The president of Gap's beleaguered Banana Republic label is out, following a string of dismal comparable sales results that recorded gains in just three of the last 24 months.
Andi Owen, global brand president of the wear-to-work brand, will exit the company in late February, after 25 years at Gap. CEO Art Peck will oversee the Banana Republic brand until a successor is named.
The company's shares edged slightly lower in after-hours trading. They ended the day at $24.18 a share.
"Andi has been an accomplished leader at Gap playing a number of key roles across Banana Republic, Old Navy and Gap," Peck said in a statement, adding that the separation was mutual.
"During her time with Banana Republic, Andi led critical work improving the brand's aesthetic and product quality and moved the brand to a full omni-channel assortment," he continued.
Still, Peck conceded that the brand has "significant work to do" to "consistently win with customers."
Indeed, Banana Republic has been a consistent dark cloud over Gap's business. Not only has it lost shoppers to cheaper fast-fashion labels, but the American workplace has gotten more casual.
Those trends sent the brand into a downward spiral of 40 percent discounts, as it tried to bring shoppers back into its stores. One analyst has even called for the company to sell the brand. In a bid to freshen up its image, the label recently teamed up with reality TV star Olivia Palermo.
Gap was a rare bright spot for retail over the holidays, growing comparable sales by 2 percent in November and December. But even then, Banana Republic struggled. After reporting a 5 percent comparable-sales gain in November, the label posted a 7 percent decline in December.
Owen had been heading up Banana Republic since January 2015.
