Mickey Drexler Net Worth

Millard “Mickey” S. Drexler (born August 17, 1944) is an American businessman and investor, currently CEO of Alex Mill, and head of Drexler Ventures. He was formerly the CEO and chairman of J.Crew Group, as well as the CEO of Gap Inc

What is Mickey Drexler’s net worth and salary?

Millard “Mickey” Drexler is an American businessman who has a net worth of $200 million. In the 1990s Mickey was the CEO of Gap Inc., at a time when the company was peaking as a brand. He stepped down from The Gap in 2002. Mickey then served as the chairman and CEO of J. Crew Group from 2003 to 2017. From 1999 to 2015 Mickey Drexler was on the board of Apple Inc. In 2021 Mickey became the CEO of Alex Mill, a brand that was launched by his son.

Drexler’s biggest claim to fame comes from his work on the Gap brand. He is often credited with that label’s sudden rise to popularity during the 1990s, having masterminded the brand’s successful advertising campaign that among other things made use of the 1960s pop hit by Donovan “Mellow Yellow.” However, the Drexler era at Gap came to an abrupt end in the summer of 2002, when Drexler was fired by Gap founder Donald Fisher. The circumstances of Drexler’s firing remain unclear, but he was hired by J Crew soon after. With J Crew, the brand rose from a moderately priced brand to a much more upscale affair, a transition that is again being credited to Mickey Drexler – a man that seems to have a gift for turning struggling brands around.

Career

In the mid-1970s, Drexler was a merchandising vice-president at Abraham & Straus in Brooklyn, New York. He has also worked at Ann Taylor, Bloomingdale’s, and Macy’s. He was on Apple Inc’s board of directors from 1999 until 2015.

Gap Inc.

Drexler is often credited with Gap’s meteoric rise during the 1990s. Prior to his involvement, Gap had been a relatively small chain selling private and public brands. Under Drexler the company made a dramatic shift to private label brand merchandise and expanded rapidly to become an iconic part of 1990s pop culture, such as “khakis, basics and casual Fridays”. Television advertisements featuring songs such as “Mellow Yellow” and “Dress You Up in My Love” showcased the relaxed American casual look that defined the Gap brand.

On May 22, 2002, however due to a sales slump and ballooning debt, plus his management style which clashed with the Fisher family, Drexler was abruptly forced to announce his retirement by Gap founder Donald Fisher. Drexler stayed on as CEO until September 26, 2002, when Paul Pressler was named as his successor. Drexler was bitter about his ouster but it was validated when sales rebounded one month after his departure.

J.Crew Group

The J.Crew Group, an American clothing and accessories retailer based in New York City, was founded in 1983 with the launch of its catalog and expanded into brick-and-mortar retailing in 1989 with its first store at the South Street Seaport in New York City. J.Crew hired Drexler as chairman and CEO in 2003 after his abrupt departure from Gap. Applying similar strategies from Gap, Drexler sought to reposition the J.Crew brand as a truly upscale boutique. What was once a low-priced, American, dressy-casual brand became more an upscale, dressy-vintage American brand with “frills included”.

On June 5, 2017, it was announced that Drexler would step aside as chief executive. He had been unable to stop a several year slide as consumer tastes changed. Drexler noted that “J.Crew raised prices and underwent expansion during years when consumers became more and more thrifty”. On January 18, 2019, Drexler announced his retirement as chairman, but will remain a strategic advisor to the Office of the CEO and the board.

Alex Mill

As of 2021, Drexler is the CEO of Alex Mill, a clothing brand started by his son.^[

Apple Board

Mickey was a longtime friend and confidante of Apple’s CEO Steve Jobs. Jobs admired Drexler’s retail skills and followed his leads when launching the Apple Store. Mickey joined Apple’s board in 1999 and served through 2015. During his time on the Apple board, Mickey sold tens of millions of dollars worth of Apple share grants. He would have been wise to hold on to these shares, however. For example, in 2012 he netted $24 million from two transactions. Had he held on to those shares to today, they would be worth more than $250 million, not including the annual dividends he would have received as well.

Later Ventures

After leaving J.Crew, Drexler founded his own firm, Drexler Ventures, which invests in and advises burgeoning brands. Through the company, he has invested in the athletic apparel brand Outdoor Voices and the online eyeglass and contact lens retailer Warby Parker. Drexler is the chairman of the former company, and sits on the board of the latter.

Among his other ventures, Drexler serves as the CEO of Alex Mill, a clothing brand launched by his son Alex in 2012. The company sells clothes and accessories for men and women.

In the Media

Beyond his business ventures, Drexler has made some appearances in popular media. In 2013, he made a cameo appearance on the AMC television crime drama series “Breaking Bad,” playing a customer at a car wash in the fifth-season episode “Confessions.” According to Drexler, his scene took nine takes to get right.

Personal Life

In 1969, Drexler married author, psychologist, and documentary filmmaker Peggy. Together, they have a son named Alex.

Real Estate

In 2015 Mickey and his wife Peggy sold a property in the Hamptons enclave of Montauk for $50 million. This home had once been owned by Andy Warhol. In 2018 they sold a different Hamptons home for $15 million.