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Millard Drexler: "Surround Yourself With People That Get It"
42 segments available
Mickey Drexler, CEO and Chairman of J Crew discusses his views on the value of an MBA, leadership succession, consumer research, and motivating people. He spoke at Stanford Graduate School of Business as part of the View From The Top speakers series. More about the View From The Top speaker series: http://www.gsb.stanford.edu/vftt All View From The Top videos: http://www.youtube.com/course?list=EC5C14B375A7F2FEA8
Segments Timeline
The Journey of Miki Drexler
Mickey Drexler's introduction highlights his impressive career in fashion and retail, detailing his early experiences at department stores and his transformative role at Gap Inc. and J.Crew. The speaker emphasizes Drexler's impact on casual fashion and his leadership style, setting the stage for his insights on business and creativity.
"so I am build me and I'm a full-time lecturer here and and I actually when I heard Miki was speaking I asked to introduce him and so it's a real honor to be introducing Miki he is the truest American ..."
The Creative Merchant Prince
The introduction continues with a focus on Drexler's unique ability to understand consumer needs and trends in fashion. The speaker praises his creative vision and business acumen, noting how Drexler's decisions have shaped the way people dress today. This segment underscores the importance of creativity in retail leadership.
"president Gap Inc from 1987 to 1985 and he was CEO until he left in 2002 in 2003 he became director chair and CEO of j.crew which was then quite a moribund brand instead of apparel he took it to a ver..."
Lessons from a Retail Icon
Drexler's introduction reflects on his experiences with notable CEOs and his reputation as a demanding yet inspiring leader. The speaker shares personal anecdotes that illustrate Drexler's deep understanding of the retail landscape and his ability to innovate while maintaining profitability, emphasizing the balance between creativity and business strategy.
"important way before I turn it over to Mickey I'm going to share just a few brief personal observations I was at McKinsey for thirty years and only so I can position Mickey against them I will mention..."
The Art of Buying Goods
Drexler discusses the complexities of buying goods in retail, sharing insights into the decision-making process behind large orders. He highlights the importance of understanding market trends and consumer behavior, illustrating how his experiences have shaped his approach to merchandising and business growth.
"demanding his ability to understand consumers to see color shape and texture to which most of us would be completely blind to understand lifestyle indeed the mindset of each successive generation this..."
A Personal Journey in Retail
In this segment, Drexler shares his personal journey in retail, including his early challenges and the lessons learned from various roles. He emphasizes the significance of following one's instincts and learning from experiences, setting the tone for his philosophy on leadership and business.
"you know there's a story about how it starts oh okay guys moving outside okay no I got to finish the compliment okay go ahead but you weren't an accountant but he always knew how to price goods and re..."
The Importance of Internal Judgment
Drexler reflects on the value of internal judgment in business decisions, contrasting it with the experiences of youth. He shares anecdotes about his career transitions and the importance of learning from both successes and failures, reinforcing the idea that personal growth is a continuous journey.
"you could ever hear so with great personal and general enthusiasm on behalf of the business school I welcome Mickey Drexler what was beautiful you know I was a little concerned about this being taped ..."
Navigating Career Choices
In this segment, Drexler discusses pivotal moments in his career, including his decision to leave Bloomingdale's for Gap. He emphasizes the importance of recognizing opportunities and making bold choices, illustrating how these decisions have shaped his path in the retail industry.
"learn much for most of my bosses oh say that the the way I learned to buy goods by the way was interesting this bill reminded me and I don't have hours tonight but I was a young baby buyer blooming th..."
The Role of Creativity in Business
Drexler shares insights on the role of creativity in business, drawing parallels between his experiences in retail and the tech industry. He discusses the need for innovation and forward-thinking in leadership, highlighting how these qualities can drive success in any field.
"be argumentative and I always like to argue I argued bill over many many things over the years and and I learned over time to kind of follow my own internal judgment now at your stage in life you don'..."
Learning from the Past
Reflecting on his career, Drexler emphasizes the importance of learning from past experiences and mistakes. He shares how these lessons have informed his approach to business and leadership, advocating for a mindset that embraces growth and adaptability.
"overrated to long movie I've ever seen in my life and so tacky and then I said by the way flight got great reviews the movie I said it was a horrible movie and what airplane flies upside down and does..."
Connecting the Dots in Life
Drexler concludes this segment by discussing the concept of connecting life experiences and career choices. He references Steve Jobs' famous speech about looking backward to understand one's journey, reinforcing the idea that every experience contributes to personal and professional growth.
"offered him 11 thousand a year so I'm speaking to him and I said he offered you 11 me 10 and a half thousand they knew me I worked there for three months I was furious and pissed off and to me it said..."
The Value of Diverse Perspectives
In this segment, Drexler highlights the importance of diverse perspectives in the workplace, particularly the value of female leadership in retail. He shares his experiences working with women in executive roles and how their insights have enriched his understanding of the industry.
"work at Bloomingdale's I was very lucky to work for a woman in those days women were like sometimes not seriously taken but the Gress I work with eight out of ten women on their senior executive level..."
Embracing Change in Retail
Drexler discusses the evolving landscape of retail and the necessity of embracing change. He reflects on his experiences with various companies and the lessons learned about adapting to market shifts, emphasizing the importance of innovation in staying relevant.
"or a month in May or June it's complicated so I won't get into detail on that I spent I spend six years at Bloomingdale's didn't really I can say didn't really well some of my bosses might hear this t..."
The Future of Retail Leadership
In the final segment, Drexler shares his vision for the future of retail leadership. He emphasizes the need for leaders to be adaptable, creative, and consumer-focused, encouraging the audience to embrace their unique journeys and contribute to the industry's evolution.
"years they were taken over by a big bad company within six months allied so on and so forth that's my story I went to gap I moved out to California and want to ever leave New York and then spend eight..."
Education vs. Experience
Drexler discusses the value of education versus real-world experience, asserting that individual qualities matter more than degrees. He highlights the significance of being exposed to diverse environments and the lessons learned from overcoming challenges throughout his career.
"questions okay cuz I'd rather just tell you what ask me what you want to learn I did say I think and it's the individual not the degree and I think here is a powerful important group of people who get..."
Learning from the Ground Up
In this segment, Drexler emphasizes the importance of continuous learning in business. He shares his approach to understanding consumer needs by engaging directly with store employees and customers, advocating for curiosity and surrounding oneself with knowledgeable people.
"and people I know where success will have this will keep moving forward and not be well some of them are arrogant about it but after while they might earn the arrogance but in my business every single..."
The Reality of Business Schools
Drexler critiques the traditional business school approach, arguing that success is determined by individual capabilities rather than academic credentials. He reflects on the challenges of the job market and the disconnect between academic environments and real-world business dynamics.
"don't know what they say and what they mean so but I interview I into everyone else in the company because it's very important I have an obligation to like someone and like their future and especially..."
The CEO's Perspective
Drexler shares his views on what makes a successful CEO, stressing the importance of industry expertise. He argues that effective leaders should have a deep understanding of their field and be willing to take risks, contrasting this with the trend of hiring CEOs without relevant experience.
"know if that applies to Stanford or not I have happened to be someone who ever went to fancy schools which is why sometimes I'm angry at fancy school people you know it's just natural but I also think..."
Risk and Reward in Leadership
In this segment, Drexler discusses the risks associated with leadership roles, particularly in retail. He reflects on the financial incentives that come with being a CEO and the importance of investing personally in the companies they lead, advocating for a hands-on approach to leadership.
"CEOs realize that first of all if you're a CEOs is practical you all want to how many of you want to be a CEO here raise your heads I'm curious the truth raise your hands the truth of a small company ..."
The Importance of Design in Business
Drexler emphasizes the significance of design in product development, particularly in the automotive industry. He argues that successful companies should prioritize creativity and innovation, advocating for hiring passionate designers who can bring unique ideas to life.
"we have 18 people a j.crew I can do this at Gap we have 18 people who have cash in the business I put 1/3 of my value we went profit but one-third in the business so I bought 10% of the company becaus..."
Naming and Branding Insights
Drexler shares insights on the importance of branding and naming in business. He recounts his experience with naming Old Navy and discusses how a name can shape a company's identity, emphasizing that the perception of a brand is ultimately defined by its performance.
"remember the days where cars were unique they were different or just do something that's not just black white and gray do a cool color I went visited Ford Motor Company we started Old Navy which is by..."
The Role of Passion in Leadership
In this segment, Drexler reflects on the role of passion in effective leadership. He contrasts his own approach with that of more traditional corporate leaders, advocating for honesty and emotional engagement in business, and discussing how these traits resonate with younger generations.
"take a position most CEOs today I don't think and Bill would know this better or willing to take the risk to bet something on the company and and who have risk at stake you look at one retailer I won'..."
Transformational Leadership Styles
Drexler addresses the concept of transformational leadership, comparing his style to that of Steve Jobs. He discusses the challenges and perceptions of being an 'explosive' leader, emphasizing the importance of passion and authenticity in driving business success.
"now I know works in banking I assume it's very important in banking I think in McKinsey it's important right and but I think common sense logic and I call the most important things I see is IQ and EQ ..."
The Power of Honest Passion
Mickey Drexler discusses the importance of honesty and passion in leadership. He reflects on the pressures of running a large company and the necessity of being direct and passionate, especially when facing challenges. Drexler emphasizes that successful leaders must be able to express their feelings and connect with their teams authentically.
"seven years of his life he was fighting a disease that was probably fatal and and you watched what he did and it was extraordinary you know what I consider I think it's all not being full of that's so..."
Navigating Corporate Culture
Drexler shares insights on corporate culture and the challenges of maintaining passion in a bureaucratic environment. He contrasts his own emotional approach to leadership with the cool demeanor often seen in corporate CEOs. He argues that genuine passion is crucial for motivating teams and driving success, especially in times of crisis.
"right no I don't know who was it but the winners respond to honest passion in a business I'd like to see those guys that I say they're all men who run the car companies they're always so cool about it..."
The Importance of Accountability
In this segment, Drexler highlights the significance of accountability in leadership. He discusses the difficulty of firing underperforming executives and the impact of their actions on the entire organization. He stresses that leaders must take responsibility for their teams and ensure that everyone is held to high standards.
"companies now if you're a corporate CEO you've all worked for them I've worked for them in the beginning they are really cool they don't sweat they come down the escalator in the store like this and t..."
Feedback and Growth
Drexler reflects on the value of feedback in personal and professional growth. He shares a personal anecdote about receiving constructive criticism and how it has shaped his leadership style. He emphasizes the importance of being open to feedback and using it as a tool for improvement.
"because the boss ain't great so but how do you transform you get older you get a little richer you don't really you know and you're cooler about things but but that's what happens and I think I respec..."
Consistency in Messaging
Drexler discusses the necessity of consistency in communication, both internally and externally. He explains how maintaining a unified message helps build trust and credibility within an organization. He also touches on the challenges of navigating public perception and media narratives.
"obsessive about getting back on my emails but it's what happens someone tells you what to do and when you're younger and I was older it's fine you listen you absorb it's not personal its business and ..."
The Rationale Behind Going Private
In this segment, Drexler explains the reasoning behind taking J.Crew private. He discusses the undervaluation of the company and the potential for growth outside the pressures of public markets. Drexler emphasizes the importance of long-term vision and the need for management to focus on sustainable success.
"company's CEO and I see this going on a lot some of them tell stories that I look into and I say wait the the quarter was but the other thing that's kind of odd is if you make expectations the press m..."
Creating Value Through Leadership
Drexler outlines his approach to creating value within a company. He emphasizes the importance of growing earnings sustainably and the role of strong leadership in achieving this goal. He reflects on his experiences with private equity and the collaborative efforts to enhance company performance.
"future and Wall Street could not care less about long term I don't care what you say it's trading it's it's all that machine trading or whatever it is it's hedge funds trading no one cares except the ..."
The Myth of Replaceable Leaders
Drexler challenges the notion that good leaders should make themselves replaceable. He argues that leadership is unique and that companies often struggle with succession planning. He shares his perspective on the complexities of leadership transitions and the importance of individual contributions.
"the management together and us having investments in the company how do we create value it's very simple you grow your earnings in a high-quality way over time and having been with TPG fruit now a lon..."
The Reality of Corporate Longevity
In this segment, Drexler discusses the transient nature of companies and the challenges they face in maintaining relevance. He reflects on the bureaucratic tendencies of large organizations and the need for adaptability in a rapidly changing market. Drexler emphasizes that not all companies are meant to last forever.
"total bureaucracies so if I look at the bank's JP Morgan or Goldman this so big that they're so none quick there's no Matt look that when JP Morgan ago and they do those things you think the CEOs know..."
The Challenge of Succession Planning
Drexler shares his thoughts on succession planning and the difficulties of finding suitable replacements for key leadership roles. He critiques the idea that seamless transitions are common and highlights the unique challenges faced by different industries, particularly in retail.
"I mean money's really cheap but I don't think that company's succession planning I always thought even when I was a young guy in the business I always just to laugh cuz you know it's like six plan suc..."
Understanding Business Dynamics
Drexler concludes with insights on the complexities of business dynamics and the importance of understanding market forces. He reflects on his experiences and the lessons learned throughout his career, emphasizing the need for leaders to remain grounded and aware of their surroundings.
"now and I look at companies and I don't know where you can say there's been a seamless fantastic person take over maybe I don't know about the banking business it's probably easy to do the banking bus..."
Fashion's Role in Addressing Global Issues
Drexler addresses the fashion industry's potential impact on significant global challenges such as poverty and education. He expresses skepticism about the industry's ability to drive change but acknowledges its role in job creation and economic growth, while highlighting the need for broader systemic changes.
"will tell time will tell and and and what you do what Steve Jobs does you'd hate to follow him into a job let's face it's much easier to take over a company that's not doing well you know what I mean ..."
The Disruption of Online Retail
Mickey Drexler shares insights on how online retail is transforming the fashion industry. He discusses the challenges posed by e-commerce and the need for brands to adapt to a rapidly changing landscape, emphasizing the importance of controlling distribution and maintaining exclusivity.
"don't know if that answers it but TFA what about it so well no I'm on the board of Teach for America but trying to get funding even for Teach for America I love Teach for America I love Wendy Kopp and..."
The Importance of Brand Control
Drexler reflects on his experiences with brand management and the necessity of controlling product distribution. He contrasts his approach with that of other retailers, highlighting the risks of commoditization in the fashion industry and the need for brands to differentiate themselves.
"and it's just cut me off because whatever what I've been saying in my industry when I was a buyer at Bloomingdale's there was no online with discount stores and when you bought a brand let's say what ..."
Navigating Consumer Preferences
In this segment, Drexler discusses the challenges of understanding consumer preferences and the limitations of market research. He shares anecdotes from his career, illustrating the disconnect between consumer feedback and actual market trends, and emphasizes the need for brands to anticipate future demands.
"I came in to run this public company the earnings always drop and I did say that to the guy we were talking about today that when you take over a company the first year earnings going to drop at least..."
Creating a Cohesive Brand Experience
Drexler elaborates on the strategies behind maintaining a consistent brand identity across various consumer touchpoints. He emphasizes the importance of hiring the right people who understand the brand's vision and the meticulous attention to detail required to ensure a cohesive customer experience.
"well target ships all of its in the box I called the CEO of one of my former companies I was a director and I said by the way your goods are one-third more than they are Target or Amazon oh we we didn..."
The Role of a CEO
Drexler elaborates on the responsibilities of a CEO, emphasizing the need for a clear vision and the ability to focus on what truly matters. He discusses the importance of being present in the stores and understanding customer experiences to drive the brand forward.
"because you know how to focus out all unimportant things in your life I don't spend time with IT people I spend time in the stores like crazy I look at everything vision when I look at all the styles ..."
Defining Success and Setbacks
In this candid discussion, Drexler shares his journey to financial success, highlighting the setbacks and key decisions that shaped his career. He encourages aspiring entrepreneurs to embrace their unique paths and not to be discouraged by societal pressures regarding wealth.
"me is a very well designed quarry from the Fiat has the badge its consistency and advertising and everything else you do I can answer this for hours but alright what's so you talked about how it took ..."
Navigating Career Challenges
Drexler recounts his early career challenges, including job dissatisfaction and the pressure of economic needs. He emphasizes the importance of finding the right workplace and taking risks to pursue one's passion, illustrating how these experiences contributed to his growth.
"28 versus well if by the way I never tried to get rich and I'm serious I only wanted to have a nice car have a home no see I grew up in the Bronx you know without a bedroom whatever it's all relative ..."
Sacrifices for Long-Term Success
In this reflective segment, Drexler discusses the sacrifices he made for his career, including relocating and adapting to new environments. He shares insights on the importance of perseverance and the reality that achieving success often requires significant personal and professional sacrifices.
"cotton Silicon Valley had that bubble and I'm looking at these and by the way today also I think the hedge fund wealth is really out of control I think it's crazy is there an improvement see it's kind..."