DREXLER SOUNDS OFF: Millard “Mickey” Drexler, chairman and chief executive officer J. Crew Group Inc., didn’t hold back in an interview on CNBC’s “Squawk on the Street” Thursday. Drexler hinted at another public offering, eventually, and said designers were diluting their brands and called social media “very hyped.” Here’s what he had to say:
• “Our investors [TPG Capital and Leonard Green & Partners LP] — and they’re great partners — at some point are going to want to do something.”
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• “There are too many retailers. There are too many brands. There are too many designers. There’s too many discount stores and the predator online companies are selling discount like crazy.”
• “At some point, people are going to stop paying as much money as they’re paying for logos. At some point, people are going to go online for every product in the world and say, ‘What’s the best price out there?’… The more there is of anything the less desirable it becomes. And the world today — the standards have been lowered and more people are wearing more products from every designer and the dilution of designer names is extraordinarily fast because they’re selling all discount stores with products and with deals.”
• “I have yet to see a correlation in my industry between great social media and great numbers. You’ve got to be there, but on the other hand, it’s a very hyped-up thing right now.”