Gap says Banana Republic head to leave, CEO to oversee brand

[BENGALURU] Gap Inc said the global president of its Banana Republic unit would leave the company as the apparel retailer looks to stem a relentless decline in sales at the brand.

Andi Owen, global president of Banana Republic, will leave the company in late February, Gap said in a statement.

Chief executive Art Peck, who took over as chief executive in 2015, will directly oversee the brand, while the company searches for Mr Owen's replacement.

Sales in the Banana Republic unit have declined for seven straight quarters.

Under Mr Peck, Gap has been trying to replicate the success of its low-end Old Navy brand at its Gap and Banana Republic brands.

The company said last May it would shut 75 Old Navy and Banana Republic stores outside the United States.

REUTERS