Gap brand president and CEO Jeff Kirwan to leave the company

SAN FRANCISCO, 2018-Feb-21 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today (February 20, 2018) announced that Jeff Kirwan, president and CEO of Gap brand, will leave the company.

“Under Jeff’s leadership we made significant progress on the operating model of Gap brand. We are faster and more responsive than ever before, we radically improved quality and fit, and we centered the brand on the aesthetic that our customers love: casual, optimistic and American. We have also seen the results of exceptional marketing and customer engagement reflected in increased traffic, improved sales and the strength of the digital business” said Art Peck, chief executive officer of Gap Inc.

“While I am pleased with our progress in brand health and product quality, we have not achieved the operational excellence and accelerated profit growth that we know is possible at Gap brand. As we move into the brand’s next phase of development, Jeff and I agreed it was an appropriate time for a change in leadership,” Peck continued.

A search is underway for a new president of Gap brand. In the interim, Brent Hyder, current Gap Inc. EVP, Global Talent and Sustainability will oversee the brand. Prior to his current role, Hyder served as Chief Operating Officer at Gap brand. He also served as Vice President and General Manager of Gap Japan K.K., leading all aspects of the Gap Inc. business in Japan.

About Gap Inc.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, Intermix, and Weddington Way brands. Fiscal year 2016 net sales were $15.5 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, about 450 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

MEDIA CONTACT:
press@gap.com

SOURCE: Gap Inc.

Gap Inc. to participate at the Goldman Sachs 24th Annual Global Retailing Conference on September 6, 2017

SAN FRANCISCO, 2017-Sep-06 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today announced that President and Chief Executive Officer Art Peck and Executive Vice President and Chief Financial Officer Teri List-Stoll will address investors at the Goldman Sachs 24th Annual Global Retailing Conference on September 6, 2017 in New York City.

A live webcast of the presentation will be accessible on Gap Inc.’s Financial News and Events page at www.gapinc.com/investors from approximately 11:20 a.m. to 12:00 p.m. Eastern Time on September 6, 2017. A replay of the event will be available on www.gapinc.com for 90 days.

About Gap Inc.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, Intermix, and Weddington Way brands. Fiscal year 2016 net sales were $15.5 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, about 450 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

SOURCE: Gap Inc.

MEDIA CONTACT

press@gap.com

Gap Inc. announces the appointment of Mark Breitbard as president and CEO of Banana Republic

SAN FRANCISCO, 2017-Mar-17 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today (March 14, 2017) announced the appointment of Mark Breitbard as president and chief executive officer of Banana Republic. Breitbard will report to Art Peck, president and chief executive officer of Gap Inc., and will serve on the company’s senior leadership team. Peck will continue to directly oversee Banana Republic until Breitbard joins the company in early May.

“Mark brings significant retail leadership experience to Gap Inc., along with deep knowledge of the company and our customer,” said Peck. “We know what Banana Republic is capable of, and Mark’s ability to drive transformation and innovation will help revitalize the brand and position it to achieve its long-term potential.”

“I believe there’s tremendous opportunity for Banana Republic to differentiate itself with optimized product and customer experiences,” said Breitbard.  “I’m looking forward to working with the Banana Republic team to build the brand for the future.”

Most recently, Breitbard served as chief executive officer at The Gymboree Corporation from 2013 until early 2017. From 2010 to 2013, Breitbard held leadership positions across Gap North America, where he was instrumental in delivering the product-led resurgence of Gap’s North America business. He also served as chief merchandising and creative officer of Old Navy from 2009 to early 2010. Previously, Breitbard served in leadership roles at Levi Strauss & Co. and Abercrombie & Fitch.

Breitbard graduated from Vassar College and earned a Master of Business Administration from the Haas School of Business at the University of California, Berkeley.

About Gap Inc.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2016 net sales were $15.5 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, about 450 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Contact: 

650-952-4400

Source: Gap Inc.

Gap Inc. announces departure of Banana Republic global brand president Andi Owen

SAN FRANCISCO, 2017-Jan-25 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today (January 24, 2017) announced that Andi Owen, global brand president of Banana Republic, will leave the company in late February. While a search is underway for Banana Republic’s next president, Gap Inc. Chief Executive Officer Art Peck will directly oversee the brand.

“Andi has been an accomplished leader at Gap Inc. playing a number of key roles across Banana Republic, Old Navy and Gap,” said Peck. “I am grateful for her partnership and for Andi’s many contributions to the company during her 25-year tenure.”

“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. 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,” Peck continued.

Since joining Gap Inc. in 1991, Owen has held a wide variety of leadership roles at the company, including executive vice president and general manager for Gap Global Outlet and senior vice president and general manager for Banana Republic Factory Stores.

About Gap Inc.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2015 net sales were $15.8 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, about 450 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Investor information:

investor_relations@gap.com
650-952-4400

Source: Gap Inc.

Gap Inc. announces the appointment of Teri List-Stoll as EVP and CFO effective January 17, 2017

SAN FRANCISCO, 2016-Nov-17 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today (November 15, 2016) announced the appointment of Teri List-Stoll as executive vice president and chief financial officer, effective January 17, 2017. List-Stoll will report to Gap Inc. chief executive officer Art Peck and will serve on the company’s senior leadership team.

“Teri is a seasoned finance leader with more than three decades experience, including top leadership positions at global consumer goods companies,” said Art Peck, chief executive officer, Gap Inc. “As we remain focused on accelerating our transformation, Teri’s expertise will help us drive our long-term financial objectives and continue our commitment to long-term shareholder value.”

List-Stoll will succeed Sabrina Simmons, whose departure was previously announced on November 2, 2016, and will have oversight of the company’s global finance function, as well as loss prevention and corporate administration divisions. Once List-Stoll joins Gap Inc. in mid-January, Simmons will shift into an advisory role through the end of the company’s fiscal year.

“I have tremendous respect for the brands in Gap Inc.’s global portfolio, and I am excited to join the company during a time of transformative change,” said List-Stoll. “I look forward to continuing Gap Inc.’s commitment to a strong balance sheet and operating discipline and supporting the company’s long-term growth strategy.”

Most recently, List-Stoll held the position of executive vice president and chief financial officer for Dick’s Sporting Goods, Inc.  Previously, she served in senior finance roles, including chief financial officer for Kraft Foods Group, Inc.  List-Stoll spent almost two decades growing her career at The Procter & Gamble Company, where she ultimately served as senior vice president and treasurer. She began her career at Deloitte & Touche LLP.

List-Stoll serves on the board of directors and audit committees for Microsoft and Danaher. She received her B.A. in Business Administration from Northern Michigan University and is a Certified Public Accountant.

About Gap Inc.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2015 net sales were $15.8 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, about 450 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Investor information:

investor_relations@gap.com
650-952-4400

Source: Gap Inc.

Gap Inc. EVP and CFO Sabrina Simmons to leave the company

SAN FRANCISCO, 2016-Nov-05 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today (November 2, 2016) announced that executive vice president and chief financial officer Sabrina Simmons will be leaving the company. Simmons will remain with Gap Inc. through the end of the 2016 fiscal year, ensuring a seamless transition over the coming months.

“Throughout her 15-year tenure, Sabrina has been one of our most passionate and respected leaders. She was critical in establishing Gap Inc.’s capital structure framework and maintaining operating discipline across the enterprise, both of which have delivered significant value to our shareholders,” said Art Peck, chief executive officer of Gap Inc.

“Since I assumed the CEO role two years ago, Sabrina has been an instrumental partner in helping the company transition to a new leadership team. With that period of transition behind us, Sabrina and I agreed that this was an appropriate time for a change in the organization and for her to pursue the next chapter in her career. Sabrina and I will work together to ensure an orderly transition in the coming months. Most of all, I am grateful for her partnership and for all that Sabrina has contributed to Gap Inc.,” Peck added.

Simmons said, “I feel very fortunate to have spent a meaningful part of my career at Gap Inc., and I’ll always be grateful to the Fisher family, to my colleagues, and to my team for the opportunities I’ve had with the company.”

Since joining Gap Inc. in 2001, Simmons has progressed through positions of increasing responsibility from vice president and treasurer to executive vice president. Simmons has served as the company’s CFO since late 2007. Most recently, her responsibilities have included all global financial functions, including corporate and brand financial planning and analysis, treasury, risk management, tax, investor relations, controllership, corporate shared service centers, and internal audit, in addition to real estate, loss prevention, and corporate facilities.

About Gap Inc.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2015 net sales were $15.8 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, about 450 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Investor information:

investor_relations@gap.com
650-952-4400

Source: Gap Inc.

Gap April and Q1: Our industry is evolving and we must transform at a faster pace

Company Sharpens Focus for Long-Term Growth

SAN FRANCISCO, 2016-May-16 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today announced April net sales were $1.12 billion for the four-week period ended April 30, 2016, compared with net sales of $1.21 billion for the four-week period ended May 2, 2015. For the first quarter of fiscal year 2016, Gap Inc.’s net sales were $3.44 billion compared with $3.66 billion for the first quarter last year.

Gap Inc. also announced that it will take steps to better position the company for improved business performance and to build for the future. The company is identifying opportunities to streamline its operating model to be more efficient and flexible, while more fully exploiting its scale advantage. Additionally, the company is evaluating its Banana Republic and Old Navy fleets, primarily outside of North America, in order to sharpen its focus on geographies with the greatest potential. More details will be shared during the company’s first quarter fiscal 2016 earnings announcement on May 19, 2016.

“Our industry is evolving and we must transform at a faster pace, while focusing our energy on what matters most to our customers,” said Art Peck, chief executive officer, Gap Inc. “We are committed to better positioning the business to recapture market share in North America and to capitalizing on strategic international regions where there is a strong runway for growth.”

April Comparable Sales Results

Gap Inc.’s comparable sales for April 2016 were down 7 percent versus a 12 percent decrease last year. Comparable sales by global brand for April 2016 were as follows:

  • Gap Global: negative 4 percent versus negative 15 percent last year
  • Banana Republic Global: negative 7 percent versus negative 15 percent last year
  • Old Navy Global: negative 10 percent versus negative 6 percent last year

First Quarter Comparable Sales Results

Gap Inc.’s comparable sales for the first quarter of fiscal year 2016 were down 5 percent versus a 4 percent decrease last year. Comparable sales by global brand for the first quarter were as follows:

  • Gap Global: negative 3 percent versus negative 10 percent last year
  • Banana Republic Global: negative 11 percent versus negative 8 percent last year
  • Old Navy Global: negative 6 percent versus positive 3 percent last year

First Quarter Guidance

The company expects diluted earnings per share for the first quarter of fiscal year 2016 to be in the range of $0.31 to $0.32.

As previously disclosed, gross margins were pressured as the company entered April with more inventory than planned as a result of weaker than expected traffic, which began in late March 2016 and continued into April.

The company also noted that the Sunday and Monday of the Memorial Day holiday falls in the fiscal month of June this year versus May last year. The company expects the later holiday timing to negatively impact May sales results and benefit June sales results.

Additional insight into Gap Inc.’s sales performance is available by calling 1-800-GAP-NEWS (1-800-427-6397). International callers may call 706-902-4949. The recording will be available at approximately 1:15 p.m. Pacific Time on May 9, 2016 and available for replay until 1:15 p.m. Pacific Time on May 13, 2016.

First Quarter Earnings

Gap Inc. will release its first quarter earnings results via press release on May 19, 2016 at 1:15 p.m. Pacific Time. In addition, the company will host a summary of Gap Inc.’s first quarter results during a live conference call and webcast on May 19, 2016 from approximately 1:30 p.m. to 2:15 p.m. Pacific Time. The conference call can be accessed by calling 1-855-5000-GPS or 1-855-500-0477 (participant passcode: 214046). International callers may dial 913-643-0954. The webcast can be accessed at www.gapinc.com.

May Sales

The company will report May sales at 1:15 p.m. Pacific Time on June 2, 2016.

Forward-Looking Statements

This press release and related sales recording contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “project,” and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding:

  • earnings per share for the first quarter of fiscal year 2016; and
  • the impact of the later Memorial Day holiday timing.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company’s actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following:

  • the risk that additional information may arise during the company’s close process or as a result of subsequent events that would require the company to make adjustments to its financial expectations;
  • the risk that the company will be unsuccessful in gauging apparel trends and changing consumer preferences;
  • the risk that changes in global economic conditions or consumer spending patterns could adversely impact the company’s results of operations;
  • the highly competitive nature of the company’s business in the United States and internationally;
  • the risk that if the company is unable to manage its inventory effectively, its gross margins will be adversely affected; and
  • the risk that comparable sales and margins will experience fluctuations.

Additional information regarding factors that could cause results to differ can be found in the company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2016, as well as the company’s subsequent filings with the Securities and Exchange Commission.

These forward-looking statements are based on information as of May 9, 2016. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2015 net sales were $15.8 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

press@gap.com

Gap Inc. to reduce absolute greenhouse gas emissions by 50% from 2015 levels by the end of 2020

With release of the company’s most recent global sustainability report, Gap Inc. commits to reducing absolute greenhouse gas (GHG) emissions across all global owned and operated facilities by 50 percent from 2015 levels by the end of 2020

SAN FRANCISCO, 2016-Jan-22 — /EPR Retail News/ — As a strategic investment to foster cleaner global business, Gap Inc. (NYSE: GPS) today announced an ambitious new goal to reduce absolute greenhouse gas (GHG) emissions across all owned and operated facilities globally by 50 percent from 2015 levels by the end of 2020. With this new emissions target, Gap Inc. joins the international effort to tackle climate change, building upon the momentum of the landmark Paris Agreement reached last month by the 2015 United Nations climate change summit, COP 21.

Gap Inc.’s new climate goal was announced as part of the company’s most recent Global Sustainability report, “Our Futures are Woven Together,” which outlines the company’s steadfast commitment to protect human rights and improve working conditions in garment factories across the company’s supply chain; to advocate for greater equality and opportunity across its global enterprise; and to change the lives of one million women through P.A.C.E., its award-winning women’s life skills education program by 2020.

Recognizing Gap Inc.’s commitment to equality, inclusion and diversity, the leading nonprofit Catalyst announced today that Gap Inc. would be presented with the prestigious 2016 Catalyst Award at their annual awards dinner on March 16.

CEO Art Peck opens the new report, reflecting on the social and environmental challenges collectively faced by Gap Inc. and the people touched by its business, as well as on the opportunities and promise that lie ahead. “Change is not just possible, but imperative – our futures are tied together and we can’t afford not to act,” Peck writes.

“At Gap Inc., we believe that environmental issues are fundamentally human rights issues. We also believe that creating a more sustainable environment is critical to our company’s business success,” said Melissa Fifield, Senior Director of Sustainable Innovation at Gap Inc. “As we look to integrate our sustainability efforts more deeply into our business strategies and policies, we recognize the potential to create tremendous positive change for the people touched by our business while unlocking new possibilities to grow our global enterprise. We recognize that much work lies ahead of us, but we remain steadfast in our commitment to help ensure the safety and well-being of the people who make our clothes, to advocate for greater equality, and to foster more sustainable communities in the places we live and work.”

Gap Inc. has set its new emissions goal after having achieved its previous goal, which called for reducing absolute greenhouse gas emissions across U.S. operations from a 2008 baseline by 20 percent by the end of 2015; the company is reporting today a total of approximately 37 percent emissions reduction during the 2008-2015 timeframe. Gap Inc. today also announced a companion waste goal for its U.S. facilities to divert 80 percent of waste from landfill by the end of 2020.

“With our new environmental goals, we are stepping up to join the unprecedented global effort to tackle climate change and create a healthier, low-carbon future. As a global fashion company, we rely on the same vital resources that are critical to the health of the communities that support our business. We recognize that embedding our new emissions and waste goals into our company’s priorities and practices is not only the right thing to do, it will allow us to further drive innovation and cost savings across our business,” said Shawn Curran, Executive Vice President of Global Logistics at Gap Inc. and Executive Sponsor of Gap Inc.’s Environmental Council.

The new report details the company’s most recent sustainability initiatives, and covers data from fiscal years 2013-2014. Gap Inc. was one of the first apparel companies to issue a comprehensive social responsibility report in 2003, and the company continues to re-examine the progression of this work as it learns more about the root causes of the challenges across the global value chain and strives to identify, test and implement solutions that can help achieve even greater positive impacts.

Report highlights include:

Environment

  • Setting a goal to reduce absolute greenhouse gas emissions in our owned and operated facilities globally by 50 percent by the end of 2020
  • Committing to a goal of 80 percent waste diversion from landfill across our U.S. owned and operated facilities by the end of 2020
  • Working towards phasing out the use of hazardous chemicals in the making of our products by 2020, as a founding member of the Zero Discharge of Hazardous Chemicals group
  • Partnering with fabric mills to fight pollution and conserve water through our partnership with the Natural Resources Defense Council and the Sustainable Apparel Coalition
  • Providing access to clean water for 17,000 people in India through our new Women + Water program

Working Conditions

  • Consistently visiting the factories that make our clothes, about 1,000 factories each year, to assess and improve working conditions for garment workers
  • Expanding Gap Inc.’s P.A.C.E. (Personal Advancement & Career Enhancement) program, our signature, award-winning life skills education program, to more factories and communities to give one million women worldwide by 2020 the opportunity to gain the skills and confidence to change their lives
  • Improving the lives of the people who make our clothes and forging industry-wide change through innovative partnerships with leading organizations focused on improving workplace conditions and labor standards, such as Better Work and Verité

Equality and Opportunity

  • Establishing Gap Inc. as the first Fortune 500 Company to disclose that we pay our female and male employees equally for equal work across our global organization
  • Announcing plans in 2014 to raise the hourly minimum wage to $10 for more than 60,000 U.S. employees in 2015, making Gap Inc. one of the first U.S. retailers to make this investment in our frontline talent
  • Gap Inc. employees volunteered more than one million hours over 2013 and 2014; this new record was set with the support of more than 2,000 Community Leaders across the world, who lead a wide range of volunteering projects for their teams
  • Creating opportunities for more than 2,000 youth and young adults since 2006, by providing job training and store internships through our This Way Ahead program; our investments in nonprofit organizations have reached 270,000+ teens and young adults in the past three years
  • Standing up as a voice for marriage, racial and gender equality; in 2015, women made up more than 70 percent of our senior leadership, and we sponsored six employee resource groups to promote diversity and inclusion
  • Signing the Women’s Empowerment Principles, developed by UN Women and United Nations Global Compact to advance gender equality; one of the first acts by Art Peck as chief executive officer in February 2015
  • Receiving the 2016 Catalyst Award, a leading nonprofit organization with a mission to expand opportunities for women and business; Gap Inc. is being recognized for its commitment to equality, inclusion and diversity

To learn more, please visit gapinc.com/sustainability, where you can also download a copy of the report.

About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2014 net sales were $16.4 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

SOURCE: Gap Inc.

Stefan Larsson to step down as global president of Old Navy effective October 2, 2015

SAN FRANCISCO, 2015-9-30 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today announced that Stefan Larsson will step down as global president of Old Navy effective October 2, 2015. Jill Stanton, executive vice president of Global Product at Old Navy, will lead the division in the interim, reporting to Gap Inc. Chief Executive Officer Art Peck. A search for a new global brand president is already under way.

“We have an impressive team at Old Navy, with some of the best creative and business talent in the industry, and they are delivering consistent results,” said Peck. “We have a clear strategy in place, and I have every confidence the brand will continue to build on its momentum and realize its substantial growth potential.”

Stanton is a proven industry veteran with more than 25 years experience, including almost 14 years at Nike where she served as vice president and general manager of global apparel.

About Gap Inc.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2014 net sales were $16.4 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Old Navy fashion inquiries: OldNavy_Press@gap.com

SOURCE: Gap Inc.

Gap CEO Art Peck announced significant Clinton Global Initiative Commitment to Action to advance the lives of 1 million women by 2020

By sharing its proprietary P.A.C.E program with other organizations, company seeks to harness collective action for the advancement of women throughout the world

NEW YORK, 2015-9-29 — /EPR Retail News/ Art Peck, chief executive officer of Gap Inc. (NYSE: GPS), announced today a significant Clinton Global Initiative Commitment to Action to advance the lives of one million women by 2020 by expanding the company’s award-winning life-skills education program, Gap Inc. P.A.C.E. (Personal Advancement & Career Enhancement).

To achieve this ambitious goal, Peck outlined plans to continue scaling the P.A.C.E. program within Gap Inc.’s global supply chain and in communities around the world. Additionally, P.A.C.E. will broaden into a suite of learning programs with new curriculum to reach adolescent girls in their communities as well as a women’s leadership program for P.A.C.E. graduates or women in communities who have demonstrated leadership ability. And, for the first time, Gap Inc. will offer access to this signature proprietary program to global partners and other corporations to further broaden the program’s reach.

“From Phnom Penh to Pittsburgh, women share in common an ambition to advance. What some lack are opportunities, particularly access to education,” said Peck. “We are committed to advancing the lives of one million women by expanding our P.A.C.E. program, and we hope others will join us. We know that with the right opportunities, women become powerful agents of change in their families and in their communities.”

Launched in 2007, P.A.C.E. delivers tangible change in women’s lives. Designed as an education program offering life-skills classes to female garment workers, the holistic curriculum includes up to 80 hours of classes in as many as nine subject areas, such as communication skills; financial literacy; time and stress management; and problem solving and decision-making.

P.A.C.E.’s evaluation results have demonstrated that the program improves the lives of women and their families by developing women’s knowledge, skills and confidence. The program also has a strong business impact by reducing turnover and absenteeism. Among the awards P.A.C.E. has received is the 2014 Empowerment of Women Award by the Global CSR Summit & Awards.

P.A.C.E. caught the attention of President Bill Clinton in 2012, at which time the former president encouraged Gap Inc. to consider expanding the footprint of P.A.C.E to benefit more women globally. It was therefore fitting that Peck delivered the company’s commitment at the Clinton Global Initiative Annual Meeting, held this week in New York.

To date, P.A.C.E. has reached more than 30,000 women in ten countries. Gap Inc. initially offered the program in factories manufacturing its products. In 2012 the company expanded the program into community settings. With this announcement, the curriculum can now be leveraged in a variety of settings with a broad set of partners.

Today’s announcement will further expand P.A.C.E.’s reach by:

  • Collaborating with new and existing partners, including others in the garment industry, corporations, development agencies, and NGOs, to reach one million women in both manufacturing and community settings.
  • Opening the proprietary program to select partners, through a no-fee, franchise-type model. These new partners will receive extensive training on the P.A.C.E. curriculum in order to replicate the program’s success.
  • Expanding the scope of the P.A.C.E. curriculum to create a suite of learning programs, including a new educational program for girls in the community, ages 13-18, and a new women’s leadership curriculum.

“P.A.C.E.’s newly expanded life-skills education program is designed to meet the needs of women and girls wherever they are in their lives,” said Dotti Hatcher, Gap Inc. Executive Director, P.A.C.E. Global Programs.  “The new curricula will give girls the skills, confidence and technical abilities they need to change the trajectory of their lives and empower women to lead their communities. We believe in advancing women to advance the world.”

Longtime P.A.C.E partners Swasti Health Resource Centre, an international organization focused on public health outcomes for the poor; the International Center for Research on Women (ICRW), a global institute dedicated to empowering women; and CARE, a leading global humanitarian organization, will continue to play pivotal roles in the program’s expansion.

To mark the call to action to educate one million women, hundreds of Gap Inc. employees will gather in Times Square on Wednesday, September 30 to build a pop-up artistic representation of just one of the incredible women who have graduated from the P.A.C.E. program.

About Gap Inc.
Gap Inc. is a leading global retailer offering product collections and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2014 net sales were $16.4 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Gap Inc. strives to make a positive impact in the communities where it does business. The company partners with community organizations to focus on programs that align with its business expertise, believing it can make the biggest difference by advancing women, teens and young adults and through supporting volunteers. For more information please visit www.bewhatspossible.com.

Launched in 2007, Gap Inc.’s P.A.C.E. program creates opportunities for women to advance in their careers and personal lives. For more information on Gap Inc.’s P.A.C.E. program and other community investments, please visit www.gap.com/pace.

About the Clinton Global Initiative (CGI)
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI)—an initiative of the Bill, Hillary & Chelsea Clinton Foundation—convenes global leaders to create and implement innovative solutions to the world’s most pressing challenges. CGI Annual Meetings have brought together more than 180 heads of state, 20 Nobel Prize laureates, and hundreds of leading CEOs, heads of foundations and NGOs, major philanthropists, and members of the media. To date, members of the CGI community have made nearly 3,200 commitments, improving the lives of more than 430 million people in over 180 countries.

CGI also convenes CGI America, a meeting focused on collaborative solutions to economic recovery in the United States, and CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at acebook.com/clintonglobalinitiative.

Gap Inc. to host investment meeting on June 16, 2015 at its headquarters in San Francisco

SAN FRANCISCO,  2015-6-16 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today announced that it will host a meeting for the investment community on Tuesday, June 16, 2015 at its headquarters in San Francisco. A live webcast of the presentations will take place from approximately 9:00 a.m. to 12:00 p.m. Pacific Time.

The following Gap Inc. executives will provide updates on corporate and brand strategies:

  • Art Peck, Chief Executive Officer
  • Sabrina Simmons, Executive Vice President and Chief Financial Officer
  • Jeff Kirwan, Global President, Gap
  • Stefan Larsson, Global President, Old Navy
  • Andi Owen, Global President, Banana Republic

A live webcast will be accessible on Gap Inc.’s Financial News and Events page at www.gapinc.com/investors. In addition, audio of this meeting can be accessed by calling 1-855-5000-GPS or 855-500-0477 for domestic callers and 913-643-0954 for international callers. The conference passcode is 9911599. A replay of this event will be available on www.gapinc.com.

About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2014 net sales were $16.4 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Gap appointed Scott Key as senior vice president and general manager of Customer Experience

NEW YORK, 2015-1-30 — /EPR Retail News/ — Gap brand today announced leadership changes designed to intensify the brand’s customer focus, while meeting the global fashion and retailing needs of the business.

As part of its plans to create a consistent, customer-centric experience across all channels globally, the brand has appointed Gap Inc. veteran Scott Key as senior vice president and general manager of Customer Experience. In the role, Key will oversee a newly combined e-commerce and marketing organization, charged with driving a powerful connection across these critical customer touch-points globally.

During his Gap Inc. tenure, Key has served in several senior leadership roles within the Growth, Innovation and Digital division, establishing a track record for innovation while working closely with incoming chief executive officer, Art Peck.  Most recently, he oversaw the company’s Customer Engagement Marketing function.

“Now’s the time to intensify our customer focus and break-through with a truly dynamic and integrated approach to building relationships with our customers,” said Jeff Kirwan, global brand president of Gap. “Scott will help us bring together our marketing and digital expressions so each interaction with our customers is consistent and compelling. It’s a customer-first approach that reflects how people shop today.”

Gap also announced that, in evaluating the right leadership structure for the brand, it would be eliminating the Creative Director role, resulting in Rebekka Bay’s departure from the company, effective immediately. Gap has a strong senior design team in place to ensure a seamless transition and said it would evaluate the long-term leadership approach for the global design team.

“I would personally like to thank Rebekka for her passion and the creative processes she’s brought to the brand,” continued Kirwan.  “She has helped develop a dynamic design team, some of the best creative talent in the industry, and I’m confident that our strong bench of senior designers will see the brand into its next phase.”

Kirwan concluded, “As we look to the future, now is the right time to make these changes and focus the brand on delivering casual, American style and building strong relationships with our customers around the world.”

About Gap
Gap is one of the world’s most iconic apparel and accessories brands and the authority on American casual style.  Founded in San Francisco in 1969, Gap’s collections are designed to build the foundation of modern wardrobes – all things denim, classic white shirts, khakis and must-have trends.  Beginning with the first international store in London in 1987, to the brand’s planned 2015 debut in India, Gap continues to connect with customers online and across the brand’s more than 1,700 company-operated and franchise retail locations around the world. Gap includes Women’s and Men’s apparel and accessories, GapKids, babyGap, GapMaternity, GapBody and GapFit collections.  The brand also serves value-conscious customers with exclusively-designed collections for Gap Outlet and Gap Factory Stores.  Gap is the namesake brand for leading global specialty retailer, Gap Inc. (NYSE: GPS) which includes Gap, Banana Republic, Old Navy, Piperlime, Athleta and Intermix. For more information, please visit www.gapinc.com

 

Gap Inc. to close its Piperlime brand, including the online platform and single store in New York

Decision allows company to remain focused on its top priorities

SAN FRANCISCO, 2015-1-26 — /EPR Retail News/ — Gap Inc. (NYSE: GPS) today announced the decision to close its Piperlime brand, including the online platform and single store in New York, by the end of the first quarter of fiscal year 2015.

The company is committed to executing against its long-term strategy of driving profitable top line sales, powered by its global brands and innovative ability to reach customers in new and differentiated ways.  Going into the new fiscal year, the company will focus on its portfolio of five brands – Gap, Old Navy, Banana Republic, Athleta and Intermix, as well as digital and global growth.

“We are incredibly grateful to our fashion-focused, loyal customers, and proud of our dedicated employees who have been working hard to evolve the brand and test out new ideas,” said incoming CEO Art Peck.  “We plan to keep on pushing new ideas and look forward to seeing how we can apply what we’ve learned to the rest of the company as we continue to bring great products and shopping experiences to our customers.”

While Gap Inc. does not break out Piperlime’s sales independently, the brand is by far the smallest of the company’s portfolio with yearly revenue below $100 million, representing less than 1 percent of Gap Inc.’s total revenue base of over $16 billion. The wind-down costs associated with the decision are not material to the company’s financials.

January Sales

The company will report January sales and plans to provide quarterly earnings guidance for the fourth quarter 2014 at 1:00 p.m. Pacific Time on Monday, February 9, 2015.

About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Gap Inc. announces the promotion of two successful current executives to become global brand presidents for Gap and Banana Republic

Global brand presidents named: Andi Owen to lead Banana Republic and Jeff Kirwan to take over Gap

SAN FRANCISCO, 2014-11-21 — /EPR Retail News/ — With an eye towards 2015, Gap Inc. (NYSE: GPS) today announced the promotion of two successful current executives, with 35 years of combined company experience between them, to become global brand presidents for Gap and Banana Republic.

The moves were orchestrated by Art Peck as he prepares to take on the role of chief executive officer of Gap Inc. in February, with the full support of current chairman and chief executive officer Glenn Murphy.

“We’ll start 2015 with a management team comprised of both established executives and the next generation of brand leaders ready for the next generation of customers,” said Peck.  “We’ve provided a transition period that allows our teams to deliver a successful holiday, while gearing up for a future where great product, showcased seamlessly across physical and digital experiences, consistently delights our customers.”

Jeff Kirwan, 48, who has reported to Murphy for the past three years as president of greater China for Gap Inc., will become Global President for Gap brand in December following a brief transition period.  Kirwan succeeds Stephen Sunnucks, who will leave the company on December 19, after steering the growth of its namesake brand to almost 50 countries over the past decade.

Under Kirwan’s leadership in China, Gap has deployed an aggressive e-commerce strategy, coupled with opening 100 stores in the region in just four years.  Over the past decade with Gap Inc., Kirwan has succeeded in roles of increasing responsibility at Gap and Old Navy, with an expertise in driving growth, retail operations, and brand development.

Andi Owen, 49, who currently leads the Gap Outlet division, will become Global President for Banana Republic, effective January 5.  She succeeds Jack Calhoun, who will depart from the company on February 1 after working with Owen during the transition.  Calhoun, who led the brand for eight years, is credited with pioneering innovative concepts while creating an impressive global economic model for Banana Republic.

Over nearly 25 years with the company, Owen has thrived in many leadership roles within merchandising, online, and stores.  She has spent 19 years working within Banana Republic, rising from management positions in the field to successfully leading the Banana Republic Factory Store business before taking on her current assignment as EVP of Global Gap Outlet.

“These are important changes within the company, and I’ve been impressed with both Jeff and Andi’s development during our work together these past eight years.  We’ve prepared leaders, with experience across all aspects of the global business, who are ready and eager for the challenges and the opportunities ahead,” said Gap Inc. Chairman and CEO Glenn Murphy.

Murphy added, “Over the past decade, both Steve and Jack helped make Gap Inc. a much stronger and more global company. We appreciate their hard work and passion for our brands, people, and customers.”

Owen and Kirwan will report to Peck in 2015.

“Over the past decade, I’ve worked with Jeff and Andi and seen them in action.  They each bring the creativity, tenacity, and exceptional leadership qualities necessary for these roles, and, importantly, they have consistently delivered results for our brands and company,” Peck added.

Webcast and Conference Call Information

The company will host a conference call with investors and analysts to discuss the company’s third quarter 2014 results and leadership announcement starting at approximately 2:00 p.m. Pacific Time today.  Katrina O’Connell, vice president of Corporate Finance and Investor Relations at Gap Inc., will host the call and be joined by Sabrina Simmons, Gap Inc. chief financial officer, Glenn Murphy, Gap Inc. chairman and chief executive officer and Art Peck, president of Gap Inc. Growth, Innovation & Digital division.

The conference call can be accessed by calling 1-855-5000-GPS or 1-855-500-0477 (participant passcode:1609362). International callers may dial 913-643-0954. The webcast can be accessed at www.gapinc.com.

About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

Gap Inc. selects Art Peck, the president of its Growth, Innovation and Digital division to succeed Glenn Murphy as the company’s next CEO

Board names proven company veteran Peck to become CEO in early 2015 as Murphy transitions from the company; Bob Fisher to become Chairman of the Board

SAN FRANCISCO, 2014-10-10— /EPR Retail News/ — Gap Inc. today announced that Art Peck, the president of its Growth, Innovation and Digital division, has been selected by the Board of Directors to succeed Glenn Murphy as the company’s next chief executive officer, effective February 1, 2015. Murphy and Peck have worked side-by-side for the better part of a decade as Gap Inc.  dramatically improved its financial performance while expanding globally.

Following seven successful years in his role, Murphy made the personal decision to retire from the company at the end of the fiscal year, allowing for a smooth and seamless leadership transition. Since the end of 2007, Gap Inc. has delivered exceptional financial results, with an impressive six-year compounded annual growth rate (CAGR) on earnings per share of 17 percent and a total shareholder return of more than 160 percent. Under Murphy’s stewardship, the company acquired new brands and globalized its business by expanding store locations from about 10 to 50 countries, including China.

“Today, Gap Inc. is a formidable global fashion retailer with a strong foundation in place for long-term growth, therefore making this an appropriate inflection point for me to pass the baton to a leader who will take our portfolio of brands to even greater heights,” Murphy said. “With consumer expectations rapidly evolving, Art is the right leader at the right time to build on our success and ensure a compelling experience for our customers across both our physical and digital channels.”

Peck has delivered significant results for Gap Inc. in a variety of brand, strategy and operational roles since joining the company in 2005. He is currently responsible for creating the company’s omni-channel and digital strategies, and guiding the emerging Athleta, Intermix and Piperlime brands.

The company’s commitment to a robust succession process enabled the Board to evaluate, over time, many impressive internal and external candidates. The Board unanimously agreed that Peck is the ideal leader for the role.

“We are pleased to have an internal leader with Art’s proven track record and management capabilities to chart the path for the company to further compete, win and grow,” said Bobby Martin, lead independent director for Gap Inc.’s Board of Directors. “Art has created substantial value for the company over the past decade, and the Board is confident he will further increase long-term returns for our shareholders. The Murphy era at Gap Inc. will be long remembered for successful global expansion, strategic investments in key growth areas, and the consistent shareholder returns that our management team delivered.”

Among his various roles within the company, Peck led the North American division for Gap brand in 2011 and 2012, overseeing the product resurgence that successfully improved its business results. Previously, as head of the outlet business for Gap and Banana Republic, Peck grew earnings and sales for the divisions and opened outlet stores globally. In his first few years with the company, he led the development of the global strategy that continues to guide the company, and established and launched its first franchise markets.

“I’m honored to be given the opportunity to lead this company with such powerful brands and incredible talent – a combination that sets us apart globally,” Peck said. “Our success will be based upon presenting brand-right, emotional product to our customers, both in stores and online. Building upon the foundation Glenn has established, we will be focused on continuing to execute our strategy to drive long-term shareholder value.”

In his leadership roles, Peck is known for managing and developing people, including many of the creative, store and operational leaders across the company. Prior to joining Gap Inc., he spent more than 20 years at The Boston Consulting Group where he rose to senior partner, with a focus on consumer technology, media and entertainment, consumer products, and retail.

As part of the transition, Bob Fisher, who has a 35-year history with the company founded by his parents, will become non-executive Chairman of the Board, and Peck will join the Board, effective February 1, 2015.

“Art Peck is an inspiring leader who thinks big, brings out the best in people, and understands how retail is changing today,” commented Fisher. “We owe a debt of gratitude to Glenn for his leadership, vision and selfless devotion to the company, and he’s created the path forward for the smooth and seamless transition our shareholders and employees deserve.”

Conference Call

The company will host a conference call with investors and analysts to discuss today’s leadership announcement starting at 1:30 p.m. Pacific Time. Murphy, Peck, Fisher and Chief Financial Officer Sabrina Simmons will participate in the call, hosted by Katrina O’Connell, vice president of Investor Relations. The conference call can be accessed by calling 1-855-5000-GPS or 1-855-500-0477 (participant passcode: 2638501). International callers may dial 913-643-0954.

Forward-Looking Statements

This press release and related investor conference call contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “project,” and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding increasing long-term returns, driving long-term shareholder value, and the size of the China market for the company.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company’s actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following:

  • the risk that changes in global economic conditions or consumer spending patterns could adversely impact the company’s results of operations;
  • the highly competitive nature of the company’s business in the United States and internationally;
  • the risk that the company will be unsuccessful in gauging apparel trends and changing consumer preferences;
  • the risk that if the company is unable to manage its inventory effectively, its gross margins will be adversely affected;
  • the risks to the company’s efforts to expand internationally;
  • the risks to the company’s reputation or operations associated with importing merchandise from foreign countries, including failure of the company’s vendors to adhere to its Code of Vendor Conduct;
  • the risk that comparable sales and margins will experience fluctuations;
  • the risk that our investments in omni-channel shopping initiatives may not deliver the results the company anticipate; and
  • the risk that changes in the regulatory or administrative landscape could adversely affect our financial condition, strategies, and results of operations.

Additional information regarding factors that could cause results to differ can be found in the company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2014, as well as the company’s subsequent filings with the Securities and Exchange Commission.

These forward-looking statements are based on information as of October 8, 2014. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2013 net sales were $16.1 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,200 company-operated stores, almost 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.