Wednesday, May 24, 2017

Genius Misread "The Speed Of Change" -- Nominee For The 2017 Geico Rock Award -- May 24, 2017

Had it been just one quarter or two quarters, or maybe even just one year, I would have let it go. But reading that this company has had ten quarters of falling sales because the CEO admitted he "mis-read" the "technology" makes this CEO a nominee for the Geico Rock Award of 2017.

Article at The Wall Street Journal:
Millard “Mickey” Drexler, the fashion genius whose ability to spot trends reshaped how Americans dress, has a humbling admission. He missed what might be the biggest trend of all—how quickly technology would change the retail industry.
“I’ve never seen the speed of change as it is today,” the 72-year-old chairman and chief executive of J.Crew Group Inc. said in an interview at his New York office. “If I could go back 10 years, I might have done some things earlier.”
The retail veteran, who redefined Gap Inc. in the 1990s and then transformed J.Crew into a household name, is now scrambling to keep the company he took private in a leveraged buyout from ending up in bankruptcy.

Even Trump, at age 70, understood the power of Facebook and understands the power of Twitter.

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