Gap Inc. shares fell on Tuesday as rising costs and discounts thwarted Sonia Syngal’s turnaround after 2 1/2 years as chief executive officer of the clothing retailer.
28-year-old Dominic Green signed out of his shift on a Wednesday afternoon. Five days passed before his body was discovered.After taking over in March 2020, Syngal immediately had to navigate COVID-19. She oversaw the expedited implementation of curbside pickup and the expansion of e-commerce — moves that investors applauded.
Additionally, a deal to produce apparel with Kanye West’s Yeezy brand has failed to generate meaningful results. After announcing the project withThe company’s missteps are ill-timed as the retail industry gears up for back-to-school season, one of the biggest shopping times of the year. “As a family brand, this has a compound halo effect. When we aren’t delivering for moms, she’s less likely to come to Old Navy for her kids,” Syngal said during the company’s latest earnings call.
The company sees Old Navy reaching $10 billion in sales by 2023. Old Navy added more plus-size women’s apparel to expand appeal, but the move backfired when its size assortment was imbalanced, with too many of some sizes in stock and not enough of others. That led to cuts in orders for the third quarter.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Gap Inc. Stunner: Sonia Syngal DepartsHoracio “Haio” Barbeito will become president and chief executive officer of Old Navy.
Weiterlesen »
Must Read: Gap CEO Sonia Syngal Steps Down, Are Luxury Megabrands Getting Too Big?Plus, Opening Ceremony collaborates with Luar.
Weiterlesen »
Gap CEO Sonia Syngal stepping down amid weak salesGap Inc. has announced that its CEO and president Sonia Syngal is stepping down from her role after two years on the job, effective immediately.
Weiterlesen »
Gap CEO steps downThe chief executive officer of Gap Inc. has stepped down from her position and from the company's board. Sonia Syngal spent 18 years at the retailer.
Weiterlesen »
Down and Out: Gap Stock Drops After CEO DepartsGap Inc.’s stock continued to slide Tuesday, a day after the sudden departure of the retailer’s president and chief executive officer Sonia Syngal.
Weiterlesen »
Stocks Making the Biggest Moves Premarket: PepsiCo, Gap, Peloton and OthersThese are the stocks posting the largest moves before the bell.
Weiterlesen »