The first day of the rest of Andrew Rosen’s life was April Fools’, but that was a coincidence, not a sign.

It was a few days after he had announced he was stepping down as chief executive of Theory, the company he founded that redefined dressing for work (now owned by Japan’s Fast Retailing); the first day in almost 40 years that he had not been the head of a fashion brand.

And it was the first time in a very long time that he had any actual time to reflect on the dramatic changes in the industry he helped create — where it has been and where it is going. It turned out he had a lot to say.

This interview has been edited and condensed.

There’s a general sense that American fashion is in crisis. Do you agree?