Sandra Stangl, President and Chief Executive Officer, Banana Republic is stepping down from her position. Having led the US apparel firm for just over three years, Stangl tasked with the responsibility of reviving the brand’s declining sales.
However, she failed to achieve this as in Q4 FY23, the net sales of Banana Republic declined by 2 per cent to $567 million compared to the previous year, with comparable sales declining by 4 per cent.
During Stangl's tenure, the brand ventured into new territory by launching a line of furniture and homeware, aiming to position itself as a lifestyle brand.
Announcing the leadership transition in an internal memo, Richard Dickson, President and CEO, Gap Inc, the parent company of Banana Republic, Stangl's efforts in elevating Banana Republic's aesthetic and expanding into new product categories. Dickson emphasised on the need to focus on revitalising the brand's fundamentals to drive both relevance and revenue.
Dickson expressed commitment to working closely with Banana Republic's leadership team to achieve the company's fiscal goals for 2024. Highlighting the upcoming discussion at the Banana Republic Town Hall, he emphasised on the importance of maintaining a vibrant company culture.
