Gap Inc. incoming Chief Executive Officer Art Peck is overhauling management at the ailing Banana Republic and Gap brands. Jeff Kirwan, 48, will replace Stephen Sunnucks as global president for the Gap chain in December, and Andi Owen, 49, will succeed Jack Calhoun on Jan. 5 as global president for Banana Republic, the retailer's upscale chain. The move marks Peck's first major decision since CEO Glenn Murphy said last month that he will step down in February.
PARIS — Gap Inc. announced the opening of its first Banana Republic store on Avenue des Champs Élysées in Pais, France. According to the company, the 15,952-sq.-ft. space will house the brand’s women’s and men’s collections and represents the most contemporary expression of the brand globally. “We are thrilled to open our first Banana Republic store in France – a brand-building flagship in Paris - and reach yet another important milestone for our international growth strategy,” said Stephen Sunnucks, president international for Gap Inc. “With a growing base of loyal customers across Europe, both in our stores and online,
Gap is growing its footprint in Latin America through franchising. The company will open its first stores in South America in Chile this month through a partnership with locally based merchant Komax. Gap will also introduce Gap and Banana Republic stores to Panama and Colombia in 2012.
Gap Inc. has announced plans to bring Banana Republic to France as it continues its drive to become a major force in the European market. Gap Inc opened its first Banana Republic store in Milan last year. It also launched a website to cater for its European shoppers. “With loyal customers across Europe, both in our stores and online, we are confident that Banana Republic’s proposition of affordable luxury will resonate well with Parisian customers,” said Stephen Sunnucks , the President of Gap international. READ OTHER TOP STORIES IN
Gap plans to open stores in Serbia and Ukraine later this year, as its continues to expand its international operations. The chain said it's signed new deals with existing franchise partners that will put Gap stores in Belgrade and Kiev.
Gap said it's establishing an international division based in London to ramp up overseas growth. The company will open its first Old Navy stores abroad — in Japan — by 2012 and said it's set a goal for international and online sales to make up 30 percent of its total by 2013, up from 22 percent in 2010 and 14 percent in 2006.