Gap Inc. shares fell on Tuesday as rising costs and discounts thwarted Sonia Syngal’s turnaround after 2 1/2 years as chief executive officer of the clothing retailer.
28-year-old Dominic Green signed out of his shift on a Wednesday afternoon. Five days passed before his body was discovered.After taking over in March 2020, Syngal immediately had to navigate COVID-19. She oversaw the expedited implementation of curbside pickup and the expansion of e-commerce — moves that investors applauded.
Additionally, a deal to produce apparel with Kanye West’s Yeezy brand has failed to generate meaningful results. After announcing the project withThe company’s missteps are ill-timed as the retail industry gears up for back-to-school season, one of the biggest shopping times of the year. “As a family brand, this has a compound halo effect. When we aren’t delivering for moms, she’s less likely to come to Old Navy for her kids,” Syngal said during the company’s latest earnings call.
The company sees Old Navy reaching $10 billion in sales by 2023. Old Navy added more plus-size women’s apparel to expand appeal, but the move backfired when its size assortment was imbalanced, with too many of some sizes in stock and not enough of others. That led to cuts in orders for the third quarter.
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