One major competitor of Ralph Lauren is the brand J.Crew. The company was first established in 1983 as a clothing catalogue business. It proved to be extremely lucrative and went on to open a brick and mortar store in New York City. Since then, the company has expanded even more opening about 333 retail locations in the United States, employing 12,700 people, and bringing in about $10.2 million in sales yearly. J.Crew Inc. is a multi-factional corporation that designs and sells clothing, accessories, and shoes for men women and children. In addition to their catalogues and brick and mortar stores, the company also operates e-commerce websites for J.Crew, J.Crew factory, and Madewell.
Similar to RL, J. Crew has a luxury line which has the …show more content…
Crew. They release this and make the effort to communicate with every employee- retail and factory employees included- about the roles they play within the company. Also, J. Crew has taken on the responsibility to educate female factory employees about general health, nutrition, and reproductive and maternal health by partnering with Herproject. The program is committed to not only educating workers but also providing them with leadership opportunities where they educate their peers.
While J. Crew does create internal narrative about the rules that employees play and other important topics, they are far from perfect. In 2010, the company underwent a controversy when the CEO and Chairman Millard Drexler failed to inform his board about his plans to sell the company. Not only did he not disclose important information, he also went as far as to meet with possible buyer without first discussing it with any other key decision makers in the company. This incident exposed a weakness in of the company, higher level internal …show more content…
Crew in relation to internal communication is losing shareholders and important executives due to shady business practices. The topic of transparency is not a new one, increasingly CEO and other executives stand the risk of being fined or even serving jail time if they fail to share important company information- such as plans to sell- in a timely manner. In the paper Transparency and Corporate Governance done by the National Bureau of Economic Research, researchers broke down corporate transparency to a science. They analysed the profit a company would receive when the CEO used transparent informative techniques to keep the board updated and found that they are
Similar to RL, J. Crew has a luxury line which has the …show more content…
Crew. They release this and make the effort to communicate with every employee- retail and factory employees included- about the roles they play within the company. Also, J. Crew has taken on the responsibility to educate female factory employees about general health, nutrition, and reproductive and maternal health by partnering with Herproject. The program is committed to not only educating workers but also providing them with leadership opportunities where they educate their peers.
While J. Crew does create internal narrative about the rules that employees play and other important topics, they are far from perfect. In 2010, the company underwent a controversy when the CEO and Chairman Millard Drexler failed to inform his board about his plans to sell the company. Not only did he not disclose important information, he also went as far as to meet with possible buyer without first discussing it with any other key decision makers in the company. This incident exposed a weakness in of the company, higher level internal …show more content…
Crew in relation to internal communication is losing shareholders and important executives due to shady business practices. The topic of transparency is not a new one, increasingly CEO and other executives stand the risk of being fined or even serving jail time if they fail to share important company information- such as plans to sell- in a timely manner. In the paper Transparency and Corporate Governance done by the National Bureau of Economic Research, researchers broke down corporate transparency to a science. They analysed the profit a company would receive when the CEO used transparent informative techniques to keep the board updated and found that they are