Gap (NYSE:GPS), which sells apparel under the Gap, Old Navy, Banana Republic, Piperlime, and Athleta brand names, is planning an overhaul of its management structure. The company will be redistributing its executive team so that each division will be headed by a single global president. This comes as the company sees share growth of over 100 percent this year to date and trades near its 52-week high.
Chief executive Glenn Murphy, who will oversee the company’s China business with product leader Nancy Green, is leading the charge. Steve Sunnucks will become the global boss of the Gap brand. Jack Calhoun will become global boss for Banana Republic. Stefan Larsson has already begun a term as global boss for Old Navy.
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“Our strong performance gives us the confidence to make this move to bring each brand together with the goal of gaining market share around the world and enhancing shareholder value,” said Murphy in a statement. Gap currently operates more than 3,200 stores in over 40 countries.
Figures released by the U.S. Commerce Department on Monday showed retail sales increasing for the third straight month, up 1.1 percent, and beating expectations of 0.7 percent. Companies like Target (NYSE:TGT), Wal-Mart (NYSE:WMT), and Macy’s (NYSE:M) all posted gains, gathering some faith for a strong holiday season. Gap’s remarkable yearly growth despite a crawling retail market is largely thanks to a product overhaul at the beginning of the year.
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