A ‘masterclass in talent’
After having two chief marketing officers depart within the space of three years, Gap filled the role in May 2023 with the promotion of Old Navy brand boss Erika Everett to head of marketing. Shortly after, Mattel president Dickson was hired to oversee the brand as CEO after leading Barbie’s blitz on culture and putting pink firmly back in the zeitgeist.
Gap was once one of America’s most beloved apparel retailers, known for its laid-back basics and classic denim, but in recent years, its financials have suffered, with its parent group seeing sales decline 6.32% year-on-year between 2022 and 2023. Everett and Dickson also have some way to go in restoring a sense of purpose to the brand, with Stastia finding that while Gap is recognized by 90% of online shoppers in the U.S., just 25% buy from the retailer.
Generation Z, a demographic that now commands $360 billion in disposable income as per Bloomberg, holds the key to boosting both profitability and relevance for Gap. However, the company will have to lure them away from fast fashion, with a recent study from the U.K.’s Sheffield Hallam University finding that 90% of Gen Zers buy from fast fashion retailers.
Despite these barriers, the generation’s affinity for nostalgia and trend resurrection might just give Gap’s new strategy some juice.
For James Kirkham, founder of brand consultancy Iconic, this is a reset with style and swagger, while being rooted in legitimacy and credibility that could push the brand forward with a younger crowd.
