Banana Republic seeks successor for Sandra Stangl. The president and CEO of the brand, owned by the American group Gap, will leave the company imminently. At the moment, the company does not have a successor for the board of directors, who joined the company in 2020, as published WWD.
When Stangl joined Banana Republic, business was not at its best and the board took on the challenge of revitalizing it by eliminating unprofitable stores and renewing the brand’s e-commerce channel. Previously, the executive had worked for twenty-three years at the Williams-Sonoma retail group, where she was president of the Pottery Barns furniture chain.
Banana Republic ended 2023 with a sales decline of 8.63%, losing the level of 2,000 million dollars, to 1,939 million dollars, and having also shrunk its sales in the fourth quarter. Last year, the brand launched a line of furniture and home goods in a move aimed at positioning itself in the category. lifestyle.
Banana Republic closed 2023 with an 8.63% drop in sales
Gap ended fiscal year 2023 (ended February 3) returning to profit, although its sales fell slightly. In the fourth quarter, the first under new CEO Richard Dickson, the company began to accelerate.
The owner of Banana Republic and Old Navy concluded fiscal 2023 with a profit of $502 millions, compared to losses of 202 million dollars. At the end of the year, the group’s gross margin stood at 38.8%, compared to 34.1% in 2022, driven by a reduction in spending on air transportation and an improvement in promotional activity.
During recent years, the company has executed a plan to reduce costs and generate efficiencies that is beginning to bear fruit.
