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Crew has changed the face of women in the sportswears industry.
The company is no longer the company that started out as a fashion brand.
Its fashion empire is now worth nearly $1.3 billion, and the clothing lines are still selling.
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Crew has made strides toward gender equality with its first-ever all-female executive team in 2015.
The changes have made the business a more diverse and lucrative enterprise, said the company’s CEO, Jerrold L. Molloy, in a press conference on Friday.
Women are now more than twice as likely to be considered for top management positions, and they are more likely to have a career in the fashion industry than ever before.
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Crew’s success, however, comes at a time when women are increasingly losing their jobs.
The number of women making less than $75,000 a year has nearly tripled in the past decade, according to the American Association of University Women.
And the number of men who are less than a decade older than the median age for women to hold senior management positions has more than doubled, according the Women’s Business Council.
Women earn 77 cents for every dollar men make, according a 2016 analysis by the Economic Policy Institute.
In the apparel industry, women make 84 cents on the dollar for every $1 men make.
But for the majority of companies, that gender pay gap is shrinking, said Katherine B. Rachle, director of economic research at the Urban Institute.
The change in leadership reflects the company making progress on issues that are important to women, such as diversity, said Rachlen.
For example, J.C. Penney has hired five women since 2015 and is expanding its diversity team.
And Macy’s has created a women-led team of women who will lead the department stores’ online marketing efforts.
But the company has not made any significant changes to its corporate culture, said Lacey D. Pugh, the company chief executive officer.
The goal of the company is to bring together a diverse group of people who are not necessarily just employees, but people who can help guide the company, said D.P. Poh, a senior vice president for human resources and strategic partnerships.
For the past four years, JCPenney has hosted a diversity roundtable on diversity, focusing on women and people of color.
Women in leadership positions are also key to the company and its employees, said Poh.
The recent changes are also a good example of how a company can change its image and change its business model, said Elizabeth C. Smith, a managing director of consumer marketing at the Women, Work and the Economy Coalition.
The shift to all-women teams reflects the changing nature of the business, Smith said.
The business is not a perfect world.
There is still a lot of work to do, said Sarah K. Pritchard, chief executive of retail brokerage Themis.
The company has a tough road ahead to make strides to increase women in leadership, she said.
For that reason, the changes will likely have a lasting impact on women’s job security, Smith added.
But even as J. Cole and J. C. Penneys have begun to change the way they do business, they have not completely eliminated sexism.
P.L.C.’s decision to open its stores to all women, said Jessica B. Miller, a labor and employment attorney who specializes in discrimination issues.
PLC has been proactive in addressing harassment and discrimination in its stores, and P. L.C., for instance, has launched a women’s leadership program, said Miller.
But, P.P., as it is known, has been slow to adopt all-woman leadership teams, she added.
The new diversity initiatives are important steps toward improving women’s employment prospects, said Molloys, the former fashion brand CEO.
It will continue to improve our business as it evolves,” he said in a statement.