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Gap Taps H&M's Larsson To Head Old Navy Brand

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04/30/2012 | 11:23pm CEST

Gap Inc. (>> The Gap Inc.) named Stefan Larsson, a 15-year veteran of Swedish retailer H&M Hennes & Mauritz AB (HM-B.SK), to head its Old Navy business.

The appointment comes after former Old Navy chief Tom Wyatt left the discount apparel retailer in February to take a job at a privately held early-childhood education company.

Old Navy Chief Creative Officer Nancy Green, and Tom Sands, its executive vice president of stores and operations, had been running the retailer in the interim while Gap conducted the search for Wyatt's replacement. They will continue to lead the division until Larsson takes the role in October.

Gap shook up its management last year, including a move that ousted its top designer, as part of a turnaround plan.

The company's earnings have been sliding for the past year, although profits have still exceeded guidance lately after several key trend misses in recent years. In North America, the company's Banana Republic stores have outperformed its namesake brand and Old Navy segment lately.

Larsson most recently served as head of global sales for H&M with responsibility for about 2,300 stores. The world's No. 2 fashion chain by revenue behind Spain's Inditex SA, H&M has pursued an aggressive expansion strategy.

Gap shares closed at $28.50 Monday and were unchanged after hours. The stock has climbed 51% over the past three months.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; [email protected]

Stocks mentioned in the article : The Gap Inc.
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Financials ($)
Sales 2018 15 558 M
EBIT 2018 1 365 M
Net income 2018 798 M
Finance 2018 430 M
Yield 2018 4,14%
P/E ratio 2018 11,12
P/E ratio 2019 10,85
EV / Sales 2018 0,55x
EV / Sales 2019 0,54x
Capitalization 8 917 M
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Mean consensus HOLD
Number of Analysts 29
Average target price 25,6 $
Spread / Average Target 15%
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Arthur L. Peck Chief Executive Officer & Director
Bob J. Fisher Non-Executive Chairman
Teri L. List-Stoll Chief Financial Officer & Executive Vice President
Paul Joseph Chapman Chief Information Officer & Executive VP
Mayo A. Shattuck Independent Director
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