Owen Exits Banana Republic
After a two-year run as president of Gap Inc.’s long-suffering Banana Republic division, Andi Owen will leave the company, according to a Jan. 24 announcement.
Gap Inc. is currently searching for a replacement for Owen, who has worked for the specialty retail giant in various positions for 25 years. Her last day at the company is scheduled for late February, according to a Gap statement.
Banana Republic’s last full year of same-store-sales increases was 2012. During Owen’s tenure, the retail division reported double-digit and high single-digit percent declines. In its last reported quarter, the third quarter of 2016, Banana Republic posted a same-store-sales decline of 8 percent.
However, Art Peck, Gap Inc.’s chief executive officer, praised Owen’s work. “During her time with Banana Republic, Andi led critical work improving the brand’s aesthetic and product quality and moved the brand to a full omni-channel assortment,” Peck said in a statement.
“While these improvements have been important steps forward, we have significant work to do in order to consistently win with customers. Andi and I agreed that now was an appropriate time for a change in leadership.”
Owen worked for Gap Inc.’s other core divisions, Gap and Old Navy, during her career. She also served as executive vice president and general manager for the Gap Global Outlet and senior vice president and general manager for Banana Republic Factory Stores.
Banana Republic is a Gap Inc. division that is not devoted to basics. Rather, it offers casual clothes, suiting and accessories for office, cocktails and travel. There are more than 750 Banana Republic stores around the world. Gap Inc. acquired the retailer in 1983.