In the latest, Marissa Webb is leaving her post as executive vice president and creative director of Banana Republic, indicating that business at the upscale Gap Inc. division continues to lag.
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Webb, who was hired to re-energize the brand and is known for her oversized jackets, will transition into a creative adviser role “affording her more time to focus on her own collection”, Gap said in a statement. Prior to Banana Republic, Webb worked at J. Crew for more than a decade and has been designing her own line since 2011.
“I’m really looking forward to stepping into my new role as creative adviser at Banana Republic”, she stated.
Chief Executive Officer Art Peck has been reshuffling the retailer’s leadership since taking the helm in February, including naming new brand presidents at the Gap and Banana Republic chains.
Shares of Gap have fallen $27.14 to 6.3% to $27.14 at 11:21 a.m. today.
Gross margins fell and continued discounts are expected, while sales of women’s clothes at Banana Republic slumped. Over three years at Old Navy, Larsson spearheaded the brand’s growth and helped make it Gap’s best performer. At Old Navy, the measure rose 4 per cent. She also brought a touch of whimsy to the Banana Republic stores and tried to make a few units feel less cookie-cutter. A few see the struggles at Gap’s brands – which haven’t been seen at its more successful Old Navy brand under the recently departed Stefan Larsson-as a clash between the merchandising and creative teams.
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On a constant currency basis, September 2015 net sales increased 2 percent compared with a year ago. The figure is a key metric of retailer’s health because it excludes sales from locations that have opened or closed in the past year.
