Gap hired a Mattel exec to revive its brands and by 2024 it grew sales and took share

Gap Inc. had spent years as a cautionary tale: an iconic mall retailer whose Old Navy, Gap, Banana Republic and Athleta brands were losing relevance and market share, with profits and the stock in long decline. In August 2023 it went outside apparel and hired Richard Dickson from Mattel to run it.

Dickson ran a brand reinvigoration playbook instead of a cost-only plan. He pushed trendier product, ramped marketing to pull shoppers back, and rebuilt a culture and operational execution across all four brands. The portfolio was treated as the advantage — different brands for different customers rather than four versions of the same problem.

By fiscal 2024 it showed up in the numbers: positive comparable sales in all four quarters, market share gains for eight consecutive quarters, and full-year net sales up 1% to $15.1bn with comps up 3% and operating margin up to 7.4%. Old Navy comps rose 3% and the Gap brand rose 7%.

FY2024 net sales $15.1B (+1%), comps +3%, operating margin 7.4%, market share up for eight straight quarters.

Dickson treated the multi-brand portfolio as an asset, not an albatross.

He pushed trendier styles and marketing rather than relying on reopening or price cuts.

Operational execution and culture changes let the brands convert interest into sales.

The reinvigoration was measured in comps and share gains, not just cost cuts.

Ailing brands rarely need a new logo; they need a leader who re-ignites each brand's relevance and culture at the same time.

Gap guided to continued sales and operating-income growth for fiscal 2025, with Dickson framing 2025 as the next step toward a high-performing house of iconic American brands.