J. Crew Group Inc. (New York) has announced plans for 60 new stores this year, both in the U.S. and internationally.
During a call reviewing its fourth quarter and yearly results, the company said it will open 20 new J. Crew stores, 20 factory outlets and 20 Madewell stores. The Crew openings will be in the U.S., Canada, London and Hong Kong.
Women’s Wear Daily reported that J. Crew expects to spend between $145 million and $155 million in 2014, on new stores and warehouse and corporate office enhancements and information technology. It said its online growth is especially robust, increasing 16 percent in 2013, on top of a 19 percent increase in 2012, to $755.9 million. The overall direct business, which also includes catalogue sales, accounted for 31 percent of the company’s total revenues.