Good news, J.Crew fans. Soon, you'll reportedly be able to buy those classic sweaters and skirts for less bank.
In a new interview with the Wall Street Journal, the company's CEO confirmed that J.Crew is embarking upon a new strategy that involves slashing the prices of 300 items—and the new, more affordable items are already available for purchase.
J.Crew Chairman and CEO Mickey Drexler told the WSJ that the new push to lower prices is part of an effort to keep customers interested and turn around disappointing sales.
"We became a little too elitist in our attitude," Drexler said. "We gave a perception of being a higher-priced company than we were — in our catalog, online, and in our general presentation...Very big mistake."
Longtime J.Crew creative director Jenna Lyons left the company in April, and the brand laid off 250 workers weeks later.
According to Racked, during Lyons's tenure, some shoppers complained that J.Crew's venture into a more high-fashion, high-quality space had pushed to become unreasonably high.