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Richard Dickson - 3 Sonia Syngal - 3 Dickson - 2 Granth - 1 Krishna Chandra Eluri - 1 Vinay Dwivedi - 1 it's - 1 Bob Martin - 1
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☆ Gap names Mattel executive as CEO - WSJ
  + stars: | 2023-07-26 | by ( ) www.reuters.com   time to read: 1 min
July 26 (Reuters) - Gap (GPS.N) has appointed Mattel (MAT.O) executive Richard Dickson as its new chief executive officer, the retail groups's chairman and interim CEO told the Wall Street Journal on Wednesday. Shares of the company were up 6.4% at $9.80 in premarket trade. Last year, Gap's former CEO, Sonia Syngal, stepped down just after a liitle over two years into the role, as the apparel seller wrestled with weak demand for its casual attire and a slump in its stock price. Gap and Mattel did not respond to a Reuters' requests for comment. Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra Eluri and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons: Richard Dickson, Sonia Syngal, Granth, Krishna Chandra Eluri, Vinay Dwivedi Organizations: Mattel, Wall, Thomson Locations: Bengaluru
☆ Gap taps top Mattel executive to be its new CEO
  + stars: | 2023-07-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +1 min
Gap announced Wednesday it's poached a top Mattel executive to be its new CEO as the apparel giant seeks to reverse an ongoing sales slump and regain its relevancy in the fashion industry. Since then, Gap's chairman, Bob Martin, has been serving as interim CEO during a longer-than-expected search for a successor. During a May earnings call, Martin told investors he didn't expect to hold the position of interim CEO as long as he had. Gap shares gained about 6% on Wednesday after the news, while shares of Mattel fell slightly. During his tenure with Mattel, Dickson is credited with reviving the Barbie franchise and growing the toymaker's other top brands, including Hot Wheels and Fisher-Price, according to Mattel.
Persons: it's, Richard Dickson, Sonia Syngal, Bob Martin, Martin, Dickson, Price Organizations: Mattel
☆ Gap hires Mattel president Richard Dickson to be its new CEO
  + stars: | 2023-07-26 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +5 min
New York CNN —Gap has named a new CEO, from toy giant Mattel, nearly a year after its previous leader departed. The retailer announced Wednesday that Richard Dickson, currently Mattel’s president and chief operating officer, will assume the position. First the president of the Gap division and later CEO of the company beginning in 1995, Drexler pushed Gap to expand beyond jeans into khakis and oversaw the creation of the budget-chain Old Navy in 1994. It doesn’t help that Old Navy and Banana Republic are also struggling, adding to Dickson’s challenges. In short, being CEO of Gap is not for the faint of heart,” Saunders said.
Persons: Richard Dickson, He’s, Dickson, ” Dickson, Barbie, Neil Saunders, GlobalData, ”, Chris Blakeslee, Alo Yoga, West, Sonia Syngal, Mickey Drexler, Drexler, Paul Pressler, Glenn Murphy, Peck, Syngal, ” Saunders Organizations: New, New York CNN, Mattel, Jones New, Warner Bros, CNN, Athleta, Republic, Kanye West, Navy, Disney, Gap, Banana Republic Locations: New York, Jones New York, Zara, North America, Peck
☆ Gap to lay off about 1,800 employees in second round of job cuts
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +2 min
April 27 (Reuters) - Gap Inc (GPS.N) said on Thursday it would cut about 1,800 jobs in a second round of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets. In September, Gap eliminated about 500 corporate workers across a range of departments as it struggled to protect margins and battled weak sales. As of Jan. 28, the apparel chain had about 95,000 employees, according to a regulatory filing. The Wall Street Journal first reported on the new round of job cuts earlier this week. Reporting by Anne Florentyna Gnanaraja Sekar and Ananya Mariam Rajesh in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.
☆ Gap has quietly dissolved its advertising business. It shows the challenges companies have competing for the $45 billion retail media industry.
  + stars: | 2023-03-22 | by ( Lauren Johnson | ) www.businessinsider.com   time to read: +4 min
Gap was hoping to tap into a lucrative new revenue stream called retail media, projected to be worth $45 billion in 2023, according to Insider Intelligence, Insider's sister company. Instead of GPS Media, Gap is devoting resources to support GPS Platform, which handles logistics and fulfillment services for other retailers including next-day and two-day shipping. Gap has also started GPS Apparel, which customizes apparel for companies. Lipsman said that Gap also had a disadvantage in retail media because it only sold its own brands. Are you a Gap employee or do you have insight about retail media to share?
☆ Gap announces big loss, declining sales and executive shakeup
  + stars: | 2023-03-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com   time to read: +5 min
Gap reported sales of $4.24 billion, down 6% from $4.53 billion a year earlier. Online sales, which represent 41% of total net sales, plummeted 10% compared to last year, the company said. It expected first quarter net sales to decrease in the mid-single digit range compared to the prior fiscal year and expects fiscal 2023 net sales to decrease in the low to mid-single digit range. Overall, net sales for the year dropped to $15.62 billion compared to $16.67 billion in the prior fiscal year. Net losses for the year came in at $202 million, compared to a net income of $256 million in the prior fiscal year.
☆ Gap beats on third-quarter revenue, but tempers expectations for holiday season
  + stars: | 2022-11-17 | by ( Melissa Repko | ) www.cnbc.com   time to read: +6 min
Gap on Thursday beat Wall Street's quarterly revenue expectations, but gave a cautious outlook for the holiday season. Old Navy, known for casual clothing for adults and kids: comparable sales fell 1%. Banana Republic, known as a destination for suiting and dresses: comparable sales rose 10%. comparable sales rose 10%. Athleta, an activewear brand: comparable sales were flat, as shoppers shifted to buying more outfits for occasions and for work.
☆ Gap eliminates 500 corporate jobs amid shrinking profitability
  + stars: | 2022-09-20 | by ( ) www.nbcnews.com   time to read: +1 min
Gap Inc. is eliminating about 500 corporate jobs, the apparel chain said on Tuesday, as it struggles to protect margins and battles weak sales of outdated clothes at brands including Old Navy. The company is laying off staff and eliminating positions that are currently open across a range of departments, it said. Shares of the Banana Republic parent declined about 3% in afternoon trade, taking the year-to-date decline to 48%. Late last month, the company withdrew its annual forecasts due to an inventory glut and weak sales. The company had a workforce of about 97,000 employees as of Jan. 29, with around 9% of employees working at its headquarters locations, according to a regulatory filing.
☆ Gap eliminates 500 corporate jobs amid shrinking margins
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +1 min
Register now for FREE unlimited access to Reuters.com RegisterThe Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John SibleySept 20 (Reuters) - Gap Inc (GPS.N) is eliminating about 500 corporate jobs, the apparel chain said on Tuesday, as it struggles to protect margins and battles weak sales of outdated clothes at brands including Old Navy. Register now for FREE unlimited access to Reuters.com RegisterShares of the Banana Republic parent declined about 3% in afternoon trade, taking the year-to-date decline to 48%. Late last month, the company withdrew its annual forecasts due to an inventory glut and weak sales. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
☆ Gap is laying off 500 corporate employees as challenges mount
  + stars: | 2022-09-20 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN Business —Roughly 500 corporate jobs are being eliminated at the Gap, adding to the problems that the beleaguered retailer is currently facing. He added that Old Navy is no longer as strong as it had been in boosting the Gap’s bottom line. “Traditionally, Gap could rely on its Old Navy banner to cover some of the sluggishness in other parts of the business. Gap (GPS) confirmed that it was winding down the partnership in an internal company email that was seen by CNN Business. Shares of the Gap slipped nearly 3% in Tuesday trading, with the stock down 50% for the year.
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