Banana Republic president and chief executive officer Sandra Stangl is leaving the Gap Inc.-owned brand, according to multiple reports.
A search for Stangl’s successor is underway.
Stangl has served in the top spot at the U.S. apparel firm for just over three years, wherein she had been tasked with turning around haemorrhaging sales. In the fourth quarter of 2023, Banana Reported generated net sales of $567 million, down 2 percent compared to the year before, while comparable sales were down 4 percent.
Last year, the fashion brand launched a line of furniture and homeware, as it looked to pivot a toward a lifestyle brand positioning.
“As we close out the first quarter of the year, Sandra and I have agreed to transition to new leadership for Banana Republic,” Richard Dickson, Gap Inc. president and CEO, wrote in an internal memo released Wednesday, and cited by WWD.
“Since Sandra joined the brand in December 2020, Banana Republic has made dramatic shifts to elevate the aesthetic and explore tangential categories that help us imagine the true potential of this brand.
“Each of our brands are focused on fixing the fundamentals to drive both relevance and revenue, and we have made progress across the portfolio,” Dickson continued.
“At Banana Republic, Sandra and the teams have begun to lay the foundation to reestablish the brand to thrive in the premium lifestyle space. We see a significant opportunity for this brand, and we have made progress over the past quarter setting the stage for improved future performance. And I look forward to identifying a new leader to take Banana Republic to the next level.
“While we search for a new leader to build on Banana Republic’s vision and potential, I will work closely with the brand leadership team to advance our fiscal ’24 goals, which we’ll discuss at tomorrow’s [Thursday’s] Banana Republic Town Hall. And — importantly — together we will continue to energize our culture.”
Parent company Gap Inc. is due to report its first-quarter earnings update on May 30.
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