Banana Republic chief ousted after 25 years with Gap
Banana Republic chief Andi Owen has been ousted from the role by parent Gap after 25 years with the business.
Owen, who has been global brand president of the Gap division since January 2015, will finish at the end of February in what the company describes as a mutual decision. Same-store sales have increased in just three of the last 24 months under her stewardship.
Gap CEO Art Peck will oversee Banana Republic while a search continues for a successor for Owen.
“Andi has been an accomplished leader at Gap playing a number of key roles across Banana Republic, Old Navy and Gap,” Peck said in a statement.
“During her time with Banana Republic, Andi led critical work improving the brand’s aesthetic and product quality and moved the brand to a full omni-channel assortment.”
Peck said brand has “significant work to do” to “consistently win with customers.”
Banana Republic same-store sales fell 7 per cent during the December holiday season after posting a 5 per cent increase in November.