BANANA REPUBLIC’S CREATIVE DIRECTOR, MARISSA WEBB, STEPS DOWN

Banana Republic, a division of Gap, Inc., has announced that Marissa Webb will be stepping down as creative director of the brand and will move to an advisory role after just 18 months in her position, according to published reports.  The creative director position will now reportedly remain vacant, according to The New York Times.

The Times also reported that the decision was made due to a slide in the brand’s sales. Figures recently released by Gap showed that Banana Republic sales in stores fell 10 percent in September compared with a year ago. It was the brand’s third straight month with a double-digit sales slide.

Webb’s departure comes shortly on the heels of the departure of Stefan Larsson, the global present of fellow Gap brand Old Navy, to take over the CEO position of Ralph Lauren.

As of noon on Friday, October 20, Gap stock was trading at 27.24, over 15 points lower than its highest price in 2015.