digitalinfowave



Sandra Stangl is stepping down from her role as president and chief executive of Banana Republic, parent company Gap Inc. confirmed to BoF.

Stangl, who joined the business in 2020, sought to revive the struggling mall brand through a culling of unprofitable Banana Republic stores and revamping of the brands’ e-commerce channel. Last year, the brand launched a line of furniture and homeware in a move toward a lifestyle positioning.

Despite a brief uptick in sales (up 24 percent between 2021 and 2022), Banana Republic’s growth has stalled. In the fourth quarter ending Feb. 3, Gap Inc. reported that sales at the brand were down 2 percent compared to the same period in 2023, and full year sales were down 8 percent compared to the year prior.

The company reports its first-quarter earnings at the end of this month.

Learn more:

How Banana Republic Became a Bright Spot in Gap Inc.’s Portfolio

The mall retailer saw sales rise after swapping generic office clothes for a stronger point-of-view inspired by its safari-themed origins. The new look wasn’t for everyone — and that was the point.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *