DIGIDAY – Madewell, which has been acting as the J.Crew Group’s breadwinner as the flagship brand’s sales struggle, is on a mission to double its annual sales from $500 million to $1 billion.
The company announced yesterday that Libby Wadle, who was previously Madewell’s president, will become its first CEO. In an interview with Fortune, Wadle said that she was getting a title change because the “complexity of the business is changing.” Madewell generated more than $500 million in revenue last year, and Wadle said that “we have our eyes set on becoming a billion-dollar brand in short order.”
Madewell has room to grow, but it will have to do so without diluting the brand. Ken Morris, principal at BRP, retail consulting firm, praised Madewell for its “narrow focus,” and said that its reputation for “offering a great product at good prices,” is what’s helped build customer loyalty.
Read Full Article: How Madewell could become a billion-dollar brand