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To be less “elitist,” J.Crew plans to lower its prices

To be less “elitist,” J.Crew plans to lower its prices

A decade ago, J.Crew was a defining force in the way Americans dressed. In 2008, its colorful, unfussy prep reached a milestone, when Michelle Obama wore one of the brand’s yellow cardigans on The Tonight Show with Jay Leno. That cardigan signified accessibility. Everyone could—and did—wear J.Crew, up to and including the first lady of…