Gap Inc.: Jill Stanton appointed Old Navy's interim President
Following the departure of Old Navy's President, Stefan Larsson, who will succeed Ralph Lauren at the top of the eponymous group, the current worldwide Vice-President of Gap's product division, Jill Stanton, will be provisionally in charge.
Stanton was described by the US group as a "proven textile industry veteran", with a 25-year experience under her belt. She notably served for 14 years with the Nike group, for which she also acted as Vice-President and CEO for worldwide apparel.
The transition occurs at a time when Old Navy has been for a large number of quarters the only growth engine within the Gap group. The eponymous label's sales are constantly declining, while Banana Republic's are barely remaining stable.
Gap Inc. generated revenues for €14.5 billion in the fiscal year 2014-15. They are equivalent to a 2% rise, thanks to Old Navy's 5% and Banana Republic's 2% increases, while Gap fell by 5%.
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