Gap CEO on why he just made this big symbolic change after 55 years in business

Yahoo Finance08-23

Burying a past, but not forgetting it entirely. Gap (GPS) officially changed its stock trading symbol on Thursday, after going public on the New York Stock Exchange on May 19, 1976: "GAP" rather than ...

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The move is not without symbolism attached to it.For one, the first Gap store opened on August 22, 1969 on Ocean Avenue in San Francisco. The store — called The Gap — sold everything from Levi's  jeans to cassettes.And two, it marks the one-year anniversary with former Barbie turnaround master Richard Dickson at the helm of.,\" Dickson told me at the New York Stock Exchange surrounded by floor traders decked out in Gap denim and 1969 sweatshirts.The ticker change is the latest signal sent by Dickson that Gap will respect its heritage, but aim to become competitive again by pivoting to a culturally relevant future. Shares of the 55-year old apparel retailer is up more than 135% since Dickson took over.And Gap is cutting through the clutter online with the grabby ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LEVI":"李维斯","MAT":"美国美泰公司","BK4585":"ETF&股票定投概念","BK4548":"巴美列捷福持仓","LU0757428866.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AE\" (USD) ACC","LU1815336091.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AUP\" (USD) INC","BK4190":"消闲用品","BK4227":"交易和支付处理服务","AFRM":"Affirm Holdings, Inc.","ANF":"爱芬奇","BK4106":"数据处理与外包服务","BK4535":"淡马锡持仓","BK4094":"服装零售","BK4588":"碎股","GAP":"Gap, Inc","AEO":"美鹰服饰","BK4202":"服装、服饰与奢侈品","M":"梅西百货"},"translate_title":"Gap首席执行官解释为什么他在经营55年后才做出这一重大象征性改变","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MAT":1,"LEVI":1,"GPS":1,"AFRM":0.9,"M":0.9,"GAP":0.9,"ANF":0.9,"AEO":0.9},"content_text":"Burying a past, but not forgetting it entirely.\nGap (GPS) officially changed its stock trading symbol on Thursday, after going public on the New York Stock Exchange on May 19, 1976: \"GAP\" rather than a nod to navigation system \"GPS.\" \nThe move is not without symbolism attached to it. \nFor one, the first Gap store opened on August 22, 1969 on Ocean Avenue in San Francisco. The store — called The Gap — sold everything from Levi's (LEVI) jeans to cassettes. \nAnd two, it marks the one-year anniversary with former Barbie turnaround master Richard Dickson at the helm of. \n\"To some extent it was an obvious conversation. I mean GPS or GAP, right? So there is to some extent one of those moments where you go, like, why not?,\" Dickson told me at the New York Stock Exchange surrounded by floor traders decked out in Gap denim and 1969 sweatshirts. \nThe ticker change is the latest signal sent by Dickson that Gap will respect its heritage, but aim to become competitive again by pivoting to a culturally relevant future. Shares of the 55-year old apparel retailer is up more than 135% since Dickson took over.\nAfter a lengthy search, Gap named the former Mattel (MAT) COO as CEO, effective August 2023. Dickson, who sat on Gap's board before the appointment, was one of the executives behind the resurgence of Barbie, helping bring the doll to movie theaters last year.\nSince assuming the head job, Dickson has been on the road, visiting distribution centers and stores while meeting with top decision-makers at the retailer. The group diagnosed habitual issues (clunky website, less-than-cool products, supply chain inefficiencies) that had long plagued the company's performance and stock price.\nHe's also made several key hires such as celebrity fashion designer Zac Posen to lead design, which has begun to bear fruit in the form of red carpet appearances for Gap clothing.\n\"We've spent a lot of time driving our strategic priorities, bringing back financial and operational rigor, enabling us to reinvigorate these brands to the extent that we could revitalize them and be part of the cultural conversation,\" Dickson said. \n\"Great product, great price, great storytelling, great store experiences. These are all fundamentals that we're working really hard to fix.\" \n\n\n\n  NEW YORK, NEW YORK - MAY 06: (L-R) Zac Posen and Da'Vine Joy Randolph attend The 2024 Met Gala Celebrating \"Sleeping Beauties: Reawakening Fashion\" at The Metropolitan Museum of Art on May 06, 2024 in New York City. (Photo by Dia Dipasupil/Getty Images)\n \n\n  Dia Dipasupil via Getty Images\n \n\nDickson's efforts have begun to bear fruit in a few areas. \nTake the websites of Gap and Old Navy, which now play videos on the header of the respective chain's latest marketing campaigns. The company has gotten out in front of the baggy denim look this fall — getting out in front of any trend hasn't happened since famed CEO Mickey Drexler led the company eons ago. \nAnd Gap is cutting through the clutter online with the grabby marketing Dickson is known for — such as allowing baby goats to roam around the halls of the company's Athleta sportswear brand. \"GOAT\" is also a nod to greatest of all time. \nGap's first quarter also showed sales gains at its namesake division, Old Navy, Banana Republic, and Athleta alongside a healthy earnings beat.\nThe company will report its second quarter results on Aug. 29.\n\"We anticipate a big 2Q EPS beat of $0.50, driven by stronger gross margin and slightly stronger sales vs consensus. Despite solid GM expansion in 2H23, we see opportunity for GPS to pull back on promos at all brands in 2H24, driving GM upside vs cons even as product cost tailwinds abate. With sentiment mixed on GPS, we believe the risk/reward is favorable into 2Q EPS,\" Citi analyst Paul Lejuez said in a client note.\nThree times each week, I field insight-filled conversations with the biggest names in business and markets on my Opening Bid podcast. Find more episodes on our video hub. Watch on your preferred streaming service. Or listen and subscribe on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.\nIn the below Opening Bid episode, Affirm (AFRM) founder and CEO Max Levchin shares several of the top consumer trends the buy now, pay later outfit is seeing. \n\nBrian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? 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