Gosh, J. Crew (NYSE:JCG) CEO Mickey Drexler must have a huge bulls-eye on him. As you saw from my initial bullish argument, I'm not buying the criticisms. In fact, Drexler should be applauded for leading a turnaround for J. Crew. From fiscal years 2003 to 2005, annual net sales have increased more than 40%, while taking the retailer from an operating loss of almost $31 million in 2003 to an operating gain of $79.5 million in FY2005. And fiscal year 2006 is on track to blow the previous performances out of the water. Not bad for a guy with a big target on him.

Sure, Gap (NYSE:GPS) went through a tough slump during the latter tenure of his role with the retailing giant, but there were plenty of companies struggling during the same period. Try the entire Nasdaq, for example. From 2000 to 2002, discretionary spending among consumers tightened, and mature retailers like Gap took the brunt of the shift in consumer sentiment. Could Gap have been better prepared for a potential pitfall? Sure -- and I could've avoided the stock market altogether from 2000 to 2002, but I didn't.

I'm not sold on the notion that Gap's development of other brands was the source of its demise, nor do I think it's one to be overly concerned with regarding J. Crew. Nearly every successful retailer -- and let's not forget that Drexler built Gap into a major retailing success -- if smart, attempts to diversify its brand for at least two important reasons: to mitigate risk when one brand is in a slump, and to take advantage of growth opportunities by identifying important niches in the market that need to be filled. Whether it's Limited (NYSE:LTD), Abercrombie & Fitch (NYSE:ANF), or Chico's (NYSE:CHS), apparel retailers broaden the brand portfolio because it makes good business sense.

J. Crew is banking on two of its brands -- Crew Cuts and Madewell -- in becoming important contributors to the parent company. As long as Mickey and company continue to focus on creating fresh merchandise and efficient stores, long-term shareholders should be pleased for years to come.

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Think you're done? You're not! Go back and read the other three arguments and then vote for a winner.

Fool contributor Jeremy MacNealy has no financial interest in any company mentioned. The Motley Fool has a disclosure policy.