American retail group GAP Inc with portfolio including GAP, Banana Republic and Athleta has announced exits of senior executives amidst declining sales. For understanding, the company’s net sales declined 6% compared to last year to $15.6 billion. Store and online sales declined 6% and 7% respective, compared to last year.
Regarding executive shakeup the Group’s Chief Growth Officer Asheesh Saksena and Mary Beth Laughton, President and CEO of Athleta have exited. While the Group’s Chief People Officer Sheila Peters will leave at the end of the year.
“The Board is getting close to choosing the next CEO for Gap Inc [after the exit of Sonia Syngal in 2022]. As a result of the work, we have underway to build a stronger foundation and restore the company’s creative muscle, we are optimistic that this will provide our new leader with a quicker ramp in driving consistent, profitable growth over the long term,” said Bob Martin, Gap Inc. Executive Chairman and Interim CEO.
“To enter fiscal 2023 in a more competitive position we took quick and effective action to clear excess inventory, improve assortment balance, particularly at Old Navy, and to meaningfully optimize our cost structure, resulting in $550 million in annualized savings identified to date,” he added.
Looking ahead, the company anticipates that fiscal 2023 net sales could decrease in the low to mid-single digit range compared to last year’s net sales of $15.6 billion, while capital expenditures will be between $500-and-$550 million indicating lower technology project investments and fewer store openings.
The key to a successful omnichannel future
A frictionless omnichannel experience which is predictive, value-focused, and highly personalised isFebruary 16, 2023 | By RetailME Bureau
Scandinavian brand J Lindeberg capitalises on the rise of athleisure to expand in the UAE
J Lindeberg was started by Johan Lindeberg in 1990s with the aimSeptember 2, 2022 | By RetailME Bureau
Sunset Hospitality Group accelerates expansion plans to open 20+ international venues in 2023
Apparel Group marks 17 years of partnership with Tommy Hilfiger with unique NFTree
Géant, part of GMG, recently opened two new stores. The brand has
UAE-based diversified family business GMG has launched four state-of-the-art manufacturing facilities in
The growth opportunity for food and grocery retailers during the Holy Month
From value, variety and convenience to philanthropy GMG retail stores, including 16
MAGGI from the house of the Nestlé is all set to launch
What does 2023 look like for consumers in Saudi Arabia? A Nielsen
Dubai-based food & grocery retailer Union Coop has launched its discount campaign
Around eight years ago in 2015 a brand called Fruitful Day was
Technology has the potential to transform everyday life in Africa for the
Looking at the regional food retail landscape, one can’t ignore the fundamental
In the early 1970s when large-scale oil exploration activities started, the UAE
Waitrose & Partners UAE has renovated its 45,770 sqft Dubai Mall store
Regional retail conglomerate Apparel Group recently celebrated 17 years of its partnership
UAE-based diversified business Sharaf Group has signed a strategic memorandum of understanding
Ramadan consumerism has long fixated retailers for it is nothing short of
Luxury retailer Chalhoub Group has launched its web3-native, community-centric sneaker brand SOL3MATES.
Resale fashion app Bazaara that enables users to buy and sell pre-loved
UAE-based diversified family business GMG renewed its commitment to the Egyptian market
Italian luxury brand Dolce&Gabbana and the Abu Dhabi Music & Arts Foundation
With an aim to offer an interactive shopping experience a new concept
Global sportwear brand adidas recorded an operating loss of €724 million and
The first edition of Dubai Fashion Week (DFW), founded by Arab Fashion
Emphasising on the power of a shared purpose global brand Nike’s President
The Hershey Company has achieved one-to-one aggregate gender pay equity for its