Report: Banana Republic CEO out
Banana Republic is looking for a new chief executive.
Sandra Stangl, president and CEO of Banana Republic, a division of Gap Inc., is leaving the company. The news was first reported by Women’s Wear Daily, which said the search for her replacement is underway.
“As we close out the first quarter of the year, Sandra and I have agreed to transition to new leadership for Banana Republic,” wrote Richard Dickson, president and CEO, Gap Inc. in an internal memo, reported 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.”
In the fourth quarter of 2023, Banana Reported reported net sales of $567 million, down 2% year-over-year. Same-store sales fell 4%.
“While the brand has been making progress elevating its aesthetic, re-establishing Banana Republic will take time and there is work to be done to better execute many of the fundamentals,” the company stated in its fourth-quarter earnings release.
Stangl was appointed to the role in late 2020. Previously, from December 2017 to August 2018, she served as president, chief merchandising and business development officer for Restoration Hardware (now RH). Before Restoration Hardward, Stangl spent 15 years at Williams-Sonoma, where she held a variety of leadership positions.
Under Stangl’s leadership, Banana Republic moved to a more lifestyle positioning. Her efforts including the launch of a furniture collection, BR Home. The line was expanded last fall to include include bedroom, living room, and dining room furniture as well as lighting and home décor.
“At Banana Republic, Sandra and the teams have begun to lay the foundation to reestablish the brand to thrive in the premium lifestyle space,” Dickson wrote in the memo. “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.”
Dickson took the reins at Gap in August 2023. He joined the company from toymaker Mattel, where he most recently served as president and chief operating officer, leading its global brand portfolio, overseeing strategy, brand marketing, design and development.