J. Crew's Smart-Looking IPO

The preppy retailer's shares gained 28% in the first day of trading. CEO Mickey Drexler must be back in Wall Street's good graces

Almost four years ago, Millard "Mickey" Drexler left Gap (GPS) under a cloud. The chief executive had presided over the company during several years of poor financial performance. In the wake of a disastrous first quarter in 2002, when sales at U.S. Gap stores plummeted 20%, the San Francisco-based retailer announced Drexler's departure after 19 years with the company.

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