J.Crew Group, Inc. Announces Organizational Changes and Business Improvement Initiatives

Names New Head of Women's Design for J.Crew Brand

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Jun 10, 2015, 05:11 ET

NEW YORK, June 10, 2015 /PRNewswire/ -- J.Crew Group, Inc. (the "Company") today announced several organizational changes and business improvement initiatives to better align with the current and future retail environment.

Somsack Sikhounmuong has been named Head of Women's Design for the J.Crew brand, effective immediately. He succeeds Tom Mora, who will be leaving the Company.

Sikhounmuong had been the Head of Design for Madewell for the past two years and in that role had been a key contributor to Madewell's success. Prior to Madewell, he held various design positions at J.Crew from 2001 - 2012. He brings to J.Crew a fresh perspective across all categories and has an aesthetic consistent with what J.Crew's customers know and love. He will continue to report to Jenna Lyons, President and Executive Creative Director of J.Crew Group.
Joyce Lee has been named Head of Women's Design for Madewell. Joyce has been a senior member of the Madewell design team for the past seven years and will continue to execute Madewell's design vision. Prior to Madewell, Lee held design positions at Michael Kors and Marc Jacobs. She will now report to Jenna Lyons.
Other strategic and organizational changes are being made across the Company in areas including store operations, production, sourcing, and merchandising. These changes reflect J.Crew Group's commitment to long-term growth, and at the same time, streamline operations to support its omni-channel business and reduce overall expenses. These initiatives include a headcount reduction of approximately 175 open and filled full time positions primarily from its corporate headquarters.

"We are making meaningful and strategic changes across our organization to better position us for future growth. While many of these decisions were difficult, they are necessary," said J.Crew Chairman and CEO Millard Drexler. "With Somsack in his new role, we will continue to focus on making critical improvements to our J.Crew women's assortment including fit, design aesthetic and styling. We know what needs to be done and while many of these initiatives take time, we have a committed team in place to make it happen."

About J.Crew Group, Inc.
J.Crew Group, Inc. is an internationally recognized omni-channel retailer of women's, men's and children's apparel, shoes and accessories. As of June 10, 2015, the Company operates 283 J.Crew retail stores, 88 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalog, madewell.com, the Madewell catalog, and 144 factory stores. Certain product, press release and SEC filing information concerning the Company are available at the Company's website www.jcrew.com.

Forward-Looking Statements:
Certain statements herein, including the expected benefits from organizational changes and the reduction in force, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's current expectations or beliefs concerning future events and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the Company's substantial indebtedness and the indebtedness of its indirect parent, for which the Company pays and intends to continue to pay dividends to service such debt, and its substantial lease obligations, the strength of the global economy, declines in consumer spending or changes in seasonal consumer spending patterns, competitive market conditions, its ability to anticipate and timely respond to changes in trends and consumer preferences, its ability to successfully develop, launch and grow its newer concepts and execute on strategic initiatives, products offerings, sales channels and businesses, adverse or unseasonable weather, material disruption to its information systems, its ability to implement its real estate strategy, its ability to implement its international expansion strategy, its ability to achieve anticipated costs reductions and to streamline operations, its ability to attract and retain key personnel, interruptions in its foreign sourcing operations, and other factors which are set forth in the section entitled "Risk Factors" and elsewhere in the Company's Annual Report on Form 10-K and in all filings with the SEC made subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE J.Crew Group, Inc.