Athleta President Nancy Green Shifts to Old Navy
Athleta is targeting $1 billion in sales in 2020.
Nancy Green, head of the fast-growing Athleta brand seen hitting $1 billion in sales next year, will become president and chief creative officer of Old Navy in August.
In this role, Green will lead Old Navy’s design, production, merchandising and marketing functions, and report to Sonia Syngal, president and chief executive officer of Old Navy.
Gap Inc., the $16.8 billion parent corporation of Athleta and Old Navy, is spinning Old Navy off into a separate public company sometime next year. Athleta, Gap, Intermix, Hill City, Janie and Jack and Banana Republic will be part of the remaining company.
Old Navy last year generated about $8 billion in sales. The other Gap divisions accounted for close to $9 billion in total.
Old Navy has long been Gap Inc.’s cash cow, fueled by strong value, a family appeal and successful, often offbeat marketing. Athleta has also been a solid performer and is a lower-priced competitor to the much larger Lululemon. The Gap, Banana Republic and Intermix businesses have not performed as well.
A search is under way for Athleta’s next president. Meanwhile, the brand’s leadership team will report to Gap Inc. ceo Art Peck.
“Nancy’s ability to drive growth is demonstrated by Athleta’s success,” Peck said. “Under her leadership, the brand more than doubled sales with operating margin expansion due to a robust omni business fueled by a clear brand vision woven throughout product and experiences. Our expectation is for Athleta to reach $1 billion in sales in 2020.” Gap Inc. hasn’t disclosed Athleta figures individually, but Athleta, along with Intermix and Hill City, accounted for $1.12 billion in sales last year. Athleta would have accounted for the bulk of those sales. The division sells activewear, swim, sportswear and dresses and had 165 stores at the end of the first quarter.
Syngal cited Green’s “decades of experience in launching and expanding brands, product categories and new business models” as a key to Old Navy’s future. “I look forward to Nancy injecting new ideas centered on fun, family, fashion and value that will further enable us to democratize style for our millions of customers around the world.”
Prior to joining Athleta in 2013, Green served as executive vice president and chief creative officer at Old Navy, leading the merchandising, design and production teams. Green also served as interim coleader of Old Navy in 2012.