The Kingdom of Prep by Maggie Bullock

Author:Maggie Bullock
Language: eng
Format: epub
Publisher: HarperCollins
Published: 2023-01-18T00:00:00+00:00

JENNA RECALLS MICKEY’S ARRIVAL AS A SWEET RELIEF, “ONE OF the happiest times in my life.” It was not as rosy for everyone.

In a replay of his rough landing at the Gap, he axed the schlock with apparent glee—cutting lackluster clothing and downmarket parts of the business with equal abandon. As far as he was concerned, the clothes sucked, the stores felt strangely empty. Worst of all, in Mickey’s estimation, was that J.Crew had become a place where nobody paid full price. The emails J.Crew sent out, offering customers 20, 30, 40 percent off, infuriated him. “Why is the whole place on sale?” he crowed in meetings. He took two fingers and snapped them onto his forearm like an addict tapping for a vein. “Pull out the needle! Get rid of these promotions!”

Nobody there wanted to be selling schlock, least of all those who still recalled J.Crew’s glory days. But Mickey’s rat-a-tat commands put the business side in a bind. Even with Mickey’s $10 million cash infusion, bankruptcy loomed. How were they supposed to keep the company afloat and cut the things that still made money? When Mickey learned that J.Crew clothes were being sold through third-party retailers—other, not-so-hot websites—his orders were unequivocal: “Kill it. I want the entire thing dead right now.” But those affiliate sites accounted for 10 percent of all online sales. The “poodle” sweater that had ended its days in a pile at Jenna’s feet? A million-dollar business, gone. That cut into J.Crew’s bottom line but, for those whose compensation was tied to performance, also into their own paychecks. But Mickey moved like a freight train. Who was going to step out in front of him?

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