Gap Inc. on Monday mentioned it had appointed clothier Zac Posen because the clothes retailer’s new artistic director and chief artistic officer of Old Navy, a part of the chain’s seek for higher relevance amid uneven demand for attire.
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Chief Executive Richard Dickson, in a press release, mentioned Posen’s “technical expertise and cultural clarity have consistently evolved American fashion, making him a great fit for the company as we ignite a new culture of creativity across the portfolio and reinvigorate our storied brands.”
The firm — which runs its namesake Gap Stores, Old Navy, Banana Republic and the ladies’s athletic-apparel chain Athleta — additionally famous Posen’s “technical excellence and body-positive designs.”
A New York native, Posen, 43, first launched his personal vogue label in 2001, and have become a sought-after gown designer for red-carpet occasions for celebrities comparable to Rihanna, Natalie Portman and Oprah Winfrey. In the years previous to that label’s shuttering in 2019, Posen was additionally a “Project Runway” choose, and helped design clothes for Brooks Brothers and Delta Air Lines Inc.
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Gap mentioned that Posen, in his new roles, would report back to Old Navy Chief Executive Haio Barbeito. As artistic director for Gap as an entire, Posen will function a “cultural curator and creative partner” to Dickson.
“I’m eager to join Gap Inc. now as brand reinvigoration kicks up across the portfolio, rooted in great product, experiences and a new culture of creativity,” Posen mentioned in a press release.
Shares of Gap had been up 0.4% after hours, after closing 0.8% greater throughout common buying and selling hours.
The transfer to deliver Posen aboard is the most recent effort by Gap to recalibrate its government workforce in current months. Last month, the corporate appointed Eric Chan, the previous CFO of the NBA’s Los Angeles Clippers, as chief enterprise and technique officer, and Mattel Inc.
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veteran Amy Thompson as chief folks officer. Dickson, the previous chief working officer of Mattel, grew to become CEO in August.
The previous two years of inflation have lower into demand for clothes, forcing many retailers to chop costs to draw clients. While Gap’s quarterly ends in November — together with a same-store gross sales achieve from Old Navy — launched the inventory greater, Dickson, throughout the retailer’s earnings name at the moment, mentioned there was room for enchancment on the firm’s retail chains.
In explicit, he mentioned the Gap had been “far too quiet in the cultural conversation.” Old Navy, he mentioned, wanted stronger advertising and marketing and product assortment to draw households, and wanted to do a greater job “balancing essentials with exciting new trends and a pricing strategy that clearly communicates jaw-dropping value.”
“We need to strengthen our portfolio of brands with crisp identities and purpose,” Dickson mentioned on the decision. “We need to create trend-right product assortments with a clear point of view to deliver beyond just needs to also deliver on wants.”
Last month, Levi Strauss & Co.
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mentioned plans to roll out newer, extra comfy denims. Nike Inc.
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has additionally confused the significance of product “newness” to development. Both corporations are additionally chopping prices within the wake of weaker demand.
Shares of Gap are up 37.2% over the previous 12 months.
Source web site: www.marketwatch.com
