Gap Inc. has announced that Tom Wyatt, president of its Old Navy brand, has resigned in order to take a position at another company outside of the apparel retail business, effective Feb. 3.
Gap executives reaffirmed its commitment to reducing square footage at home, aggressive international expansion and online growth during a presentation at Gap Global Creative Center in New York City.
At an investor conference on Thursday, Gap CEO Glenn Murphy announced the company will close 200 of its 900 U.S. namesake stores even as it expands its outlet presence.
Apparel retailers across the board experienced strong sales gains in April, thanks in large part to the inclusion of Easter in this year’s reporting period, leading many to raise their quarterly earnings guidance.
Gap Inc. wants international and online sales to account for 30% of its revenues within two years and a restructuring announced this week is expected to play a role in facilitating that growth.
Gap Inc. has announced a series of significant management and organizational changes at Gap brand designed to drive more consistent results in North America and to provide a new and dynamic creative leadership structure that will deliver sustainable global growth.