Mickey Drexler has amassed more than $350 million from the leveraged buyout of J. Crew Group Inc. even as he struggles to revive sales and restore the apparel chain’s fashion cachet.
Three years after taking the retailer private with private-equity firms TPG Capital and Leonard Green & Partners LP, J. Crew’s chief executive officer is battling slowing sales as shoppers decamp to more affordable, trendier rivals. The challenges reduce the likelihood of an initial public offering this year and make J. Crew less appealing to a potential strategic buyer such as Japan’s Fast Retailing Co.