Gap Inc. unveiled at a virtual investor meeting on Thursday that it expects to return to profitable growth next year, with plans to double the sales of its Athleta business to $2 billion over the next few years.
The US apparel group is envisaging closing down all its directly operated branches in the UK, France, Italy and Ireland next year - 129 stores in total - maintaining a presence in Europe through franchise partnerships.
Having joined the company last year, Larsson will succeed Emanuel Chirico, who has held the role of CEO since 2006. He will step into his new position at the head of the American conglomerate in February 2021.
Apparel retailer Gap reported a surprise 13% rise in quarterly comparable sales on Thursday, as consumers stuck at home due to the COVID-19 pandemic bought more of its Old Navy and Athleta clothing online.