Gap Inc. (NYSE: GPS) is naming a new head of its global clothing design team. The retail apparel giant has now named Rebekka Bay to head its design team with the title Creative Director and Executive Vice President for Gap Global Design. Bay will take over the post with an effective date of October 1. Gap's head of North American division called her designs "timeless and covetable."
The role is certainly not an easy one as the responsibilities cover the Gap products sold online and in some 1,600 stores throughout the 42 countries which the company has locations in. Bay will be responsible for Women's, Men's, 1969, Accessories and Body lines for customers worldwide. The report from Gap noted that Tracy Gardner will continue in her role as Creative Advisor to Gap.
Bay is said to have conceptualized, developed and launched the COS brand, which is part of the Hennes & Mauritz company. She started there in 2006 and spent five years as creative director at COS and the brand is called a success in Europe, Asia and the Middle East. Since last year, Bay was listed as being the creative director at Bruuns Bazaar where she oversaw the design of women's and men's apparel.
Making big changes can bring big risks. Gap's turnaround has generated significant upside for its shareholders who rode shares out after the major changes over the last decade. With a 52-week low of under $16.00, the stock currently sits at about $35.00 as of now and Thomson Reuters has a consensus target of about $37.50 on Gap shares.
Gap's market capitalization is currently $16.8 billion and Thomson Reuters is calling for $1.93 EPS in on $15.3 billion in revenues for its fiscal year ending January 2013.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Management Change, Retail Tagged: GPS