San Francisco — Gap Inc., the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8% from 2019. Additionally, comparable sales were up 28% year-over-year and rose 13% since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27% and 56% increase over 2019, respectively. There were declines in net sales at Gap Global (16%) and Banana Republic Global (29%). Old Navy’s comparable sales were up 35% year-over-year and …
San Francisco — Gap Inc. has hired Asheesh Saksena to join the Gap Inc. senior leadership team as chief growth officer, a newly created position that will focus on executing the company’s strategic agenda, as well as leading growth initiatives for the future. In addition, the company also named Sandra Stangl as the new president and CEO of Banana Republic. Saksena most recently served as president of Best Buy Health where he led the formation and operation of the brand’s strategic diversification into digital health after serving as the company’s …
San Francisco — Gap Inc., a longtime apparel tenant in enclosed regional malls nationwide, has announced plans to close 350 stores under its Banana Republic and Gap banners in an effort to transition focus to e-commerce and off-mall retail locations. Store closures are scheduled for completion by fiscal year 2023, which ends Feb. 1, 2024, with 75% scheduled to close in 2021. By that time, the company expects 80% of its revenue to come from e-commerce and off-mall locations, including street-front retail stores and shops in strip and outlet centers. …
San Francisco — Gap Inc. has appointed Mark Breitbard as president and chief executive officer of Banana Republic. Previously, he was CEO of The Gymboree Corporation.
San Francisco — Andi Owen, global brand president of Banana Republic, will leave Gap Inc. in late February. While a search is underway for Banana Republic’s next president, Gap Inc. CEO Art Peck will directly oversee the brand.
Paris — Gap Inc. has opened its first Banana Republic store in France. The flagship store is located in Paris on Avenue des Champs Élysées.
Rome — On July 30, Gap Inc. opened its first flagship store in Rome, Italy, on Via del Corso, the city’s premier shopping district. The company plans to open four more stores in Italy this year.
San Francisco — As part of its global expansion strategy, Gap Inc. plans to open its first Gap store in Egypt this month and its first Gap and Banana Republic stores in Morocco this October.
London — Gap Inc. plans to open approximately 190 stores worldwide in the year ahead, as well as the first Old Navy stores outside of North America by the end of 2012.