Gap Zeroes in on Old Navy's Fast-Fashion Strategy

On Thursday, Gap reported declines in quarterly sales and profits, and according to The Wall Street Journal, Gap CEO Art Peck said that the retailer was hard at work trying to copy the approach used by fast-fashion brands. Like H&M, Gap plans to test small runs of merchandise in its stores and then find out what's selling and buy more. It's an approach that worked for Old Navy, which really took off when H&M's former global sales chief Stefan Larsson joined the company as Old Navy's global president.