Updated
Updated · Bloomberg · Aug 27Gap Names Michael Francis Old Navy CEO After 4% Sales Drop
3 articles · Updated · Bloomberg · Aug 27Summary
- Michael Francis will take over as Old Navy CEO on Nov. 2 after Gap replaced Haio Barbeito, who will move into an advisory role.
- A bigger-than-expected sales decline at Old Navy pushed Gap to make the change after the brand dragged down the parent company's full-year guidance.
- Francis joined Old Navy in March as chief customer officer and head of marketing shared services, bringing 26 years at Target and 10 years at Walmart.
- Old Navy remains central to Gap's turnaround effort, accounting for nearly 60% of company revenue after Q2 net sales fell 4% to $2.1 billion.
Insights
While the Gap brand surges, can Old Navy's new leadership replicate that success before the parent company's growth stalls completely? Can unified customer data and real-time personalization truly fix Old Navy's disastrous marketing and bring shoppers back to stores?