Sandra Stangl, president and chief executive officer of the Banana Republic division of Gap Inc., is leaving the brand, WWD has learned.
A search for Stangl’s successor is underway.
In the fourth quarter of 2023, Banana Republic generated net sales of $567 million, down 2 percent compared to the year before. Comparable sales were down 4 percent.
“While the brand has been making progress elevating its aesthetic, reestablishing Banana Republic will take time and there is work to be done to better execute many of the fundamentals,” the company said in a statement when fourth-quarter results were reported in March. Banana’s full-year net sales of $1.9 billion were down 8 percent versus 2023. Comparable sales were down 7 percent.
Earlier this year there was speculation that Banana Republic’s home collection was floundering, but a spokesperson at the time told WWD that the plan was to broaden the home collection, while firmly denying market speculation that the line would be discontinued. Additional bedding, dining and bath products would be introduced, the spokesperson told WWD.
Efforts to develop Banana Republic Home go back three years when Stangl, who has an extensive résumé in the home sector, joined the brand as president and CEO. She cofounded and was the chief merchant of Mine, a pure-play home business, and worked at Williams Sonoma and RH (formerly Restoration Hardware).
“As we close out the first quarter of the year, Sandra and I have agreed to transition to new leadership for Banana Republic,” Richard Dickson, Gap Inc. president and CEO, wrote in an internal memo circulated Wednesday. “Since Sandra joined the brand in December 2020, Banana Republic has made dramatic shifts to elevate the aesthetic and explore tangential categories that help us imagine the true potential of this brand.
“Each of our brands are focused on fixing the fundamentals to drive both relevance and revenue, and we have made progress across the portfolio,” Dickson wrote. “At Banana Republic, Sandra and the teams have begun to lay the foundation to reestablish the brand to thrive in the premium lifestyle space. We see a significant opportunity for this brand, and we have made progress over the past quarter setting the stage for improved future performance. And I look forward to identifying a new leader to take Banana Republic to the next level.
“While we search for a new leader to build on Banana Republic’s vision and potential, I will work closely with the brand leadership team to advance our fiscal ’24 goals, which we’ll discuss at tomorrow’s [Thursday’s] Banana Republic Town Hall. And — importantly — together we will continue to energize our culture.”
Dickson concluded his letter by writing, “Please join me in thanking Sandra for her many contributions and supporting the Banana Republic teams in a smooth transition.”
