowledge.

Quick Firm caught up with Drexler on a late-November morning at Alex Mill’s Soho places of work to speak about his profession and the way forward for retail. Wearing his signature uniform, which features a white button-down shirt, paisley Drake’s of London scarf, and Alden footwear (ordered for him by former J.Crew menswear director Todd Snyder), he sat for a far-ranging—and digression-filled—dialog that stretched from its initially allotted hour to properly previous two. He talked in regards to the early days at Hole, what’s subsequent for Alex Mill, working with Steve Jobs, and his appreciation for Erewhon shops, although he’s by no means stepped foot inside one.

This dialog has been edited and condensed for readability.

We’re coming off Black Friday. Alex Mill doesn’t do a Black Friday sale. Why is that?

On this nation, Black Friday is taking up retail. I heard even Apple had Black Friday. And don’t even speak to me about my previous corporations: When you take a look at their web sites, all the things’s half off anyway. Alex Mill didn’t do it as a result of when you begin, you possibly can’t cease. It’s not a method to construct a enterprise. It’s a method to preserve coaching individuals to attend for a sale earlier than shopping for. I all the time hated gross sales. There’s no integrity in promoting items on sale as a result of [then customers] don’t belief the corporate. 

You ran Hole and J.Crew, that are identified for his or her gross sales. Did your philosophy round reductions change?

I don’t name it a philosophy since you’ve bought to vary and be versatile. In our enterprise, there’s nothing that’s a faith for me aside from promoting good high quality items [at a] good worth. I normally belief my intestine and my intuition. And I believe it’s important to be born with that. You additionally must be born with style, type. I don’t know why, however I’ve it. You’ll be able to’t purchase type. 

Worth has been a spotlight for a lot of of your earlier clothes manufacturers, beginning with Hole.

I all the time felt that there’s a market on the market for cool, good, classic-ish garments. I used to purchase Ralph Lauren wholesale as a result of my previous roommate’s cousin was Ralph’s secretary: I might afford it at half worth. With Hole, I wished to start out an organization [that sold] what I felt Ralph Lauren was, however extra reasonably priced. Benetton was the opposite inspiration. 

Once I began at Hole [in 1987], they bought 20 completely different manufacturers. [Gap stores originally sold multiple private-label brands as well as clothing from other companies.] A 3rd of the enterprise was promoting Levi’s. I all the time keep in mind the identify of [Gap’s private label] girls’s denims assortment, Foxtails. Once I began, [cofounder] Don Fisher would say, “Why are you providing all of the markdowns?” I’d get somewhat emotional and I’d say, “If we don’t take the markdowns then we don’t get money.” We would have liked to have a nasty quarter to liquidate dangerous stock. 

You’re a legend within the attire business, however you have been additionally on the board of Apple for 16 years. What was it wish to work with Steve Jobs?

They are saying I’m troublesome. Steve Jobs was very troublesome. He was the neatest man in each room. However it’s important to be troublesome. You need to have excessive requirements. I used to be on the board of Apple for 16 years. I really really useful on LinkedIn, I recommended there ought to be a Steve Jobs day, like how you will have a Martin Luther King Day and a George Washington Day, due to what he’s carried out for the world. I don’t suppose I bought many individuals who responded.

Why did you wish to be part of that board?

I wasn’t a know-how man however Steve Jobs recruited me in 1999. I informed him I’d be part of his board if he’d be part of Hole’s board. I wished him to affix Hole’s board as a result of [the then-members of the board] have been all prep faculty buddies and I knew he’d are available in and be disruptive. He wished me to assist him launch retail. The primary retailer he designed was terrible; I keep in mind saying to him that the shop was preventing with the products. 

You latterly stated that nowadays there aren’t many good shops. What’s retailer to you?

I’m speaking a couple of well-run enterprise. I like T.J. Maxx. I believe they’re the largest division retailer on the earth. The opposite—I’ve heard about this however I’ve by no means seen one—is Erewhon. My good friend was their first investor, they usually had that lengthy New York journal article about them. I can’t learn lengthy articles.

What makes retailer?

Consistency is vital in all the things for my part, particularly eating places. Individuals who do one of the best have an possession mentality. I’ve all the time thought like an proprietor. I take a look at the numbers day-after-day. Humility can also be vital. I didn’t determine with the fancies rising up. I’ve bought a number of rich buddies who suppose they’re the neatest particular person in each room. Greater than cash, success is the way you deal with individuals.

How do you consider Alex Mill’s bodily retail presence?

My considering is that opening outlets is crucial. We solely have two outlets. Our greatest problem is to get well-known. Nobody is aware of who we’re. Most individuals love our garments, although.

One in every of your greatest successes, for some time, was hiring Jenna Lyons to run girls’s put on at J.Crew. Have you ever been watching her on Actual Housewives of New York?

I don’t wish to discuss her. I can say that I couldn’t have carried out it with out her. She was an excellent companion. 

The opposite board you have been on was Outside Voices. What was that like?

After I left J.Crew [in 2017], I used to be not that busy. I used to be sitting in a enterprise capital workplace. [Drexler started his own fund, Drexler Ventures.] I used to be bored. I used to be all these dangerous fashion-centric corporations, and I all the time [made] a fast resolution on no matter it was. The largest investor in Outside Voices requested me if I wished to be chairman of Outside Voices. I jumped at it. I jumped too shortly as a result of I didn’t spend time with the founder. What I’ll say on the report is that that they had sensible advertising. I used to be enthusiastic about it as a result of I envisioned it to be a serious participant within the activewear world, like Lululemon. It had type. . . . There was a factor there that I preferred rather a lot intuitively. However it was a nasty alternative for me. It was only a dangerous alternative.

The style world—and positively Hole and J.Crew—doesn’t have an excellent popularity in relation to sustainability. How do you consider sustainability at Alex Mill? 

We’re sustainable, however I believe if it’s important to discuss it, you’re actually not. I interview everybody who desires to work for the corporate. They are saying they majored in sustainability. I say, “Please outline it.” Within the clothes enterprise, there’s simply an excessive amount of stuff. We don’t overproduce at Alex Mill. I’ve realized to be conservative and promote out of things slightly than make an excessive amount of. Alex Mill additionally has a program to repurpose surplus material and clothes.

Alex Mill is 11 years previous. What comes subsequent for the model?

I by no means take into consideration the subsequent 10 years. Actually, I don’t know how you can do five-year plans. I by no means did them. I don’t even know what’s gonna occur subsequent month.