What is Mickey Drexler’s net worth?
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 at its peak as a brand. He resigned from The Gap in 2002. Mickey then served as Chairman and CEO of the J. Crew Group from 2003 to 2017. From 1999 to 2015, Mickey Drexler was a member of the Apple Inc. board of directors. In 2021, Mickey became CEO of Alex Mill, a brand launched by his son.
Drexler’s biggest fame comes from his work for the Gap brand. He is often credited with the brand’s sudden rise to popularity during the ’90s, having masterminded the brand’s successful ad campaign which benefited among other things from Donovan’s ‘Mellow Yellow’. However, Drexler’s era in Gap ended abruptly in the summer of 2002, when Drexler was fired by Gap founder Donald Fisher. The circumstances of Drexler’s shooting remain unclear, but he was hired by J. Crow shortly after. With J Crew, the brand has risen from a moderately priced brand to a more upscale relationship, a transition once again credited to Mickey Drexler – a man who seems to have a knack for changing struggling brands.
Apple board
Mickey was an old friend and close friend of Apple CEO Steve Jobs. Jobs admired Drexler’s retail skills and followed his lead upon launching the Apple Store. Mickey joined Apple’s board of directors in 1999 and served until 2015. During his time on Apple’s board of directors, Mickey sold stock grants worth tens of millions of dollars. However, he was wise to keep these shares. For example, in 2012, he earned $24 million from two transactions. Had he held those shares even today, they would have been worth more than $250 million, not including the annual dividend he would have received as well.
Early life and education
Mickey Drexler was born on August 17, 1944 in the Bronx, New York City to Jewish parents as Millard S. Drexler. When he was 16 years old, his mother died. For his education, Drexler went to the Bronx High School of Science, and then to City College, City University of New York. Then he moved to the University of Buffalo, where he received a Bachelor of Science. Drexler received his MBA from Boston University in 1968.
career beginnings
In the mid-1970s, Drexler served as Vice President of Marketing for Abraham Strauss Department Store in Brooklyn, New York City. He subsequently worked in executive positions at department stores Bloomingdale’s, Ann Taylor, and Macy’s.
the difference
In 1983, Drexler joined the clothing and accessories retailer Gap. He was appointed president of the company in 1987, and became its CEO in 1995. Before Drexler joined the company, Gap was a relatively small chain. After he became a participant, the company experienced a huge rise in its popularity. Under Drexler, Gap has moved into selling private brands, and has become an essential part of popular culture with its expensive TV ad series. Drexler also founded Gap Kids and the sister series Old Navy during his tenure.
In 2002, Gap became saddled with overexpansion and a 29-month slump in sales. Furthermore, Drexler’s management style created significant tensions with the company’s founders, Donald and Doris Fisher. As a result, Drexler was forced to resign after 19 years of service at the Gap. He was succeeded by Paul Pressler as CEO.
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y crew
Following his resignation from Gap, Drexler was appointed as CEO and Chairman of another apparel and accessories retailer, J.Crew. Applying similar business strategies he used at Gap, Drexler worked to revamp J. Crew into a high-end brand. In 2017, about 14 years after he began working for the company, Drexler stepped down as CEO due to several years of declining J. Crowe sales. Two years later, in early 2019, he resigned as chairman of the company’s board of directors. However, Drexler remained at J. Crew as a strategic advisor to the board and CEO.
Later projects
After leaving J. Crew, Drexler founded his own company, Drexler Ventures, which invests and advises burgeoning brands. Through the company, he invested in sports apparel brand Outdoor Voices and online eyeglass and contact lens retailer Warby Parker. Drexler is the former chairman of the board of directors, and is a member of the latter’s board of directors.
Among his other ventures, Drexler is CEO of Alex Mill, a clothing brand launched by his son Alex in 2012. The company sells clothing and accessories for men and women.
Besides his commercial ventures, Drexler has appeared in some popular media outlets. In 2013, he made a cameo appearance in the AMC television drama series “Breaking Bad”, playing a car wash customer in the season 5 episode “Confessions”. According to Drexler, his scene took nine shots to correct.
personal life
In 1969, Drexler married author, psychiatrist, 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 of Montauk for $50 million.
Over the course of several months in 2017, Drexlers paid $26 million for side-by-side waterfront properties on North Bay Road in Miami Beach. It has six bedrooms and seven and a half bathrooms, plus a pool and pier. One of the sellers was Calvin Klein. In August 2021, they paid $16.5 million for a third, adjacent property, giving them a total of 1.3 acres with views of Biscayne Bay. Celebrity close neighbors include Dwyane Wade and Barry Gibb.
Previously, Drexler and his wife lived in a 5,500-square-foot, five-bedroom mansion in Idaho’s Wood River Valley. The alpine residence, designed by famed architect Thierry Despont in 2000, is sheathed in mossy Montana boulders and stands close to 60 feet in height. In late 2019, Drexler listed the home for $10.9 million. Sold in 2020 for asking price.
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