Banana Republic chief to exit brand

Sandra Stangl, president and chief executive of Banana Republic, is exiting the Gap Inc-owned company, after four years in the role.

Both Gap and Banana Republic have struggled to return to the popularity of their heyday in the nineties and oughts, having gone through multiple transformations and revamps.

“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 Wednesday, and reported by WWD. “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.”

“Each of our brands are focused on fixing the fundamentals to drive both relevance and revenue, and we have made progress across the portfolio,” Dickson wrote. “At Banana Republic, Sandra and the teams have begun to lay the foundation to reestablish the brand to thrive in the premium lifestyle space. We see a significant opportunity for this brand, and we have made progress over the past quarter setting the stage for improved future performance. And I look forward to identifying a new leader to take Banana Republic to the next level.”

“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.”

Gap Inc. will report its first quarter fiscal 2024 financial results on May 30th.