Amid an extensive drop in sales, Gap have announced the appointment of Brian Goldner to the board of directors.
In a bid to turn around their falling sales figures, the fashion retailer has brought in CEO of Hasbro. Goldner is credited with transforming Hasbro’s reputation and sales figures, as well as reinventing the company’s digital strategy including marketing and ecommerce.
Gap has reported a loss in revenue and profit for five consecutive quarters, and is planning to close around 75 stores in an attempt to save £356 million a year.
Goldner will be expected to introduce similar strategies in the hopes of speeding up Gap’s sales turnaround. It has forecasted lower second quarter sales, but have projected profits above analysts’ estimates following his appointment.
“Brian’s ability to drive transformative change is impressive, as his leadership has enabled Hasbro to emerge as one of the most profitable and forward-thinking companies in the toy and game industry,” board of directors’ chairman at Gap Bob Fisher said.
“We look forward to leveraging Brian’s drive for innovation, as we accelerate our efforts to win in this next era of retail.”