Sandra Stangl, President and CEO of the Banana Republic division of Gap Inc. (San Francisco), has exited the brand, Women’s Wear Daily reports.
“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 circulated earlier this week. “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.”
The company also expressed concerns about the brand in its most recent earnings statement, WWD noted. “While the brand has been making progress elevating its aesthetic, reestablishing Banana Republic will take time and there is work to be done to better execute many of the fundamentals,” the company said in fourth-quarter results release in March. Banana’s full-year net sales of $1.9 billion were down 8 percent versus 2023. Comparable sales were down 7 percent.
Earlier this year there was speculation that Banana Republic‘s foray into home goods was floundering, WWD reports, but a spokesperson at the time told the paper that the plan was to broaden the home collection, while firmly denying market speculation that the line would be discontinued.
Efforts to develop Banana Republic Home go back three years when Stangl, who has an extensive résumé in the home sector, joined the brand. She cofounded and was the chief merchant of Mine, a pure-play home business, and worked at Williams Sonoma and RH (formerly Restoration Hardware).
In his message to the company, Dickson wrote, “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.”