NOTE: Unfortunately, J. Crew's clothes aren't getting any cheaper. Read the full story here.

According to reports, J.Crew is about to get cheaper.

"For spring, you'll see our prices much more friendly this year," CEO Mickey Drexler said at an event covered by Women's Wear Daily. "We can't compete with designers."

J.Crew's prices have become more designer than middle-market. The company was once routinely compared to Gap, but now the prices are considerably more expensive.

For instance, men's work pants cost $59.95 at Gap, but $79.50 at J.Crew.

The high prices could have hurt business: last year, the company announced that profits fell 20%.

The company's steep price tags have been criticized before, such as when Jezebel poked fun at its $88 baby sweater.

Drexler didn't specify which items or departments would be cheaper.